Category: Income Tax
Consideration received on Family Settlement chargeable to capital gain tax in absence of ‘preexisting right’ in property. SLP dismissed by SC ABCAUS Case Law CitationABCAUS 3487 (2021) (04) SC Important case law relied referred:Commissioner of Income-tax, Mumbai vs. Schin P. AmbulkarKale and others vs. Deputy Director of Consolidation …
CBDT amends conditions to be satisfied by the pension fund for claiming exemption u/s 10(23FE), amends Form 10BBA for making application for notification MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 32/2021 New Delhi, the 15th April, 2021 INCOME-TAX G.S.R. 274(E).—In exercise of …
Revision u/s 263 on issues not covered under limited scrutiny quashed as AO could not had gone into other issues ABCAUS Case Law CitationABCAUS 3483 (2021) (04) ITAT Important case law relied referred:Sanjib Kumar KhemkaM/s Chengmari Tea Co. Ltd. In the instant case, the assessee had challenged the …
CBDT Circular though meant for non-seizure of jewellery takes into account quantity of jewellery generally held by family members of a Hindu Family ABCAUS Case Law CitationABCAUS 3482 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the …
No automatic vacation of stay granted by ITAT beyond 365 days when delay in disposing appeal not attributable to assessee. Supreme Court upheld struck down of third proviso of Section 254(2A) as constitutionally invalid ABCAUS Case Law CitationABCAUS 3480 (2021) (04) SC Important case law relied referred:Income Tax …
CBDT amends Rule 10DA, 10DB and Form No. 3CEAB related to maintenance and furnishing of information by persons entering into international or specified domestic transactions MINISTRY OF FINANCEDepartment of RevenueCENTRAL BOARD OF DIRECT TAXES Notification No. 31/2021 New Delhi, the 5th April, 2021 Income-tax G.S.R …
For exemption u/s 54F usage of property i.e. residential or commercial has to be considered in deciding if assessee owns more than one residential property ABCAUS Case Law CitationABCAUS 3479 (2021) (04) HC Important case law relied referred:Malabar Industrial Co. Ltd. vs. Commissioner of income tax (2000) 109 …
Addition made for difference due to wrong journal entry. Assessee directed to file reconciliation to explain the difference-ITAT ABCAUS Case Law CitationABCAUS 3477 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition made by the Assessing …
Addition made during survey for difference construction expenses between tally accounting package and manual register deleted by ITAT ABCAUS Case Law CitationABCAUS 3477 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition made on the basis of …
CBDT releases Income Tax Return Preparation JASON Utilities for ITR-1 and ITR-4 for AY 2021-22 Form Description JSON Utility/ Validity Rule Validation Rules ITR-1 For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house …
