The assessee has to file writ before the High Court . In Parappurathu Varghese Mathai and Sarakutty Mathai v. PCIT (2020) 428 ITR 79 / 193 DTR 337 / 316 CTR 833 (Bom.)(HC) the court held that the opportunity must be given to the assessee. If the assessment is over the Court may not entertain… (read more)

Jurisdictional issue is not curable defects . The assessee should have filed the writ before the High Court challenging the notice . If the notice is not challenged the assessee must take objections before the Assessing Officer in the course of assessment proceedings . In Bal Chand Jain & Sons v. DCIT (2014) 221 Taxman… (read more)

Depends on the facts of the case and clauses in the agreement . Capital gain is chargeable on handing over of possession . In PCIT v. Talwalkars Fitness Club. (2018) 409 ITR 37 (Bom.)(HC) the Court held that Vendor was in possession till total consideration was paid . Transfer is not complete though the agreement… (read more)

The Limited Liability Partnership Act, 2008 does provide for merger or restructuring of two LLPs through the National Company Law Tribunal’s approval process. However, the Income-tax Act, 1961 does not provide any specific exemption for demerger of LLPs as it does for demerger of companies. Then again, if the transaction is tax neutral, there would… (read more)

There will be no tax on conversion of agricultural land to non-agricultural land. However, the sale of non-agricultural, being a capital asset, would attract capital gains (business income if the assessee is engaged in real estate business). The fair market value of the agricultural land on the date of conversion and the cost incurred for… (read more)

Form 5 is the certificate of full and final settlement under the VSVA. Form 5 has to be issued by the Department on satisfaction of good compliance under VSVA. There is no time limit for issuance of Form 5. The Assessee may approach the Designated Authority for further clarification and expediting the issuance of Form… (read more)