When no cash involved in transaction, Section 68 treating it unexplained cash credit not attracted  When there was no cash involved in the transaction of allotment of shares, the provisions of Section 68 of the Act treating it as unexplained cash credit are not attracted – ITAT In …

Provisions of section 69 not applicable on the profit from trading of speculative Transactions In a recent judgment, ITAT has held that provisions of section 69 of the Income Tax Act, 1961 (the Act) not applicable on the profit from trading of speculative Transactions, hence higher rate of …

UK and Australia signed MoU on recognising auditors to work between both countries The UK’s Financial Reporting Council (FRC) and the Australian Securities and Investment Commission (ASIC) have today announced a Memorandum of Understanding on Reciprocal Arrangements (MOURA) making it easier for auditors to work between both countries. …

Capital gain exemption u/s 54F denied as new house was in the name of husband In a recent judgment, ITAT has held that capital gain exemption u/s 54F was not allowable as the new house was in the sole name of husband and was purchased out of bank …

Mere placing notice on e-filing portal of Income tax not in accordance with income tax provisions – ITAT In a recent judgment, ITAT has held that mere placing a notice on e-filing portal of Income tax not in accordance with income tax provisions ABCAUS Case Law Citation:ABCAUS 3933 …

Compensation received for vacating flat possession not taxable it is neither chargeable under the head ‘capital gains’ nor as income from other sources – ITAT In a recent judgment, ITAT has held that compensation received by the assessee for vacating flat possession was not taxable as it was …