Where assessee is assessed at a loss, its case would be governed by clause (d) of section 253(6) as clause (a) or (b) or (c) postulates assessment out of a positive figure and, in such a situation, court fee payable by assessee would be five hundred rupees only . Refer, Gibs Computer Ltd v.ITAT (2009))… (read more)

The Hon'ble Telangana High Court in the case of WP 25903 of 2023 dated September 14, 2023 (itatonline.org ) has held that reassessment proceedings and issuance of notice have to be done by the faceless authority as per section 151 of the Income-tax Act, 1961 (Act), the said order is binding in the state of… (read more)

According to the formula prescribed under section 45(4) of the Act, there will be a capital gain tax liability on the Partnership firm. The retiring partner will not have any tax liability. (read more)

Amount received on sale of ESOPS will be taxed under the head ‘Capital Gains’. If the unlisted shares are held for more than 24 months from the date of allotment of shares, it will be taxed as long-term capital gain (along with benefit of indexation) and if sold within 24 months from the date of… (read more)

According to section 278AA of the Act, Prosecution is not to be initiated where there is a reasonable cause for failure in depositing TDS. The assessee will have to demonstrate a reasonable cause. (read more)

Whether the assessee had already commenced business or was pre-operational, as we understand in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd v. CIT ( 1997) 227 ITR 172 (SC) was an issue of capitalization of borrowing cost during the pre-operational period. Refer , CIT v. Bakaro Steel (1999) 236 ITR 315 ( SC),… (read more)

The assessee may make an application under section 270AA of the Act for waiver of penalty. (read more)