Taxation of Bitcoin & other Cryptos under the Indian law
In Raunaq Prakash Jain vs. Income Tax Officer, the ITAT Jodhpur held that Bitcoin and cryptocurrencies are capital assets and any profits made on their...
Tax evasion of undisclosed immovable properties in Dubai just in Delhi is over ₹700 crore: Income Tax Official
Income Tax probe finds 500 ‘actionable’ cases of undisclosed Dubai assets held by Indians According to a report in the ET, the income-tax department has...
Bombay HC in ALJ RESIDENCY CO-OPERATIVE HOUSING SOCIETY: Absence Of Occupation Certificate Doesn’t Bar Flat Buyers From Deemed Conveyance
The Bombay High Court in ALJ Residency Co-operative Housing Society Ltd vs The State of Maharashtra WRIT PETITION NO. 406 OF 2018 has ruled that...
Prosecution of Company’s directors over non-payment of TDS
In the case of Brajesh Construction Pvt Ltd, a sessions court has upheld the conviction of two directors of a construction company for not depositing...
Shri Justice Chandrakant Vasant Bhadang Appointed ITAT President
The Appointments Committee of the Cabinet has approved the proposal for appointment of Justice Chandrakant Vasant Bhadang, retired Judge, Bombay High Court to the post...
Transfer of High Court Judges
In exercise of the power conferred by the Constitution of India, the President of India, after consultation with Chief Justice of India, is pleased to...
CBDT Revised Guidelines for compounding of offences under the Income tax Act, 1961
Some of the major changes made for the benefit of taxpayers include making offence punishable under Section 276 of the Act as compoundable. Further, the...
What is “reason to believe”? Can Courts look into the sufficieny of the reasons?
The expression “reasons to believe” is a component of many statutes such as in the case of reassessment of Income under the Income-tax Act, 1961,...
Taxability of capital gains from penny stocks: Burden is on the taxpayer to prove fanciful rise in stock price is genuine
The Honourable Calcutta High Court has held that the onus is on the assessee to establish the genuineness of the price hike in the case...
CBDT Notifications Clarify whether Gift card or vouchers, Mileage points, reward points, Subscriptions etc are taxable as Virtual Digital Assets
The law on taxation of Virtual Digital Assets (VDAs) under the Income-tax Act, 1961 has been ushered in by the Finance Act, 2022. Briefly, the...