Wednesday, August 5, 2020

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No Capital Gain Tax on Income from Relinquishment of Right: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the income from the relinquishment of right over a property cannot be treated as “capital gain” for the purpose of levying...

Income Tax Department to complete all Faceless E-Assessments by mid-September

3,130 tax personnel, including 600 IT officers are busy implementing the Faceless e-Assessment scheme of Income Tax. Out of 58,319 cases selected for faceless assessment, already 8,700 cases have been disposed off....

Madras High Court dismisses CA ’s plea seeking to direct Institute of Cost Accountants of India to use acronym ICOAI instead of ICAI [Read...

The Madras High Court dismissed CA ’s plea seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead of ‘ICAI’. The petition filed by the appellant V...

Madras HC upholds DRP’s order in favour of Renault Nissan in computing Deduction [Read Order]

The Madras High Court while upholding the order of Dispute Resolution Panel (DRP), ordered in favour of the assessee, Renault Nissan in computing deduction. The assessee, Renault Nissan is an undertaking registered as...

Professionals like Chartered Accountants, Lawyers are now eligible to avail Govt’s Credit Guarantee Scheme for MSMEs

The government on Saturday expanded the scope of the scheme to include ‘individual loans given for business purposes’ within the ambit of the Emergency Credit Line Guarantee Scheme. Professionals including doctors and lawyers...

Submission of Audit Report along with Income Tax Return is not Mandatory: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Cochin bench has held that the provision regarding the filing of audit report along with the return of income is only directory and not mandatory under...

Withholding of Refund on ground of Non-Completion of Assessment is Invalid: Delhi High Court [Read Order]

The Delhi High Court directed the Income Tax Authority to release the refund withheld without valid reasons and based on flawed assumptions. The petitioner, Cooner Institute of Health Care And Research Centre Pvt....

Market Value of Property reduced due to Litigation and Defect in Title, Section 50C can’t be applied: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 50C of the Income Tax Act, 1961 cannot be applied in cases where the market...

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