Income Tax Act Blog Posts

Government Approved Money Laundering Scheme.

Government Approved Money Laundering Scheme.Modi government believes in ‘Sabka Saath, Sabka Vikas’ since it has come in power ☺. Moving ahead on this mission the government has introduced amendment to the Income Tax Act in Lok Sabha on Monday f...
by The Other Side on Nov 29, 2016

Buy Back of Shares by Private or Unlisted Company

The provisions relating to buy-back of securities, under the Companies Act 2013 namely sections 68 to 70, which have been notified, have now repealed the provisions relating Companies Act, 1956.Points to be noted:1. A company may buy-back its ow...
by Mowing the Law on Apr 18, 2016

Value of FSI and TDR not to be included in Land Value u/s 50C of IT Act

Generally, the provisions of Indian tax laws provide that transfers of immovable property must be at a fair valuation. However, the Income Tax Appellate Tribunal (‘ITAT’), Mumbai Bench, has ruled, in Income-tax Officer v. Shri Prem Ratt...
by Mowing the Law on Apr 7, 2014

Value of FSI and TDR not to be included in Land Value u/s 50C of IT Act

Generally, the provisions of Indian tax laws provide that transfers of immovable property must be at a fair valuation. However, the Income Tax Appellate Tribunal (‘ITAT’), Mumbai Bench, has ruled, in Income-tax Officer v. Shri Prem Ratt...
by Mowing the Law on Apr 7, 2014

Pension plan: way to generate good returns and get tax exemption

Retirement planning is something which each one of us should do at the earliest stage. In developed economies like the United States and the United Kingdom, senior citizens are entitled for a highly advanced social security system under which they ge...
by policyx blog on Jan 20, 2014

Section 50C of ITA not applicable to transfer of Immovable Property held through Co.

In Irfan Abdul Kader Fazlani vs. ACIT (ITAT Mumbai) (Entire order available here) the assessee was the shareholder of a company called Kamala Mansion Pvt. Ltd (KMPL). KMPL owned flats in a building known as Om Vikas Apartments, located at Walkeshwar...
by Mowing the Law on Dec 1, 2013

Section 50C of ITA not applicable to transfer of Immovable Property held through Co.

In Irfan Abdul Kader Fazlani vs. ACIT (ITAT Mumbai) (Entire order available here) the assessee was the shareholder of a company called Kamala Mansion Pvt. Ltd (KMPL). KMPL owned flats in a building known as Om Vikas Apartments, located at Walkeshwar...
by Mowing the Law on Dec 1, 2013

Introduction to Property Tax in India

Property tax in India is not as easy to understand as someone might think. However, if we dissect it into smaller and simpler to understand parts, it will definitely make things a lot easier.The property tax rates in India have been rationalized to m...
by Mowing the Law on Oct 11, 2013

Introduction to Property Tax in India

Property tax in India is not as easy to understand as someone might think. However, if we dissect it into smaller and simpler to understand parts, it will definitely make things a lot easier.The property tax rates in India have been rationalized to m...
by Mowing the Law on Mar 15, 2013

Cash Compensation Received by a Member of Housing Society Under Redevelopment Scheme, “Capital Receipt” not “Revenue receipt”

The Income Tax Appellate Tribunal at Mumbai, in the case of Kushal K Bangia, Mumbai v. Assessee  (ITA/No. 630/Mum/2006) (the entire case can be found here.) held that the cash compensation received by a member of the housing society under a rede...
by Mowing the Law on Feb 9, 2013
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