Posts in Category: "Income Tax Update by Ajay Agarwal"
Applicability of Section 54F Where Assessee Holds a Jointly-Owned Residential Property
Applicability of Section 54F Where Assessee Holds a Jointly-Owned Residential Property1. Introduction:-Section 54F of the Income-tax Act, 1961 grants exemption on long-term capital gains arising from the transfer of any capital asset other than a res...
DTAA Rate vs. Section 206AA – Whether 206AA Overrides a Treaty Rate When Non-Resident Has No PAN
DTAA Rate vs. Section 206AA – Whether 206AA Overrides a Treaty Rate When Non-Resident Has No PAN ?(Delhi High Court: CIT (Intl. Tax)-1 v. Air India Ltd., [2023] 456 ITR 117)** Core Issue: Whether in the case of a non...
Validity of Reassessment Notices under Section 148: Whether Jurisdiction Lies with JAO or FAO?
Validity of Reassessment Notices under Section 148: Whether Jurisdiction Lies with JAO or FAO?Delhi High Court Judgment:-Inder Dev Gupta & Others v. ACIT, Central Circle-2, Delhi-Judgment dated 21 November 2025, Delhi ...
Penalty for Non-Disclosure of Foreign Assets
Penalty for Non-Disclosure of Foreign Assets: Whether Technical Non-Compliance Warrants Penal Consequences?The Hon’ble Bombay High Court in Pr. Commissioner of Income Tax (Central)-3 v. Shrem Alloys Pvt. Ltd., Income Tax Appeal ...
Addition on Cash Deposited
Cash Deposits—Source Explained by Prior Withdrawals — Mere Time Gap Not Sufficient for AdditionITAT Ahmedabad: Bhikhabhai Mangalbhai Patel v. ITO- ITA No. 1743/Ahd/2025 | Order dated 13.11.2025 | AY 2017-18**The assessee appealed against the orde...