Baisakhi Ganguly

Assessing Officer cannot be confined in assessing “undisclosed” income even in concluded assessments even if no material is found during search 2 min read

• Income Tax

Assessing Officer cannot be confined in assessing “undisclosed” income even in concluded assessments even if no material is found during search

Baisakhi Ganguly 6 years ago

The ITAT, Bangalore in the case of Ms. Nandini Delux vs. Asst. Commissioner of Income Tax, it was held that where no proceedings were pending... Read More

No deduction under section 54F if an assessee purchases any house except a new residential house within a one year after the date of transfer 2 min read

• Income Tax

No deduction under section 54F if an assessee purchases any house except a new residential house within a one year after the date of transfer

Baisakhi Ganguly 6 years ago

As per the provisions of section 45 of the Income Tax Act the profit arising out of the transfer of capital assets in the previous... Read More

Agricultural Land not considered as capital asset if situated outside municipal limits in absence of notification 3 min read

• Income Tax

Agricultural Land not considered as capital asset if situated outside municipal limits in absence of notification

Baisakhi Ganguly 6 years ago

The Karnataka High Court in the case of Commissioner of Income Tax vs. Shri Madhukumar N (HUF) (ITA 396 of 2009) has held that if... Read More

Any unnecessary remand by the ITAT cannot be allowed as it amounts to injustice 3 min read

• Income Tax

Any unnecessary remand by the ITAT cannot be allowed as it amounts to injustice

Baisakhi Ganguly 6 years ago

The Bombay High Court in the case of Coca¬ Cola India Pvt. Ltd. vs. The Assistant Registrar, The Income Tax Appellate Tribunal & Others, being... Read More

When can reopening of assessment be allowed? 4 min read

• Income Tax

When can reopening of assessment be allowed?

Baisakhi Ganguly 6 years ago

Section 147 of the Income Tax Act, 1961 allows reopening of assessment of income, in case the Assessing Officer believes that any income which is... Read More

An Assessing Officer is liable to prove that share application money is assessable as unexplained cash credit 5 min read

• Income Tax

An Assessing Officer is liable to prove that share application money is assessable as unexplained cash credit

Baisakhi Ganguly 6 years ago

 It has been recently held by the ITAT Delhi in the case of Mithila Credit Services Ltd vs. ITO, being ITA No. 1078/Del/2013 that the... Read More

Deduction for education loan under section 80E of the Income Tax Act 3 min read

• Income Tax

Deduction for education loan under section 80E of the Income Tax Act

Baisakhi Ganguly 7 years ago

Individuals are entitled to claim deduction under section 80E of the Income Tax Act, 1961 on education loan. Section 80E of Income Tax Act allows... Read More

All about Annual Information Return (AIR) 3 min read

• Income Tax

All about Annual Information Return (AIR)

Baisakhi Ganguly 7 years ago

According to the amended provisions of Section 285BA of the Income Tax Act, 1961, some assessees need to furnish an Annual Information Return (AIR) in connection with... Read More

Medical reimbursement paid to employees is not part of salary and no TDS can be charged upon it 2 min read

• Income Tax

Medical reimbursement paid to employees is not part of salary and no TDS can be charged upon it

Baisakhi Ganguly 7 years ago

The Income Tax Appellate Tribunal in the Assistant Commissioner of Income Tax (TDS) vs. M/s. SAP Labs India Pvt. Ltd. being ITA Nos.1414 to 1416/Bang/2012... Read More

Rules for NRIs selling property in India 2 min read

• Income Tax

Rules for NRIs selling property in India

Baisakhi Ganguly 7 years ago

A new trend in the NRI property rules has been observed recently. NRIs (non resident Indians) coming to India to sell their purchased or inherited... Read More