Tax Guru55m
No refund application should be entertained for delay beyond six years under Instruction No. 13/2006 and condonation application denied for the same
Conclusion: Assessee’s application for condonation of delay under Section 119 (2) (b) of the Income-tax Act, 1961, and the subsequent refund claim, were rightly rejected due to the delay exceeding the ...
Tax Guru17h
New Income Tax Rules on Sale of Gold ETF & Gold Mutual Funds
Following Budget 2024, the long-term capital gains on domestic and foreign equity funds/ETFs/FOFs were to be taxed at 12.5%.
Tax Guru20h
Section 10(26AAA): ‘Sikkimese’ Definition Limited to Income Tax Purpose
However, the court noted that a government press release clarified that the new definition applied solely for income tax ...
Tax Guru16h
Only Profit Element Taxable in Commodity Transactions: ITAT Mumbai
The Income Tax Appellate Tribunal (ITAT) Mumbai found the reassessment invalid, emphasizing that Section 147 requires a ...
Tax Guru15h
Importer’s Acceptance Alone Not Sufficient for Customs Valuation: CESTAT Chennai
CESTAT Chennai Sets Aside Re-Determined Customs Valuation in Anisha Trends Case: The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Chennai, ruled on an appeal filed by Anisha Trends ...
Tax Guru16h
CIT cannot simply direct a further inquiry by AO without first establishing existing order’s erroneous nature
The property had been generating a monthly rent of Rs. 2.05 lakhs and was sold to the existing tenant. The Assessing Officer (AO) examined this transaction and, in the assessment order, noted the ...
Tax Guru15h
ITAT Quashes Unjustified Addition, Orders Refund & Action Against AO
The ITAT found that the addition made by the assessing officer was unjustified, as Bhargava had provided substantial documentation, including sale deeds and bank statements, to substantiate the source ...
Tax Guru15h
Kerala VAT: Fresh Assessment After Remand Nullifies Original Order – HC
The Kerala High Court addressed a revision petition concerning the Joint Commissioner’s jurisdiction to initiate proceedings against an assessment order. The petitioner, a manufacturer of unbranded ...
Tax Guru18h
Orissa HC reduces GST Appeal Pre-deposit to 10% for GSTAT Constitution Delay
The petitioner further informed the court that subsequent notifications from both the Central and State revenue authorities had modified the deposit requirement for the stay, reducing it to 10% of the ...
Tax Guru20h
IT Dept Cannot Reject FMV of Shares Determined by Statutory Methods: Karnataka HC
Karnataka High Court dismissed an appeal filed by the Revenue against the Tribunal’s order, which deleted an addition of ₹33.71 crores under Section 56 (2) (viib) of the Income Tax Act, 1961. The case ...
Tax Guru18h
Addition based upon invalid Valuation Report not sustainable: ITAT Delhi
2.1 That on the facts and circumstances of the case, the CIT (A) was not justified in confirming the disallowance of 5,09,989/- being the claim of depreciation on building u/s. 32 of the Act without ...
Tax Guru15h
Income Tax Section 263 Order Cannot Be Construed as Closed Remand: Kerala HC
The Kerala High Court addressed an income tax appeal concerning the nature of an order passed by the Commissioner of Income Tax under Section 263 of the Income Tax Act. The assessee, Malabar Institute ...