Income Tax Department Conducts Search and Seizure Operation in 40 premises of J&K based Business Group; Seizes Rs. 1.70 Crores of Unaccounted Cash
In a significant operation conducted on October 9, 2023, the Income Tax Department undertook a thorough search and seizure action in Jammu &...
![Mere Transfer of Real Estate and Construction Business is not Succession of firm, Sale Consideration not subject to Capital Gains: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Mere-Transfer-Real-Estate-Construction-Business-Sale-Consideration-Capital-Gains-ITAT-taxscan.jpg "Mere Transfer of Real Estate and Construction Business is not Succession of firm, Sale Consideration not subject to Capital Gains: ITAT [Read Order]")
![Transaction cannot be treated as “Real Estate” If Property held for a Long Time: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Transaction-Real-Estate-Property-held-for-a-Long-Time-ITAT-Taxscan.jpg "Transaction cannot be treated as “Real Estate” If Property held for a Long Time: ITAT [Read Order]")
RBI enhances Individual Housing Loan limits and credit to Commercial Real Estate - Residential Housing [Read Circular]
As announced in the Statement on Developmental and Regulatory Policies, it has been decided by the Reserve Bank of India to revise the limits on residential housing loans sanctioned by rural...
Reassessment cannot be invoked when Original Assessment concluded after receipt of Satisfactory Reply on Similar Queries: Bombay HC [Read Order]
A division bench of the Bombay High Court while setting aside the notice issued for reassessment under section 148 of Income Tax Act, 1961 held that Reopening of assessment cannot be invoked...
![Reassessment cannot be invoked when Original Assessment concluded after receipt of Satisfactory Reply on Similar Queries: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Reassessment-Income-Tax-Act-High-Court-notice-for-Reassessment.jpeg "Reassessment cannot be invoked when Original Assessment concluded after receipt of Satisfactory Reply on Similar Queries: Bombay HC [Read Order]")
![Eviction Charges paid are allowable as Business Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Eviction-charges-business-expenditure-ITAT-taxscan.jpeg "Eviction Charges paid are allowable as Business Expenditure: ITAT [Read Order]")
Income Tax Dept conducts Searches in Delhi-NCR on Automobile Manufacturing Group, Company Operating Chartered Flights, and Real Estate Groups
The Income Tax Department conducted a search and seizure operation on a leading automobile manufacturer group along with a company operating chartered flights and a real estate group of Delhi-NCR...
There is No Presumption in Law that Everyone Knows the Law: Illiterate & People who Rarely coming in Touch with law shall be Excused, rules ITAT [Read Order]
The Jaipur bench of the ITAT has held that although there is a presumption that “Ignorance of Law cannot be a defense,” there is no such presumption that everyone knows the Law. A bench comprising...
![There is No Presumption in Law that Everyone Knows the Law: Illiterate & People who Rarely coming in Touch with law shall be Excused, rules ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Law-Illiterate-ITAT-taxscan.jpeg "There is No Presumption in Law that Everyone Knows the Law: Illiterate & People who Rarely coming in Touch with law shall be Excused, rules ITAT [Read Order]")
Income from Sale of Property received by Real Estate Agent Taxable as Business Income: ITAT [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT)has held that the sale consideration received by a real estate agent towards the sale of property shall be treated as business income...
![Income from Sale of Property received by Real Estate Agent Taxable as Business Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/06/Sale-of-Property-Real-Estate-Agent-Business-Income-ITAT-Taxscan.jpeg "Income from Sale of Property received by Real Estate Agent Taxable as Business Income: ITAT [Read Order]")