In case the interest is received under section 28 of the Land Acquisition Act, then same is not taxable in the hands of the assessee and in case, the interest is received under section 34 of the Land Acquisition Act, the same is taxable in the hands of the assessee. IN THE ITAT PUNE BENCH… Read More »
sub-sections 56(2)(v), 56(2)(vi) & 56(2)(vii) shall not be applicable if any sum is received from any relative ( as defined in explanation (e) to section 56). There is no mention about the occasion to be a necessary condition for receiving any sum from any relative. In the instant case, the alleged gifts of Rs.50,000/-,… Read More »
IN THE ITAT AGRA BENCH (SMC) Rajesh Kumar v. ACIT 1(1)(1), Agra A.D. JAIN, JUDICIAL MEMBER IT APPEAL NO. 198 (AGRA) OF 2018 [ASSESSMENT YEAR 2014-15] JULY 16, 2018 Ajay Kumar Sharma, AR for the Appellant. Waseem Arshad, Sr. DR for the Respondent. ORDER 1. This is assessee’s appeal for A.Y. 2014-15 against the CIT (A)’s action of… Read More »
An appeal lies under Section 260A of the 1961 Act, only when there is a substantial question of law. We find that there is no question of law involved in this appeal much less any substantial question of law. The learned Tribunal, which is the highest fact finding body, has found on facts that the… Read More »
In terms of the settlement deed assessee withdrew the criminal complaint filed by him and in lieu thereof received compensation of Rs. 6,77,94,580/-. Thus, as could be seen, the compensation received by the assessee was not for his professional activities but for settlement of dispute between him and some other7 party resulting in filing of… Read More »
Section 54(1) of the said Act is specific and clear. It is the cost of the new residential house and not just the cost of construction of the new residential house, which is to be adjusted. The cost of the new residential house would necessarily include the cost of the land, the cost of materials… Read More »
when the assessee failed to prove the capacity of the concerned persons who alleged to have given the unsecured loan and/or gift, it cannot be said that the learned Tribunal has committed any error in confirming the additions made by the Assessing officer and confirmed by the CIT (Appeals) of Rs.19,92,730/- as unsecured cash credit.… Read More »
In order to determine taxability of capital gain arising from the sale of property, it is the date of allotment of property which is relevant for the purpose of computing holding period and not the date of registration of conveyance deed. The provisions of the Act nowhere states that the option of selecting self occupied… Read More »
It is undisputed position before us that in terms of Section 151(2) of the Act, the sanctioning/ permission to issue notice under Section 148 of the Act has to be issued by the Additional Commissioner of Income Tax. We find that the Assessing Officer had not sought the approval of the Designated Officer but of… Read More »
The rates prescribed in the certificate issued u/s. 197 of the Act, the deductor or the person responsible for paying has to apply the rates as per that certificate as provided u/s. 197 clause (2) of the Act. IN THE ITAT LUCKNOW BENCH ‘A’ Kribhco Shyam Fertilizers Ltd. v. Income-tax Officer, (TDS) Bareilly T.S. KAPOOR,… Read More »