Income Tax : The document highlights that start-ups enjoying exemption must comply with prescribed restrictions on investments and asset acquis...
Income Tax : Capital gains from compulsory acquisition are generally taxed when compensation is received rather than when the land is acquired....
Income Tax : The law permits taxpayers to adopt the stamp duty value on the agreement date instead of the registration date where prescribed co...
Income Tax : The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers...
Income Tax : AI-driven scrutiny and AIS integration are increasing Income Tax notices where property transactions occur below stamp duty value....
Income Tax : Finance Bill 2024 proposes the sunset of Section 56(2)(viib) from April 2025, eliminating the tax on shares issued above face valu...
Income Tax : Amendment to section 56(2)(viib) of Act extending the applicability of section to issue of shares to non-residents has been made a...
Income Tax : CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities In the Finance Act, 2023, ...
Income Tax : IMB Certificate of Eligible Business is not a pre-requisite to avail the benefits of non-application of the provisions of clause (...
Income Tax : Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 p...
Income Tax : Delhi ITAT held that share premium received by a subsidiary from its holding company could not be taxed under Section 56(2)(viib)....
Income Tax : The Tribunal criticized the Assessing Officer for taking a contrary stand in later years after allowing the same deduction on iden...
Income Tax : AO observed an imbalance: the investor companies brought in massive investments but received a minimal percentage of equity, while...
Goods and Services Tax : The Bombay High Court held that delayed IGST refunds beyond sixty days attract mandatory interest under Section 56 of the CGST Act...
Income Tax : Tribunal ruled that objections relating to defective title, encroachments, and legal disputes require proper valuation examination...
Income Tax : Notification regarding Income-tax Act Section 56(2)(viib) and assessment of Startup Companies. Clarifications for assessing recogn...
Income Tax : CBDT) amends Income Tax Rule 11UA regarding valuation of unquoted equity shares for tax purposes. Learn about changes in this amen...
Income Tax : Details of Sixteenth Amendment to Income Tax Rules (2023) on computation of income chargeable under life insurance policies as per...
Income Tax : In the Finance Act, 2023, an amendment was introduced in this provision to bring the consideration received from non-residents wit...
Income Tax : CBDT issued Notification No. 29/2023- Income-Tax specifying certain classes of persons for the purpose of sub-clause (ii) of th...
Delhi ITAT held that share premium received by a subsidiary from its holding company could not be taxed under Section 56(2)(viib). The ruling emphasizes that the anti-abuse provision cannot be extended to genuine intra-group capital infusions.
The document highlights that start-ups enjoying exemption must comply with prescribed restrictions on investments and asset acquisitions. Failure to meet these conditions can result in taxation of excess premium and penalty consequences.
Capital gains from compulsory acquisition are generally taxed when compensation is received rather than when the land is acquired. The provisions also prescribe separate taxation for enhanced compensation and judicial awards.
The law permits taxpayers to adopt the stamp duty value on the agreement date instead of the registration date where prescribed conditions are satisfied. This relief helps prevent unfair tax additions arising solely from a later increase in circle rates.
The Tribunal criticized the Assessing Officer for taking a contrary stand in later years after allowing the same deduction on identical facts in an earlier assessment. It held that such inconsistent treatment without distinguishing facts was unsustainable.
AO observed an imbalance: the investor companies brought in massive investments but received a minimal percentage of equity, while the promoters retained overwhelming majority control despite investing a lower proportionate amount (Rs. 45 crores)
The Bombay High Court held that delayed IGST refunds beyond sixty days attract mandatory interest under Section 56 of the CGST Act. The Court ruled that refund claims could not be indefinitely withheld after appellate proceedings attained finality.
The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers “any land or building or both.” The Tribunal ruled that purchases below stamp duty valuation may attract tax on the differential amount.
AI-driven scrutiny and AIS integration are increasing Income Tax notices where property transactions occur below stamp duty value. Both buyers and sellers may face taxation under Sections 50C and 56(2)(x).
Tribunal ruled that objections relating to defective title, encroachments, and legal disputes require proper valuation examination through a DVO reference. The addition under Section 56(2)(x) was therefore restored to the Assessing Officer for reconsideration.
