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Latest judgements uploaded (See all)
Chitra Avdhesh Mehta (Smt.) v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 68 : Cash credits-Long term capital gain-Penny stock-Sale of shares-Turbo Tech Engineering Ltd.-Kappac Pharma Ltd.-Acquired at Rs. 12 and sold at Rs. 720 per share-Abnormal price rise-General investigation report-Cash purchase and late dematerialization-No cogent evidence of genuine transaction – Addition upheld. [S. 10(38), 115BBE, 131, 133(6)] The assessee claimed exemption u/s 10(38) on LTCG… Read More ...
DCIT v. Max Hospitals and Allied Services Ltd (ITAT Mumbai)
Mumbai Tribunal : S. 56 : Income from other sources-Share premium-Valuation under DCF method-AO cannot substitute or reject valuation done by a prescribed valuer without authority-Projection variations with actuals cannot be a ground to disregard valuation-Deletion of addition justified. [S. 56(2)(viib), 11UA(2)(b)] The assessee issued shares at a premium of ₹10 per share based on a Chartered Accountant’s… Read More ...
Neelam Ajit Phatarpekar vs ACIT (Bombay High Court)(Goa Bench)
Bombay High Court (Goa Bench): S. 254 r.w. R. 35: Though the assessee can be represented before the ITAT by an authorized representative, the order has to be served upon the assessee directly. A service of the order upon the authorized representative is not good service (i) The assessee is permitted to be represented in any proceedings before any Income… Read More ...
Latest articles published (See all)
Taxation of Agricultural Income under Indian Law
By Kamaljot Kaur: This article explores the concept and tax treatment of agricultural income under the Income Tax Act, 1961. While agricultural income in India is exempt from central income tax, it is subject to state government taxation. However, it is indirectly considered for tax rate calculation when non-agricultural income exceeds the basic exemption limit. Section 2(1A) defines… Read More ...
When the Portal Goes Beyond the Notified Form – The Curious Case of Form No. 35
By CA Milind Wadhwani: Recently, there has been considerable discussion within tax professional circles about significant changes observed while filing Form No. 35—the prescribed form for appeals before the Commissioner of Income-tax (Appeals) [CIT(A)]. In the author’s view, the additional details currently being sought through the e-Filing portal cannot be legally mandated unless and until a revised Form No.… Read More ...
Can a private trust claim the principle of mutuality for tax purposes
By CA Vijayakumar Shetty: Can a private trust claim the principle of mutuality for tax purposes Read More ...