Latest Tax Updates, News, Articles & Notifications
Kerala High Court, 9 July 2026: capital gains tax on a mortgaged property sold by the lender falls on the owner even where the bank appropriates every rupee. What is still deductible, and how to avoid the cash-flow trap.
Calcutta HC ruling of April 21, 2026 in M/s Graphite India Ltd (ITA 407 of 2008): Section 80-IA deduction uses full State Board tariff with electricity duty; West Bengal sales tax remission is capital receipt. Practical guide for CAs.
Sec 54 of Income Tax Act – Date of possession of new property is to be considered in the case of constructed property: ITAT Mumbai Sunil Amritlal Shah & Rita … Read More
Transit rent paid by the developer is not a revenue receipt and so not taxable: Bombay HC Sarfaraz S. Furniturewalla vs. Afshan Sharfali Ashok Kumar & Ors. (WP No: 4958 … Read More
Legal precedents on Ad- Hoc Disallowances: A. Examples of ad hoc disallowances made by the Assessing Officer: 1. Disallowances of 10 % of miscellaneous expenses merely because no break up … Read More
Additions cannot be made based on profit assumptions: Punjab & Haryana HC M/s Shree Digvijaya Woollen Mills Ltd., Amristar Vs Commissioner of Income-Tax (ITR-3- 2010)(O&M) Facts: 1. The taxpayer discarded … Read More
Excessive or unreasonable salary, is a sine qua non in invoking the provision of Sec 40A(2)(b): ITAT Ahmedabad M S Hostel verses Deputy Commissioner of Income Tax Case Number: I.T.A. … Read More
Notional interest income cannot be taxable under the real income principle: Mumbai ITAT ACIT verses Kesar Terminals and Infrastructure Ltd. Case Number: I.T.A. No. 3001/Mum/2023 Facts: 1. During the year … Read More
Cash sales during demonetisation already reported as sales, cannot be taxed twice as unexplained credit: ITAT Delhi Harisons Diamonds Pvt Ltd Vs ACIT (ITAT Delhi) Appeal Number : ITA No. … Read More
Option to choose a valuation method for valuing shares rests solely with the assessee: Delhi HC AGRA PORTFOLIO PVT. LTD. (ITA 1385/2018) Facts: 1. The appellant had allotted 3,15,000 equity … Read More
