Income Tax

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December 13, 2023

Sale of Agricultural Land Not Taxable Though Purchaser Changed Land Use From Agriculture to Non-agriculture | ITAT

Case Details: Hiten Tulshibhai Engineer … Continue reading “Sale of Agricultural Land Not Taxable Though Purchaser Changed Land Use From Agriculture to Non-agriculture | ITAT”

Blog, News, Income Tax

December 13, 2023

[Opinion] Assessment Based on Statistical Parameters – An Overview

Gopal Nathani – [2023] 157 … Continue reading “[Opinion] Assessment Based on Statistical Parameters – An Overview”

Blog, News, Income Tax

December 13, 2023

Special Audit is Valid If Its Approval Considers Assessee’s Response, Revenue Comments, and Includes Hearing Opportunity

Case Details: Jabalpur Development Authority … Continue reading “Special Audit is Valid If Its Approval Considers Assessee’s Response, Revenue Comments, and Includes Hearing Opportunity”

Blog, News, Income Tax

December 13, 2023

Thorough Examination of Merits of Info. in Possession of AO Isn’t Required While Passing Order u/s 148A(d) | HC

Case Details: Vivek Saran Agarwal … Continue reading “Thorough Examination of Merits of Info. in Possession of AO Isn’t Required While Passing Order u/s 148A(d) | HC”

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December 11, 2023

No Sec. 41(1) Additions for Unsecured Loans Not Claimed as Trading Liability; Only Interest Portion to be Added as Income

Case Details: Shimmer Textiles (P.) … Continue reading “No Sec. 41(1) Additions for Unsecured Loans Not Claimed as Trading Liability; Only Interest Portion to be Added as Income”

Blog, News, Income Tax

December 8, 2023

‘NAC’ Not Eligible for Exemption as it Gave Govt. Allotted Land to Joint Stock Co. For Commercial Use | HC

Case Details: National Academy of … Continue reading “‘NAC’ Not Eligible for Exemption as it Gave Govt. Allotted Land to Joint Stock Co. For Commercial Use | HC”

News, Blog, Income Tax

December 8, 2023

Loss Claimed in Belated ITR to be C/F; AO to Disallow Set Off in Subsequent ITRs in which it was Claimed | ITAT

Case Details: International Fresh Farms … Continue reading “Loss Claimed in Belated ITR to be C/F; AO to Disallow Set Off in Subsequent ITRs in which it was Claimed | ITAT”

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December 7, 2023

No Disallowance u/s 40A(2)(b) on Interest Paid to Related Party Without Comparing It With FMV of Rate of Interest | ITAT

Case Details: Genxt Mobile LLP … Continue reading “No Disallowance u/s 40A(2)(b) on Interest Paid to Related Party Without Comparing It With FMV of Rate of Interest | ITAT”

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December 7, 2023

CBDT Notifies ‘Godavari River Management Board’ for Sec. 10(46) Exemption

Notification No. 102/2023, dated 05-12-2023 … Continue reading “CBDT Notifies ‘Godavari River Management Board’ for Sec. 10(46) Exemption”

Blog, News, Income Tax

December 6, 2023

CBDT Extends Time Limit To Process Refund Claimed ITRs for AYs 2018-19 to 2020-21 to January 31, 2024

F. NO. 225/132/2023/ITA-II dated 01-12-2023 … Continue reading “CBDT Extends Time Limit To Process Refund Claimed ITRs for AYs 2018-19 to 2020-21 to January 31, 2024”