Bombay High Court: S. 148A : Reassessment-Notice under section 148A(1) issued within the limitation, but material information was not furnished along with the notice-Subsequent supply of information after expiry of limitation-Invalid notice-Right issue of shares-Difference between the subscription price and the fair market value of the shares. Reassessment notice and consequential orders are quashed. [S. 56(2)(x), 147, 148,… Read More ...

Bombay High Court: S. 56: Income from other sources-Rights shares allotted proportionately to existing shareholders-Difference between subscription price and fair market value cannot, by itself, be treated as income from receipt of property for inadequate consideration-Reassessment notice was quashed on merits as well as on legal grounds. [S.56(2)(x), 147, 148, 148A(b), 148A(d), Art. 226] On writ, the Bombay… Read More ...

Telangana High Court : S. 144BA : Reference to Principal Commissioner or Commissioner in certain cases-General Anti-Avoidance Rule (GAAR)-Purchase and sale of bonus shares-Short-term capital loss-Set-off against long-term capital gains arising from slump sale-Transactions through a recognised stock exchange are not an impermissible avoidance arrangement. [S. 50B, 55, 70(2), 96(1)(b), 96(1)(d), 102(1), Chapter X-A, Art. 226] The petitioner sold… Read More ...

By CA Vijayakumar Shetty: The Jaipur ITAT directed the CIT(E) to grant registration to Jamna Devi Shikshan Sansthan, holding that an increase in rent paid to specified persons could not, by itself, establish that an undue benefit had been conferred under Section 13(1)(c). The society was running a co-educational English-medium senior secondary school in rented premises. The monthly rent… Read More ...

By Advocate Bharat Berry: The said article or blog is intended to ease the understanding of taxpayers that when they file the returns under Goods and Service Tax, how the said algorithm or tagging their return is judged and the neccessary components that are requisite while computation and tagging of the said return by the software, so the taxpayer… Read More ...

By CA Anilkumar Shah: This is the story of the glitches in the ITR and other forms for AY 2026-27 which were brought to the notice of the e-filing team and are resolved after pursuing and followup. This shows how time is consumed by the Dept. But tax payers and tax professionals suffer and are slapped with late fees… Read More ...