Section 56(2)(x): Property Transactions and the Stamp Duty Trap
The Quick Reference Box Parameter Legal Position Who is taxed? Buyer — on difference between stamp duty value and consideration Trigger amount Difference must exceed ₹50,000 OR 10% of consideration Tax rate Normal slab rates under the head “Income from Other Sources” Safe harbour tolerance 10% of consideration (Finance Act 2020, from AY 2021-22) Is […]
Section 68 Cash Credits: When the AO’s Addition Fails
The Quick Reference Box Parameter Legal Position Who bears the burden? Assessee — primary burden to prove identity, creditworthiness, genuineness When does burden shift? After assessee produces adequate documentation What must AO do after burden shifts? Conduct independent inquiry — cannot sit back Withdrawn statement — sufficient to sustain addition? No — ITAT Mumbai 2026 […]
The Master Section Number Mapping Table: Income Tax Act 1961 to Income Tax Act 2025 — Every Professional’s Essential Reference
Quick Summary Box Category Old Act (1961) New Act (2025) Change Type TDS on Salary Section 192 Section 392 Renumbered TDS (Non-salary) Sections 193–194T (60+ sections) Section 393 Consolidated TCS Section 206C Section 394 Renumbered Deduction — 80C Section 80C Section 123 Renumbered + consolidated Deduction — 80D Section 80D Section 124 Renumbered Tax Audit […]
M/S NORTH AMERICAN COAL CORPORATION INDIA PRIVATE LIMITED [2018 (10) TMI 1339 (AAR, MAHARASHTRA)
Background: North American Coal Corporation India Private Limited (NACC) provided technical consultancy services related to coal mining under an Association Agreement with Sasan Power Limited (SPL). Due to breaches by SPL, NACC terminated the agreement and claimed past dues, reimbursement of expenses, and liquidated damages from SPL. The question before the AAR was whether the liquidated […]