Trade In Derivatives Not A Speculative Transaction : Kerala High Court Allows Business Loss Set-Off
The Kerala High Court has held that a loss in the trade derivative would consequently be a business loss for the purposes of Section...
Delhi High Court Allows Assessee To Exclude Subject Matter Of Dept’s Appeal While Opting For Settlement Under DTVSV Act
The Delhi High Court in the case of Rose Wood Buildwell Private Limited Versus Pr. Commissioner Of Income Tax-7 allowed the assessee to exclude...
Calcutta High Court Quashes Income Tax Transfer Order Issued Without Supporting Documentation
The Calcutta High Court has quashed the income tax transfer order issued without supporting documentation.The bench of Justice Rajarshi Bharadwaj has observed that the...
Two Flats Purchased On Two Different Floors Can’t Be Considered As ‘A Residential House’: Delhi High Court Grants S. 54F Exemption On Only 1...
The Delhi High Court while ruling in favour of the Income Tax Department held that two flats purchased on two different floors cannot be...
CBDT Extends Due Date For Furnishing Return Of Income In Case Of Assessee Who Is Required To Furnish Report For AY 2024-25
The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing return of income in the case of an assessee who...
Income Tax On Compensation Paid To Land Loosers For Acquisition Of Their Lands: Karnataka High Court
The Karnataka High Court has held that income tax exemption is available on the compensation paid to land loosers for the acquisition of their...
Income Derived From Property In AY In Which Sale Deed Was Executed Would Be Taxable Irrespective Of Sale Deed Registration: Rajasthan High Court Quashes...
The Jaipur Bench of Rajasthan High Court while quashing the reassessment has held that income derived from property in Assessment Year (AY) in which...
Assessment Order Under Faceless Assessment Scheme Passed Without Show Cause notice Is Void: Bombay High Court
The Bombay high court has held that the assessment order under faceless assessment scheme passed without show cause notice is void.The bench of Justice...
Provisions Of Section 153C Doesn’t Have Overriding Effect On Provisions Of Section 147 Of Income Tax Act, 1961: Delhi High Court
The Delhi High Court has held that provisions of section 153C does not have an overriding effect on provisions of section 147 of Income...
Pending Review Petition Filed By Assessee Against Dismissal Of SLP To Be Considered Pending Proceeding For The Purposes Of Direct Tax Vivad Se Vishwas...
The Delhi High Court has held that the pending review petition filed by the petitioner assessee against the dismissal of its special leave petition...
ITAT Quashes Revision Order Passed By PCIT Without Citing That Prior Approval U/S 153D Was Erroneous
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has quashed revision order passed by the Principal Commissioner of Income Tax (PCIT) without citing...
Delhi High Court Quashes S. 271(1)(c) Penalty Citing Absence Of Specific Charge In Notice
The Delhi High Court has quashed the penalty under Section 271(1)(c) of the Income Tax Act, 1961 citing absence of specific charge in notice.The...
BREAKING | CBDT Notifies Condonation Of Delay In Filing Of Form No. 9A, 10, 10B, 10BB
The Central Board of Direct Taxes (CBDT) has notified the condonation of delay in filing of Form No. 9A, 10, 10B, 10BB.In supersession of...
Bombay High Court Quashes Order For Non-Addressing Issue Of Waiver Of Interest, Attributable To COVID-19 Pandemic
The Bombay High Court has quashed the order for non-addressing the issue of waiver of interest, attributable to COVID-19 pandemic.The bench of Justice G....
GST Can’t Be Included In Computing Deemed Income: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that Goods and Service Tax (GST) cannot be included while computing deemed income...
Direct Tax Weekly Flashback: 10 November 2024 to 16 November 2024
Direct Tax Weekly Flashback for the period 10 November 2024 to 16 November 2024.Table of Contents - Direct Tax Weekly FlashbackSupreme Court TDS Is Deductible...
BREAKING | Union Budget 2025: CBDT Working On Simplified Version Of Income Tax Laws
The Union Government is preparing the Union Budget 2025, which shall be presented on February 1, 2023, the Central Board of Direct Taxes (CBDT)...
Delhi High Court Refuses To Condone AO’s 2 Minutes Delay In Issuing Reassessment Notice; Quashes Notice Being Time Barred
The Delhi High Court has refused to condone 2 minutes delay in issuing reassessment notice by the Assessing Officer (AO).The bench of Justice Vibhu...
Share Received By Assessee From AOP/BOI After Payment Of Due Taxes Can’t Be Taxed Again In Hands Of Recipient Assessee: Madhya Pradesh High Court
The Jabalpur bench of Madhya Pradesh High Court has held that the share received by the assessee from such Association of Persons (AOP)/ Body...
Sale Deed Is Not A Revenue Document To Certify Agricultural Nature Of Land For Taxation Purpose: Delhi High Court Upholds PCIT’s Action Of Invoking...
The Delhi High Court has upheld the invocation of Revision Power under Section 263 of the Income Tax Act by the Principal Commissioner of...
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