Search
ITAT Upholds Exemption Under Section 47(xiii) of the Income-tax Act: No Capital Gains Tax on Partnership-to-Company Succession
The ITAT clarifies that partnership-to-company conversions are tax-neutral under Section 47(xiii) if statutory conditions are fully met.
Oct 28, 20245 min read
ITAT Bombay: No Reassessment on Mere Change of Opinion Under Section 147 of the IT Act
ITAT Mumbai quashes reassessment based on incorrect facts, underscoring legal standards for tangible evidence under the IT Act.
Oct 25, 20243 min read
[Delhi High Court]: Quashed Reassessment Proceedings Due to Violation of Section 149 of the Income-tax Act
Delhi HC holds reassessment notices issued under Section 148 as time-barred, reaffirming the mandatory limitation under Section 149.
Oct 18, 20243 min read
Supreme Court Clarifies TOLA’s Transitional Limits in Reassessment Proceedings under the Income-tax Act: Balancing the Old & New Regimes
The Supreme Court's ruling resolves the interplay between TOLA, FA21, and the IT Act, clarifying reassessment timelines and procedures.
Oct 15, 20246 min read
Income Tax Appellate Tribunal Restricts the Retrospective Effect of CBDT Circular 5/2024
The ITAT ruled that the CBDT Circular is prospective, rejecting Revenue’s bid for retrospective application in cases predating its issuance
Oct 15, 20243 min read
Delhi High Court: PCIT Must Apply Judicial Mind in Reopening Assessments
The Delhi High Court emphasised that PCIT must independently apply their mind while approving reassessments, rejecting mechanical approvals.
Oct 14, 20243 min read
Delhi High Court Shields Employees from Employer Non-Compliance: Reaffirms Bar on Revenue Recovering TDS from Deductees
Delhi HC rules that employers cannot hold employees liable for TDS non-deposit, citing s. 205 of the Income-tax Act, 1961.
Oct 12, 20243 min read
Bombay HC on TDS Obligations: Jurisdiction and Territoriality in IP Acquisitions
The Bombay HC ruled that IP acquisitions involving foreign entities are taxable in India, emphasising territoriality and statutory remedies.
Oct 1, 20244 min read
SAFEMA Clarifies: Statements Recorded Under the Income Tax Act Can Be the Basis for Proceedings Under Other Statutes
SAFEMA upholds the validity of IT Act statements for initiating diverse statutory proceedings.
Sep 16, 20243 min read
ITAT: Validity of Protective Assessments Against Struck-Off Companies
The ITAT upheld tax assessments on dissolved companies under s.176, emphasising statutory compliance and addressing corporate tax obligation
Sep 16, 20247 min read
ITAT Delhi Affirms DTAA Tax Residency Benefits for the US LLCs
ITAT Delhi grants DTAA benefits to the US LLC, affirming that tax residency can exist independently of actual tax payments.
Sep 14, 20243 min read
Treaty Provisions for Royalty and Fees for Technical Services (FTS): Common Disputes
Explore key challenges and solutions in international tax law regarding royalties and technical service fees under various treaties.
Aug 24, 202418 min read
2024 Amendments to Income-tax Assessment Procedures
Explore key 2024 IT Act updates aimed at streamlining tax reassessment and reducing disputes.
Aug 23, 20244 min read
The Finance Act, 2024: Shareholders Liable to Pay Tax in Case of Buy-back of Shares
The Finance Act 2024 shifts the tax liability of buy-back of shares from companies to shareholders.
Aug 21, 20242 min read
[Delhi HC] Settlement for Dispute Regarding Sweat Equity Shares Taxable as Long-term Capital Gains, Not Salary
Delhi HC rules settlement from sweat equity share disputes as capital gains, not salary.
Aug 19, 20244 min read
Revaluation of Assets as Capital Gains: ITAT Rules that Asset Revaluation Constitutes Transfer ‘Otherwise’ Under S. 45(4) of the ITA
ITAT Hyderabad clarifies that crediting revalued assets to partner accounts triggers capital gains under ITA's s. 45(4).
Aug 10, 20244 min read
Bombay High Court Invalidates Reassessment for Non-Compliance with S. 151A: A Critical Review of Procedural Errors in Tax Notices
Ruling quashes tax reassessment due to flawed procedural compliance, underscoring legal adherence necessities.
Aug 9, 20243 min read
Madras High Court: Discretionary ESOP Compensation is Taxable as Perquisite
Madras High Court rules that one-time discretionary compensation for loss in future accretion with respect to ESOPs is taxable as perquisite
Aug 9, 20248 min read
[ITAT] Cash Transactions in Property Sales: Section 271D Penalty Unwarranted, Section 269ST Applies
ITAT finds no penalty warranted under s. 271D for cash transactions in property sales, highlighting the relevance of s. 269ST instead.
Aug 7, 20244 min read
[ITAT] Tax Exemption on Mutuality Grounds Not Applicable to Advocates Welfare Fund
ITAT holds: Advocates Welfare Fund fails to meet mutuality criteria, disqualifying it from tax exemptions under the Income Tax Act, 1961.
Aug 3, 20243 min read