Section 56(2)(x) is not applicable to investments made before its insertion. Unexplained Investment Addition Deleted, and Section 56(2)(x) Deemed Inapplicable Key Issues and Decisions: I. Unexplained Investment in a Flat: Issue: Whether an addition made under Section 69 for an unexplained investment in a flat is justified when the investment was made in an earlier… Read More »
Exemption under section 54B can be claimed if the land was used for agricultural purposes in the preceding two years. Limited Scrutiny Assessment and Capital Gains Exemption on Agricultural Land Key Issues and Decisions: I. Limited Scrutiny Assessment and Section 56(2)(vii)(b) Addition: Issue: Whether the Assessing Officer (AO) can make an addition under Section 56(2)(vii)(b)… Read More »
Even if one member of the AOP is taxable at a rate higher than MMR, the entire income of the AOP will be taxed at MMR AOP’s Taxation for Co-Owned Property Income Remanded for Share Verification Issue: Whether Section 167B of the Income-tax Act, 1961, which applies the maximum marginal rate (MMR) to AOPs with… Read More »
New Income Tax Bill 2025 proposes access of Emails and Social Media accounts to Income Tax Officer Current tax laws in India allow officers to request access to laptops, hard drives, and emails. However, due to the lack of explicit mention of digital records, these requests are often contested legally. A proposed new bill aims… Read More »