Case Overview Case Title: D.K. Brothers vs. Income Tax Officer (ITO)Court: Income Tax Appellate Tribunal (ITAT), MumbaiAppeal Number: ITA No. 2183/M/2023Date of Judgement: November 10, 2023Assessment Year: 2011-12 Introduction In a pivotal ruling, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has overturned the order issued by the National Faceless Appeal Centre (NFAC) in the case...
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In India, a Power of Attorney (POA) is a legal document that allows a person (the principal) to authorize another person (the agent or attorney-in-fact) to act on their behalf in legal or financial matters. The concept of POA is rooted in common law but has been adopted and codified in Indian law under various statutes. Its legal status and application play a critical role in facilitating business,...
Inheritance tax, also known as estate duty, was once levied in India but was abolished in 1985 due to administrative challenges and the growing complexities of valuation. While India does not currently have an inheritance tax, various financial transactions involving inherited assets are subject to taxation under different categories. Here’s a detailed look at how inherited assets are taxed in India and...
The Maharashtra Real Estate Regulatory Authority (MahaRERA), established under the Real Estate (Regulation and Development) Act, 2016 (RERA), has revolutionized the real estate sector by introducing transparency, accountability, and efficiency. While MahaRERA provides immense benefits to homebuyers, it also places significant responsibilities on promoters (developers). This blog explores MahaRERA from a...
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has revolutionized the real estate sector by prioritizing the rights and interests of homebuyers. As a state-specific implementation of the Real Estate (Regulation and Development) Act, 2016, MahaRERA ensures transparency, accountability, and fairness in property dealings. Here are the key benefits MahaRERA offers to homebuyers: 1. Access to...