Co-Owner Of Property Not Receiving Income From It Not Liable To Pay Tax On Income From Such Property: Delhi High Court
1 month, 3 weeks ago

Co-Owner Of Property Not Receiving Income From It Not Liable To Pay Tax On Income From Such Property: Delhi High Court

Live Law  

The Delhi High Court has held that where a property is held jointly but only one co-owner reaps the benefit of income from such property, the other co-owner cannot be held liable to pay tax merely by virtue of co-ownership. This explanation was not accepted by the Assessing Officer, who proceeded to hold that the property would be liable to be viewed as being jointly owned in equal share by the appellant and her spouse and thus taxed in accordance with Section 23 of the Income Tax Act, 1961. The AO held that the income from house property would be liable to be pegged at ₹19,60,000/- and 50% thereof being assessed in the hands of the appellant. At the outset, the High Court held that the Income Tax Act seeks to tax income derived from house property as distinct from an interest in property.

Delhi Tax Property Income Tax Income Held Liable  property  liable  held  income  high  mr  merely  court  coowner  ms  tax  receiving  delhi  pay  appellant

History of this topic

Income Tax Department Cannot Attach Properties Indefinitely Without Pursuing Steps To Resolve Matter: Delhi High Court
1 week, 6 days ago

Income Tax Department Cannot Attach Properties Indefinitely Without Pursuing Steps To Resolve Matter: Delhi High Court

Live Law  

The Delhi High Court has held that the Income Tax Department cannot, suspecting escapement of tax on income by an assessee, indefinitely attach its properties without taking further steps to resolve the matter. Single judge Justice Sachin Datta observed that Section 222 of the Income Tax Act, 1961 which empowers the Tax Recovery Officer to proceed with “attachment and sale …

Tax Weekly Round-Up: January 13 - January 19, 2025
2 months ago

Tax Weekly Round-Up: January 13 - January 19, 2025

Live Law  

SUPREME COURT 'Will Pull You Up' : Supreme Court Asks GST Department To Rectify Issues Over Fake Invoices, Asks How Genuine Purchasers Are Liable The Supreme Court on Wednesday flagged a recurring problem in GST matters whereby genuine purchasers who paid Goods and Services Tax face issues because their suppliers raised fictitious bills to evade crediting the GST to the …

ITAT Cannot Decide On Grounds Not Addressed By Commissioner Of Income Tax (Appeals): Delhi High Court
2 months ago

ITAT Cannot Decide On Grounds Not Addressed By Commissioner Of Income Tax (Appeals): Delhi High Court

Live Law  

The Delhi High Court recently said aside an order passed by the Income Tax Appellate Tribunal, deciding grounds that did not arise from the impugned order passed by the Commissioner of Income Tax. A division bench of Acting Chief Justice Vibhu Bakhru and Justice Tushar Rao Gedela observed, “The Assessee's challenge to the addition of ₹4,30,00,000/- under Section 68 of …

Tax Weekly Round-Up: 6th January - 12th January 2025
2 months, 1 week ago

Tax Weekly Round-Up: 6th January - 12th January 2025

Live Law  

SUPREME COURT Reduction In Share Capital Amounts To Transfer Of Capital Asset Under Income Tax Act : Supreme Court Case Name: PRINCIPAL COMMISSIONER OF INCOME TAX-4 & ANR v. M/S. : While directing that the order under Section 73 of the Goods and Service Tax Act, 2017 uploaded in the “Additional Notices and Tabs” on the GST portal be treated …

Tax Weekly Roundup: November 18 - November 24, 2024
3 months, 3 weeks ago

Tax Weekly Roundup: November 18 - November 24, 2024

Live Law  

SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, …

Tax Weekly Roundup: November 18 - November 24, 2024
3 months, 3 weeks ago

Tax Weekly Roundup: November 18 - November 24, 2024

Live Law  

SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, …

Putting Together Structure Of Plywood Sheets Can't Be Construed As Constructing 'Residential House' For Claiming Capital Gain Exemption: Delhi HC
3 months, 3 weeks ago

Putting Together Structure Of Plywood Sheets Can't Be Construed As Constructing 'Residential House' For Claiming Capital Gain Exemption: Delhi HC

Live Law  

“Putting together a structure of plywood sheets cannot be construed as constructing a residential house,” the Delhi High Court has held. Section 54 exempts tax on long term capital gains from the sale of residential property if the proceeds from such sale are reinvested in purchasing or constructing another residential property within a specified time frame. Significantly, the ITAT had …

Direct Tax Weekly Round-Up: 11 To 17 August 2024
7 months ago

Direct Tax Weekly Round-Up: 11 To 17 August 2024

Live Law  

Delhi High Court Failure Of Dept. Value Of Shares Allotted Under Employees Stock Purchase Scheme Can't Be Treated As Perquisite As Per Sec 17: Delhi High Court Case Title: Ravi Kumar Sinha vs. CIT While emphasizing that no tax can be levied on notional income, the Delhi High Court held that Valuation Report obtained by employer could have no application …

Direct Tax Weekly Round-Up: 4 To 10 August 2024
7 months, 1 week ago

Direct Tax Weekly Round-Up: 4 To 10 August 2024

Live Law  

Delhi High Court Amendment In Section 153C Income Tax Act Can't Be Interpreted For Revival Of Already Time Barred Proceedings: Delhi High Court Case Title: PCIT Versus Karina Airlines International Ltd. Reopening Based On Entirely New Material Deprives Taxpayer's Right To Object To Re-Assessment: Delhi High Court Case Title: Banyan Real Estate Fund Mauritius Verses Assistant Commissioner Of Income Tax …

Order Of ITSC Final And Conclusive For AY For Which Application Has Been Filed: Delhi High Court
8 months, 2 weeks ago

Order Of ITSC Final And Conclusive For AY For Which Application Has Been Filed: Delhi High Court

Live Law  

The Delhi High Court has held that the order of the Income Tax Settlement Commission is final and conclusive for a particular assessment year for which the application has been filed.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that the order of the ITSC is deemed to be conclusive for all the matters pertaining to …

Direct Taxes Weekly Round-Up: 19 To 25 May 2024
9 months, 3 weeks ago

Direct Taxes Weekly Round-Up: 19 To 25 May 2024

Live Law  

Delhi High Court Case Title: PT Bukaka Teknik Utama Versus Commissioner Of Income Tax, Delhi - 2 The Delhi High Court has held that the assessee can't be obstructed from availing of the benefits of the Direct Tax Vivad se Vishwas Act, 2020 even where the time limit for an appeal has not expired. Case Title: New Delhi Television Limited …

Direct Tax Cases Weekly Round-Up: 5 To 11 May 2024
10 months, 1 week ago

Direct Tax Cases Weekly Round-Up: 5 To 11 May 2024

Live Law  

Supreme Court Case Name- All India Bank Officers' Confederation Vs The Regional Manager, Central Bank Of India & Others Citation : 2024 LiveLaw 352 A Division bench of the Supreme Court comprising of Justice Sanjiv Khanna and Justice Dipankar Datta while deciding a Civil Appeal in the case of All India Bank Officers' Confederation Vs The Regional Manager, Central Bank …

Tax Weekly Round-Up: 30th December 2024 - 5th January 2025
10 months, 2 weeks ago

Tax Weekly Round-Up: 30th December 2024 - 5th January 2025

Live Law  

SUPREME COURT Motor Accident Claims - Tax Returns Can Be Accepted To Determine Income Only If They Are Appropriately Produced : Supreme Court Case name: New India Assurance Co. Ltd. V. Sonigra Juhi Uttamchand. Co-Accused Can Apply Separately For Compounding Of Offences Committed By Company Or HUF Under Income Tax Act: Delhi High Court Case title: Sumit Bharana v. UoI …

Direct Tax Cases Quarterly Digest 2024
11 months, 1 week ago

Direct Tax Cases Quarterly Digest 2024

Live Law  

Supreme Court Case Title: Herbicides India Limited vs ACIT 2024 LiveLaw 44 While setting aside the Rajasthan High Court orders, the Supreme Court restored the assessee's appeals by condoning the delay in filing the paper-book before High Court and observed that the assessee is entitled to have his appeals heard on merits. AO Lacks Jurisdiction To Pass Draft Assessment Order …

Delhi High Court Interprets Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)
11 months, 1 week ago

Delhi High Court Interprets Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)

Live Law  

The Delhi High Court has held that it has interpreted Rule 11UA of the Income Tax Rules, 1962, for determining the fair market value of shares under Section 56 of the Income Tax Act, 1961.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that Section 56 postulates that the FMV of shares shall be the value …

Direct Tax Cases Weekly Round-Up: 31 March To 6 April 2024
11 months, 1 week ago

Direct Tax Cases Weekly Round-Up: 31 March To 6 April 2024

Live Law  

Delhi High Court Case Title: Valley Iron & Steel Co.Ltd Versus PCIT The Delhi High Court has held that income tax additions made towards unsubstantiated share capital are eligible for deduction under Section 80-IC of the Income Tax Act. Case Title: Senapati Santaji Ghorpade Sugar Factory Versus Assistant Commissioner of Income Tax The Bombay High Court has held that retrospective …

Delhi High Court Interpretes Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)
11 months, 2 weeks ago

Delhi High Court Interpretes Rule 11UA For Determination FMV Of Shares U/S 56(2)(viib)

Live Law  

The Delhi High Court has held that it has interpreted Rule 11UA of the Income Tax Rules, 1962, for determining the fair market value of shares under Section 56 of the Income Tax Act, 1961.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that Section 56 postulates that the FMV of shares shall be the value …

Direct Tax Cases Weekly Round-Up: 17 To 23 March 2024
11 months, 3 weeks ago

Direct Tax Cases Weekly Round-Up: 17 To 23 March 2024

Live Law  

Delhi High Court Case Title: National Association Of Software And Services Companies Versus Deputy Commissioner Of Income Tax Circle 2 The Delhi High Court has held that a 20% pre-deposit demand is not a precondition for consideration of a stay application during the pendency of the first appeal. Case Title: The Salem Urban Co-operative Bank limited Versus The Income Tax …

LTCG Tax Exemption Can't Be Denied Due To An Error Made By The Builder In Assigning Apartment: ITAT
11 months, 3 weeks ago

LTCG Tax Exemption Can't Be Denied Due To An Error Made By The Builder In Assigning Apartment: ITAT

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that tax benefits cannot be denied to taxpayers due to an error made by the builder in assigning the apartment.The bench of Rahul Chaudhary and Om Prakash Kant has observed that the appellant or taxpayer cannot be penalized for the mistake committed by the developer or seller by allotting. The …

Direct Tax Cases Weekly Round-Up:3 March To 9 March 2024
1 year ago

Direct Tax Cases Weekly Round-Up:3 March To 9 March 2024

Live Law  

Delhi High Court Case Title: PCIT Versus M/S Clix Finance India Pvt. Bombay High Court Case Title: Shell India Markets Private Limited Versus Union of India The Bombay High Court has held that business support services are not taxable as a fee for technical services, and no TDS is liable to be deducted. Patna High Court Case Title: Purnendu Shekhar …

Property bought in name of homemaker wife is family property: Allahabad HC
1 year ago

Property bought in name of homemaker wife is family property: Allahabad HC

Hindustan Times  

The Allahabad High Court has ruled that property bought by a husband in the name of his homemaker wife without having any independent source of income "will be the property of the family". Allahabad High Court While hearing a case involving a son's claim for declaration of co-ownership of his deceased father's property, Justice Arun Kumar Singh Deshwal said that …

Direct Tax Cases Weekly Round-Up: 04 To 10 February 2024
1 year, 1 month ago

Direct Tax Cases Weekly Round-Up: 04 To 10 February 2024

Live Law  

Bombay High Court HSBC Bank Carrying On Bona Fide Banking Business In Mauritius Exempt From Tax In India: Bombay High Court Case Title: Commissioner of Income Tax Versus M/s. Case Title: Vodafone India Services Pvt Ltd verses DCIT Emphasizing that although Section 32 of Income tax Act, 1961 was amended by the Finance Act, 2021 wherein it was stated that …

Direct Tax Cases Monthly Round Up: January 2024
1 year, 1 month ago

Direct Tax Cases Monthly Round Up: January 2024

Live Law  

Supreme Court Case Title: Herbicides India Limited verses ACIT While setting aside the Rajasthan High Court orders, the Supreme Court restored the assessee's appeals by condoning the delay in filing the paper-book before High Court and observed that the assessee is entitled to have his appeals heard on merits. Madras High Court Case Title: Anamallais Bus Transports P. Ltd verses …

Direct Tax Weekly Round-Up: 14 To 20 January 2024
1 year, 1 month ago

Direct Tax Weekly Round-Up: 14 To 20 January 2024

Live Law  

Direct Tax Weekly Round-Up: 14 To 20 January 2024 Supreme Court Case Title: Herbicides India Limited verses ACIT While setting aside the Rajasthan High Court orders, the Supreme Court restored the assessee's appeals by condoning the delay in filing the paper-book before High Court and observed that the assessee is entitled to have his appeals heard on merits. Madras High …

Delhi High Court Upholds Constitutional Validity Of Section 115BBE Of Income Tax Act
1 year, 2 months ago

Delhi High Court Upholds Constitutional Validity Of Section 115BBE Of Income Tax Act

Live Law  

The Delhi High Court has upheld the constitutional validity of Section 115BBE of the Income Tax Act.The bench of Acting Chief Justice Manmohan and Justice Mini Pushkarna has observed that Statutory Acts and their provisions are not to be declared unconstitutional on the fanciful theory that power would be exercised in an unrealistic fashion or in a vacuum or on …

Lawyers cannot be charged property tax for reading office file at home: Delhi HC
1 year, 8 months ago

Lawyers cannot be charged property tax for reading office file at home: Delhi HC

Hindustan Times  

NEW DELHI: The Delhi high court has held that advocates running offices from residential buildings will not be charged property tax by the Delhi Municipal Corporation as a “business building” while holding that the professional activity” of lawyers cannot be seen as “commercial activity”. The case dates back to 2013 when the SDMC issued notice to a lawyer who was …

Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act: ITAT
1 year, 9 months ago

Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has allowed the deduction under Section 54F of the Income Tax Act on the grounds that the assessee is not the exclusive owner of multiple residential properties occupied by other family members.The bench of Kavitha Rajagopal and Om Prakash Kant has observed that the joint ownership of the. The Mumbai Bench …

Income Derived From Sale Of Agricultural Land Is Not A Capital Asset: ITAT
1 year, 9 months ago

Income Derived From Sale Of Agricultural Land Is Not A Capital Asset: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has held that income derived from the sale of agricultural land is not a capital asset.The bench of Saktijit Dey and M. Balaganesh has observed that income tax is not payable on the income derived from the sale of agricultural land.A search and seizure operation was conducted in the case of. …

Tax Cases Weekly Round-Up: 30 October To 5 November 2022
2 years, 4 months ago

Tax Cases Weekly Round-Up: 30 October To 5 November 2022

Live Law  

Supreme Court Industrial Townships Are "Local Areas" For Entry Tax Levy By States Though They Are Excluded From Municipalities : Supreme Court Case Title: OCL India Limited vs State of Orissa Citation: 2022 LiveLaw 911 The Supreme Court upheld States' power to impose entry tax from Industrial Township/Areas. Delhi High Court Case Title: Commissioner Of Income Tax Versus Daikin Shri …

Delhi High Court Weekly Round Up: August 8 To August 14, 2022
2 years, 7 months ago

Delhi High Court Weekly Round Up: August 8 To August 14, 2022

Live Law  

NOMINAL INDEXCitations 2022 LiveLaw 765 TO 2022 LiveLaw 781SARIKA@RADHA@LOVANYA T v. STATE OF NCT OF DELHI AND ANR 2022 LiveLaw 765DINESH KUMAR v. UNIVERSITY OF DELHI & ORS. Can't Withhold Refunds In Mechanical And Routine Manner: Delhi High Court Case Title: Trueblue India LLP Vs Deputy/Assistant Commissioner of Income Tax Circle Citation: 2022 LiveLaw 768 The Delhi High Court has …

Scholarship By Hamdard Foundation, Exemption Under Income Tax Act Can't Be Denied: Delhi High Court
2 years, 11 months ago

Scholarship By Hamdard Foundation, Exemption Under Income Tax Act Can't Be Denied: Delhi High Court

Live Law  

The Delhi High Court has upheld the factual findings made by the CIT and ITAT that the merit-cum scholarship/financial assistance provided by Hamdard National Foundation was not confined to students of a particular religious community, and therefore exemption under Section 11 of Income Tax Act, 1961 cannot be denied to it. The AO ruled that the Assessee had given merit-cum …

Big relief for taxpayers: Govt exempts properties in Delhi's unauthorised colonies from income tax
4 years, 8 months ago

Big relief for taxpayers: Govt exempts properties in Delhi's unauthorised colonies from income tax

India TV News  

In a big tax relief for Delhi's unauthorised colonies that were regularised last year, the government has exempted owners from income tax even if they had purchased land or house at rates below the prevailing market price. The government had last year legalised unauthorised colonies in the national capital, giving house owners legal property rights. It said tax would not …

Undervaluing Immovable Property To Pay Less Stamp Duty, Conceal Income Ripe In India, Remarks Delhi HC [Read Judgment]
7 years, 8 months ago

Undervaluing Immovable Property To Pay Less Stamp Duty, Conceal Income Ripe In India, Remarks Delhi HC [Read Judgment]

Live Law  

Hearing in a property ownership dispute led the Delhi High Court to rue the “unfortunate” practice of undervaluing immovable property in India to evade part of stamp duty or the income tax.“Unfortunately undervaluing of immovable properties so as to either pay less stamp duty or for other reasons of concealment of income etc, is ripe in this country…” said Justice …

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