Category Archives: Income Tax

Profit from Sale of land held as investment in Books is chargeable as Capital Gains : ITAT

By | October 7, 2021

Profit from Sale of land held as investment in Books is chargeable as Capital Gains : ITAT IN THE ITAT PUNE BENCH ‘B’ Joint Commissioner of Income-tax (OSD), Circle-7, Pune v. Adrus Estate and Properties LLP INTURI RAMA RAO, ACCOUNTANT MEMBER AND PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER IT APPEAL NO. 544 (PUN) OF 2018 [ASSESSMENT YEAR… Read More »

CBDT will change Faceless Appeal Scheme 2020

By | October 6, 2021

SUPREME COURT OF INDIA Central Board Of Direct Taxes v. Lakshya Budhiraja SANJAY KISHAN KAUL AND M.M. SUNDRESH, JJ. TRANSFER PETITION (CIVIL) NOS. 1445, 1446 OF 2021 OCTOBER  1, 2021 Soparkar, Dharan Gandhi, Vipul Joshi, S. Sukumaran and Bhupesh Pathak, Advs. for the Appearing Parties. ORDER 1. Learned Additional Solicitor General submits that the Department is having a second look at the matter on… Read More »

Income shown in 26AS can not be taxed in mechanical way without verification by Income tax officer : ITAT

By | September 29, 2021

Income shown in 26AS can not be taxed in mechanical way without verification by Income tax officer : ITAT While filing her return of income the assessee has shown income from profession and other sources. During the process by CPC, the additions were made in the hand of assessee on the basis of TDS shown… Read More »

Faceless Assessement Order set aside as E filing Portal not working : High Court

By | September 29, 2021

HIGH COURT OF DELHI Faqir Chand v. National E-Assessment Center, Delhi MANMOHAN AND NAVIN CHAWLA, JJ. W.P.(C) NO. 8054 OF 2021 CM APPL. NOS. 25043 AND 25044 OF 2021 AUGUST  9, 2021 JUDGMENT CM APPL. 25044/2021 (exemption) Manmohan, J.— Allowed, subject to all just exceptions. Accordingly, the application stands disposed of. W.P.(C) 8054/2021 & CM APPL. 25043/2021 1. The… Read More »

CBDT Order under section 119(2)(b) of the Income Tax Act, 1961 for filing applications for settlement before the Interim Board for Settlement – reg

By | September 29, 2021

F.No. 299/22/2021-Dir (Inv. III)/174 Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***** ORDER Civic Centre, New Delhi Dated the 28.09.2021 Subject: Order under section 119(2)(b) of the Income Tax Act, 1961 for filing applications for settlement before the Interim Board for Settlement – reg The Finance Act, 2021… Read More »

Section 54F relief allowed even if payment is made one year before acquisition of property : High Court

By | September 27, 2021

Section 54F relief allowed even if payment is made one year before acquisition of property : High Court HIGH COURT OF KARNATAKA M. George Joseph v. Deputy Commissioner of Income-tax, Circle-12(2), Bangalore ALOK ARADHE AND HEMANT CHANDANGOUDAR, JJ. IT APPEAL NO. 238 OF 2015 JULY  12, 2021 Shankar A., Sr. Counsel and Bhairav Kuttaiah, Adv. for the Appellant. E.I. Sanmathi,… Read More »