Donations made to political parties qualify for deductions under the Income Tax Act, 1961, under Section 80GGC. This provision is sometimes misused by salaried individuals who have limited avenues for tax savings, using it as a means to reduce their taxable income. However, there are also genuine contributions made to political parties that rightfully qualify …
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Background of the Case The Income Tax Appellate Tribunal (ITAT), Ahmedabad, “C” Bench, delivered its judgment on January 24, 2025, in the case of Kshama Sanjay Tripathi (Appellant) vs. The Income Tax Officer, Ward-4(2)(2), Ahmedabad (Respondent). This judgment pertains to an appeal filed by the assessee for the assessment year 2010-11. The core issues revolved …
An appeal has been filed by the Assessee challenging an order passed by the Learned Commissioner of Income Tax (Appeals) [“Ld. CIT(A)”], National Faceless Appeal Centre (NFAC), Delhi, concerning the assessment year 2014-15. The appeal revolves around the interpretation and application of Section 54EC of the Income Tax Act, specifically regarding the eligibility for exemption …
The recent case, Mohan Lal Jain vs. ACIT (ITA No. 746/Del/2023), concerning the Assessment Year (A.Y.) 2017-18, deals with Section 54 of the Income Tax Act, 1961. This section provides an exemption for taxpayers who reinvest the proceeds from a property sale into another residential property within the stipulated time frame. Case Background The appellant, …
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Introduction The Income Tax Appellate Tribunal (ITAT), Mumbai, in its recent ruling on ITA No. 1739/Mum/2024, delivered a significant judgment in favor of the appellant, Smt. Shanti A. Motwane. The case pertained to the assessment year (A.Y.) 2013–14 and was adjudicated by a bench comprising Ms. Kavitha Rajagopal (Judicial Member) and Smt. Renu Jauhri (Accountant …
This appeal, filed by Mr. Ashok Kumar Pandey, pertains to the assessment year 2013–14 and challenges the order passed by the National Faceless Appeal Centre (NFAC), Delhi, under Section 250 of the Income Tax Act, 1961. The dispute primarily revolves around the determination of the appellant’s residential status under the provisions of the India-USA Double …
The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” recently deliberated on a notable case concerning the taxation regime opted by Mr. Akshay Nitin Malu, a businessman engaged in cloth manufacturing. This case, ITA No.1651/PUN/2024, pertained to the assessment year 2022–23 and presented a critical examination of the taxpayer’s choice between the old and new …
Introduction The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” recently delivered a significant judgment on January 2, 2025, concerning the imposition of penalties under Section 271B of the Income Tax Act, 1961. This case involved Dr. Murugesh Shantveerya Hiremath, a renowned cardiologist, who appealed against the penalty imposed for failing to file the tax …
The Income Tax Department frequently runs campaigns and issues clarifications regarding the reporting of foreign assets and foreign income in the income tax return. This indicates that, in the future, the Income Tax Department will take strict action if foreign income and assets are not reported in the income tax return. Recently, the Income Tax …
In India, rental income from house property is charged under the head “Income from House Property.” However, before the income is taxed, certain deductions are allowed under Section 24 of the Income Tax Act, which can reduce the taxable income. These deductions help ease the tax burden on property owners and encourage investment in real …
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