Condonation of delay really depends on facts on whether there was sufficient cause for the delay and the period of delay. In Kumar Mahesh Chandra v. CIT (ITAT Mumbai in ITA No. 1234/Mum/2015), delay of 92 days in filing appeal before CIT(A) was condoned due to the assessee's reliance on erroneous advice from a tax… (read more)

Yes. Penalty under Section 271E can be levied without waiting for the decision in the appeals against the reassessment proceedings as these proceedings are independent. Pendency of appeal does not create any legal embargo. (read more)

Yes. You are entitled to a refund of the late filing fee. There have been other cases where refund has been granted. You can file a grievance petition in the portal along with screenshots or other evidence. You can also call the helpline at 1800-103-0025 or 1800-419-0025. You can also file a rectification request u/s… (read more)

I agree with all the three points made. If ITO Ward 2(2)(3) is not the JAO, the notice u/s 148A(b) and subsequent notice u/s 148 are without jurisdiction. Escapement below ₹50 lakhs renders the reassessment time-barred as per Section 149. Approval by the PCIT instead of the Principal Chief Commissioner or equivalent violates Section 151,… (read more)

Assuming the project is RERA-registered, the agreement to sell is standard and permitted for under-construction properties. It does not violate RERA or Section 45(5) (read more)

Logically, it should be so. There is a clarification u/s 194Q(5) which exempts the seller from collecting TCS u/s 206C(1H) if TDS is deducted under section 194Q. However, there is no explicit provision that exempts the seller from collecting TCS under section 206C(1)(vii) when TDS is deducted under section 194Q. (read more)

The transaction is merely a book entry. There is no "actual payment". So, neither Co will get a deduction until the amount is actually paid. (read more)

In my view, neither Section 45(4) nor 9B will apply because this is not a transfer by the firm to a partner. It is a transfer of a partner's interest to a third party (the trust). These sections do not target external gifts of interests. (read more)

Sections 194JA and 194JB were introduced by the Finance Act, 2020 with effect from April 1, 2020. (read more)

It is a debatable issue. In my view, the principal amount cannot be claimed as a deduction under Section 43B, as it is hit by Explanation 1 to Section 37(1). The fraudulent availment of Cenvat credit via fake invoices is an offence. The payment reverses the direct financial gain from this offence and restores the… (read more)