Income Tax Department Enhances Monitoring of Undisclosed Foreign Income and Assets
The Income Tax Department of India has enhanced its focus on transparency in foreign asset and income reporting. By using international frameworks...
![Gains from Excluded Capital Assets not included as Book Profits u/s 115JB Not Liable to be included as Income: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Capital-Assets-Delhi-High-Court-Section-115JB-Income-Tax-Act-Delhi-High-Court-Ruling-Book-Profit-Calculation-Delhi-HC-Tax-Liability-Exclusion-Capital-Assets-taxscan.jpg "Gains from Excluded Capital Assets not included as Book Profits u/s 115JB Not Liable to be included as Income: Delhi HC [Read Order]")
![Waiver of Loan for Acquiring Capital Assets cannot be taxed as Perquisite u/s 28(iv) of Income Tax Act :ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Waiver-Waiver-of-Loan-Capital-Assets-Waiver-of-Loan-for-Acquiring-Capital-Assets-Perquisite-Income-Tax-Act-taxscan.jpg "Waiver of Loan for Acquiring Capital Assets cannot be taxed as Perquisite u/s 28(iv) of Income Tax Act :ITAT [Read Order]")
![Disallowance owing to State Government Grants towards Cost of Capital Assets: Supreme Court issues Notice to Maharashtra State Electricity Distribution Co. Ltd. [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Disallowance-owing-State-Government-Grants-Cost-Capital-Assets-Supreme-Court-issues-Notice-Maharashtra-State-Electricity-Distribution-taxscan-1.jpg "Disallowance owing to State Government Grants towards Cost of Capital Assets: Supreme Court issues Notice to Maharashtra State Electricity Distribution Co. Ltd. [Read Order]")
Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the government grants received in lieu of Financial Restructuring Plant (FRP) need not be reduced from the cost of capital...
![Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Govt-Grants-Received-in-Lieu-of-FRP-FRP-Cost-Cost-of-Capital-Assets-ITAT-taxscan.jpg "Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]")
Transfer of Development Rights by Builder is Transfer of Capital Assets, not Stock in trade: SC quashes Bombay HC Judgment [Read Order]
The Two Bench of Justices M.R. Shah and B.V. Nagarathna of the Supreme Court invalidated the decisions of the Income Tax Appellate Tribunal (ITAT) and the Bombay High Court in order to uphold that...
![Transfer of Development Rights by Builder is Transfer of Capital Assets, not Stock in trade: SC quashes Bombay HC Judgment [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Capital-Assets-Transfer-of-development-rights-Supreme-Court-Bombay-High-Court-Judgment-Stock-in-trade-Transfer-of-Development-Rights-by-Builder-is-Transfer-of-Capital-Assets-Taxscan.jpg "Transfer of Development Rights by Builder is Transfer of Capital Assets, not Stock in trade: SC quashes Bombay HC Judgment [Read Order]")
Budget 2023 Economic Survey notes budget of 7.5L Cr for Capex focuses on infra-related sectors by Government [Read Report]
On February 1, 2023, the current government will publish its final full budget, which might mark a significant turning point. The Economic Survey, released before the Union budget, details what...
![Set Back to Toyota Kirloskar: ITAT rejects Depreciation on provisional basis [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Toyota-Kirloskar-ITAT-Set-Back-to-Toyota-Kirloskar-Income-Tax-ITAT-rejects-Depreciation-Depreciation-Depreciation-on-provisional-basis-taxscan.jpg "Set Back to Toyota Kirloskar: ITAT rejects Depreciation on provisional basis [Read Order]")
Remission of Liability by order of BIFR is a Capital Liability, cannot be brought to Tax as Business Income: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that remission of liability by order of the Board for Industrial and Financial Reconstruction (BIFR) is a capital liability, and...
![Remission of Liability by order of BIFR is a Capital Liability, cannot be brought to Tax as Business Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Liability-BIFR-Capital-Liability-Tax-Business-Income-ITAT-Taxscan.jpeg "Remission of Liability by order of BIFR is a Capital Liability, cannot be brought to Tax as Business Income: ITAT [Read Order]")
Car Parking Spaces Independent of Flat sold to Other Members shall be Assessed as Short Term Assets: ITAT [Read Order]
The Income Tax Appellate Tribunal, Mumbai bench has held that the car parking spaces which are independent of the flat and is distinguishable from the cost of improvement, was rightly treated as...
![Car Parking Spaces Independent of Flat sold to Other Members shall be Assessed as Short Term Assets: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Car-Parking-Spaces-Car-Parking-Flat-Members-Short-Term-Assets-ITAT-Taxscan.jpg "Car Parking Spaces Independent of Flat sold to Other Members shall be Assessed as Short Term Assets: ITAT [Read Order]")
