With the globalization of companies and the rise of startup culture, businesses are finding innovative ways to reward their employees. These rewards include gifts, international travel, Employee Stock Ownership Plans (ESOPs), and more. In the case of ESOPs, companies grant these stock options to employees as a loyalty incentive, typically after they have spent a …
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In a recent judgment, the Income Tax Appellate Tribunal (ITAT) in Delhi, quashed the reopening of an assessment under Section 147 of the Income Tax Act, 1961 in the case of Tej Singh for the assessment year 2012-13. This case highlighted the importance of a fair and thorough application of mind when reopening assessments, particularly …
Continue reading “Reopening u/s 147 based merely on the AIR information liable to be quashed”
Background of the Case The assessee filed his income tax return on 31st August 2015, declaring a total income of Rs. 7,27,020. His case was selected for scrutiny, and a notice under Section 143(2) was issued on 5th August 2016. During the scrutiny, the Assessing Officer (AO) found that the assessee had purchased a residential …
Continue reading “Allotment letter issued by Builder constitutes an agreement under Income tax act”
Transfer of immovable property has always been a hot topic, encompassing various methods such as sale, gift, relinquishment, and extinguishment of rights. While the domestic transfer of gifts is generally permissible, gifting immovable property to or from Non-Resident Indians (NRIs) is governed by the Foreign Exchange Management Act (FEMA). This blog discusses the nuances of …
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