You can file an appeal even after the expiry of the limitation period and request for condonation of the delay. If reasonable cause for the delay is made out, the appeal will be admitted and heard on merits. (read more)

The transaction of receiving Rs. 90 lakhs in cash for the sale of agricultural land violates Section 269SS. It also violates Section 269ST. The assessee is liable for penalty under Section 271D and Section 271DA. It is arguable that only Section 269ST and Section 271DA should be considered as it is a high-value cash transactions.… (read more)

The judgement in PCIT v. Kanak Impex (India) Ltd (Bombay High Court) is wide ranging and hits out at all Bogus purchases where the assessee is unable to prove genuineness of purchases. A distinction, if any, will have to be made on the facts of each case. (read more)

There is no statutory prohibition against an unequal partition though the onus will be high on the assessee to prove that it is done for legitimate and genuine reasons and not for tax planning reasons. Order u/s 171 is mandatory. The judgement of the Supreme Court in M. V. Valliappan explains the concept of partial… (read more)

If you feel the arbitrator has a bias and have lost confidence and he is refusing to resign, you may first approach the Chamber of Commerce (assuming their rules govern the arbitration) or file a petition in the High Court under the Arbitration Act for directions. (read more)

The amount deposited in the CGAS has to be utilized for the purchase or construction of a new residential property within 2 years/ 3 years from the date of transfer of the original asset. The unutilized amount in the CGAS is assessable as Long-Term Capital Gain in the financial year in which the period of… (read more)

The AO's view is wrong in view of the judgements in CIT vs. Reliance Utilities and Power Ltd [2009] 313 ITR 340 (Bom) and others that there is a legal presumption that funds used for non-business purposes have come out of own funds and are not subject to disallowance u/s 36(1)(iii) of the Act. (read more)

No. As the conversion of the land is not a taxable event, the FMV on that date cannot be treated as the cost of acquisition. (read more)

Yes, a revision petition under Section 264 of the Income Tax Act, 1961, can be filed online through the Income Tax e-Filing Portal (https://www.incometax.gov.in). The process involves logging into the portal, navigating to the 'e-File' tab, and selecting the 'Rectification (u/s 264)' option to submit the revision application along with relevant details and supporting documents.… (read more)

In ITO v. Rajeev Ratanlal Tulshyan - [2022] 136 taxmann.com 42 (Mumbai - Trib.), the Mumbai Tribunal held that the provisions of section 56(2)(vii) were introduced as an anti-abuse measure and to prevent the laundering of unaccounted income under the garb of gifts after the abolition of the Gift Tax Act. In line with the… (read more)