Revision of Assessment Upheld Since Dishonored Cheques not Examined by AO Summary in Key Points: Issue: Whether the Principal Commissioner rightly invoked revisionary jurisdiction under Section 263 to assess capital gains on the sale of immovable property, despite a portion of the payment being received via dishonored cheques. Facts: The assessee sold property for Rs.… Read More »
AO was directed to exclude investments that did not yield exempt income while calculating the opening/closing value of investments under Rule 8D. I. Section 14A & Rule 8D Disallowance under Section 14A Partially Upheld; Investment Valuation Clarified Summary in Key Points: Issue: Whether the Assessing Officer (AO) correctly applied Rule 8D in disallowing expenditure related… Read More »
7 IMPORTANT INCOME TAX CASE LAWS 30.01.2025 Sr No Case Law Title Brief Summary Citation Relevant Section and Act 1 Torna Rajgad Parisar Samajonnati Nyas v. Commissioner of Income-tax (Exemptions) Commissioner (Exemption) directed to treat the application under clause (iii) of Section 12A(1)(ac). Application for Trust Registration under Section 12AB Allowed Despite Assessee mistakenly filed… Read More »
Gemini 2.0 Flash is now Live Gemini 2.0 Flash is a significant upgrade from Gemini 1.5 Flash, offering improved performance, new features, and enhanced capabilities. Here’s a breakdown of the key differences: Performance: Speed: Gemini 2.0 Flash is twice as fast as Gemini 1.5 Pro while maintaining or even exceeding its performance.2 Multimodal understanding: It… Read More »