Pranav B Prem The Delhi Bench “E” of the Income Tax Appellate Tribunal (ITAT), comprising Shri S. Rifaur Rahman (Accountant Member) and Shri Anubhav Sharma (Judicial Member), has ruled that transfer of property between spouses without any actual payment of consideration cannot attract capital gains tax under the Income Tax Act, 1961.
Pranav B Prem The Income Tax Appellate Tribunal (ITAT) Ahmedabad has ruled that a resident individual opting for the default new tax regime under Section 115BAC(1A) is eligible to claim the rebate under Section 87A of the Income Tax Act even when their tax liability arises solely from short-term capital gains (STCG) taxed at special rates under Section 111A, provided their total income does not exceed...
Pranav B Prem The Income Tax Appellate Tribunal (ITAT), Pune Bench “B,” has set aside an order passed by the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (CIT(A)/NFAC) for failing to adjudicate legal grounds raised by the assessee in a reassessment case involving cash transactions exceeding ₹1.58 crore. The bench comprising R.K. Panda (Vice President)
Pranav B Prem The Income Tax Appellate Tribunal (ITAT) Mumbai Bench “C”, comprising Judicial Member Sandeep Gosain and Accountant Member Prabhash Shankar, has quashed reassessment proceedings against J Kumar Infraprojects Ltd for Assessment Years (AYs) 2016–17 to 2022–23, holding that the notices issued under Section 148 of the Income-tax Act, 1961, were invalid due to procedura...
Pranav B Prem The Income Tax Appellate Tribunal (ITAT) Kolkata Bench has held that a widow is entitled to claim credit for tax deducted at source (TDS) in the name of her late husband, where she has declared his income in her own returns. The ruling came in a set of four connected appeals filed by Lovely Das of Kolkata for Assessment Years (AYs) 2017–18 to 2020–21, challenging the denial of...
Pranav B Prem The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has delivered a significant ruling impacting the use of rural agricultural land transactions as a conduit for laundering unaccounted cash. The bench comprising Dr. B.R.R. Kumar (Vice President) and Siddhartha Nautiyal (Judicial Member) held that the difference between the purchase price decla...
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