Recent news & event
Article titled “Beware from Taxman while taking an unsecured loan.” got selected for Publication on Taxguru The article briefly touches on the budget Budget 2022 puts more responsibility on taxpayers in case of loans or borrowings raised. The article can be accessed here: https://taxguru.in/income-tax/beware-taxman-unsecured-loan.html
No penalty u/s 43 of BM Act can be imposed for non-disclosure of foreign asset (foreign bank account) in ITR, where- The amount was not assessee’s unexplained investment as, though held in her name, they represented her deceased mother’s tax paid monies held by assessee in fiduciary capacity and hence it was not ‘undisclosed…
CIT can exercise his/her revisionary powers u/s 263 only if 1. The order of the Assessing Officer should be erroneous and prejudicial to the interest of the Revenue. 2. Sec. 263 cannot correct each and every type of mistake or error committed by the Assessing Officer and it is only when an order is erroneous…
1. Sec 54/54F benefit is available in case the new asset is used for business/profession – 11 SOT 646 (Mum) 2. Expenditure incurred on making the house habitable and not comfortable would also qualify for deduction u/s 54/54F 9 SOT 601 (Mum) 3. Agreement to sell does not amount to sale so assessee not entitle to…
1. The tax office says the issue of shares to existing shareholder @ face value is not allowed 2. Mumbai Tribunal in Sudhir Menon HUF case held that in case of proportionate allotment of shares, there would be no taxability u/s 56(2)(vii)(c)(ii) 3. This is because the gain accruing on the allotment of fresh shares will…
The present SEZ law extends tax benefits based on performance to the exporters. SEZs are eligible for benefits subject conditionally if they earn positive Net Foreign Earnings (NFE) Above is a violation of the WTO agreement and therefore USA disputed before WTO WTO asked India to withdraw SEZ subsidies and revise schemes Features of propose…
