Income Tax

Blog, News, Income Tax

August 22, 2024

ITAT Upheld Penalty Levied on Employee Who Habitually Claimed Refunds by Overstating Deduction Under Chapter VI-A

Case Details: Sanjeev Kumar Manchand … Continue reading “ITAT Upheld Penalty Levied on Employee Who Habitually Claimed Refunds by Overstating Deduction Under Chapter VI-A”

Blog, News, Income Tax

August 21, 2024

Interest Income Earned on FDs to Be Set Off Against Shortfall in Collection of Maintenance Charges by Housing Society

Case Details: Sohamnagar Co-Operative Housing … Continue reading “Interest Income Earned on FDs to Be Set Off Against Shortfall in Collection of Maintenance Charges by Housing Society”

Blog, News, Income Tax

August 20, 2024

AO to Be Punished With One-Week Imprisonment for Not Withdrawing Demand Despite Order of HC

Case Details: Prashant Chandra vs. … Continue reading “AO to Be Punished With One-Week Imprisonment for Not Withdrawing Demand Despite Order of HC”

Blog, News, Income Tax

August 17, 2024

Tax Liability Cannot Be Shifted to an Entity That Was Shown as a Vendor in Registered Sales Deed | HC

Case Details: Sushant Agarwal (HUF) … Continue reading “Tax Liability Cannot Be Shifted to an Entity That Was Shown as a Vendor in Registered Sales Deed | HC”

News, Blog, Income Tax

August 17, 2024

[Opinion] Allotment of Shares Is a Taxable Event?

CA Pilar Shivanand Nayak & … Continue reading “[Opinion] Allotment of Shares Is a Taxable Event?”

Blog, News, Income Tax

August 17, 2024

Compensation Received From Flipkart for Diminution in Value of ESOPs Is Taxable as Perquisite | HC

Case Details: Nishithkumar Mukeshkumar Mehta … Continue reading “Compensation Received From Flipkart for Diminution in Value of ESOPs Is Taxable as Perquisite | HC”

Blog, News, Income Tax

August 13, 2024

[Opinion] Rationalisation of Exemptions available to Charitable Entities

CA Akash Agarwal – [2024] … Continue reading “[Opinion] Rationalisation of Exemptions available to Charitable Entities”

Blog, News, Income Tax

August 13, 2024

Loss Due to Robbery of Stock-In-Trade of Prior Year Allowable in Subsequent Year if Recovery Seems Unlikely | ITAT

Case Details: Shri Meenawala Castings … Continue reading “Loss Due to Robbery of Stock-In-Trade of Prior Year Allowable in Subsequent Year if Recovery Seems Unlikely | ITAT”

Blog, News, Income Tax

August 12, 2024

Order Passed by an Authority Without Jurisdiction Is Void Ab Initio; Can’t Be Enforced | HC

Case Details: PCIT v. Divine … Continue reading “Order Passed by an Authority Without Jurisdiction Is Void Ab Initio; Can’t Be Enforced | HC”

Blog, News, Income Tax

August 9, 2024

Changes Proposed in the Finance (No. 2) Bill as Passed by the Lok Sabha

On August 7, 2024, the … Continue reading “Changes Proposed in the Finance (No. 2) Bill as Passed by the Lok Sabha”