It is true that the ITAT has ruled that the Rs 25 lakh exemption has to be applied retrospectively for assessment years prior to FY 2023-24 on the logic that the limit increase accounts for inflation and salary growth and is a beneficial provision. However, the counter argument is that as the notification itself explicitly… (read more)

There are a number of judgements which hold that a genuine & bona fide difference in interpretation does not qualify as "misreporting" u/s 270A(9). It would also not be treated as "under-reporting" u/s 270A(2). It will have to be shown that the claim is plausible and supported by reasonable cause. The principles of law are… (read more)

(1) Family arrangements aren't limited by generations. However, as family arrangements are supposed to resolve disputes around ancestral property, they can effectively cover up to four generations. (2) It depends on the terms of the settlement. It it resolves pre-existing rights that the cousins had in the property, it can be argued that there is… (read more)

1. U/s 199 & Rule 37BA, TDS credit can be claimed in the assessment year in which the corresponding income is assessable. Since the advance received in FY 2024-25 is not recognized as income until the goods are supplied, the TDS credit should be claimed in AY 2026-27. 2. Credit will have to claimed in… (read more)

Since you are paying the installment to the builder, the total value of consideration (property value) to enter in Form 26QB is the original Builder Buyer Agreement value of 13,914,000. (read more)

The suggestion to file u/s 264 is more of a procedural nudge. You can ignore it as there is no loss of revenue and no adverse consequences upon you. The only minor benefit is that the record will be corrected. However, if a discrepancy is raised in the future, you can explain it at that… (read more)

It appears the online options has not been enabled yet. Please file it offline. Since adding the rental income doesn't result in any additional tax liability, this strengthens your case for approval, as the revision would correct the record without revenue loss to the department. (read more)

There is a controversy over the taxability of leave encashment. The CBDT Notification No. 31/2023 (dated 24 May 2023) which increased the exemption limit for leave encashment on retirement for non-government employees (including PSU bank employees like SBI) from ₹3 lakh to ₹25 lakh, is effective from 1 April 2023 (AY 2024-25 onwards). Though, it… (read more)

The partition can be by mutual consent in which case a Deed of partition or Deed of Family Settlement can be executed. This will have to be registered with the sub-registrar's office after payment of stamp duty. If parties are not agreeable, a partition suit will have to be filed in the City Civil Court.… (read more)

Under Section 270A(6), no penalty can be levied if you provide a "bona fide explanation" as to why the ₹1.5 Cr was not offered even though TDS was deducted and it was shown in GST. In other words, you will have to explain on what basis you regarded the amount as a refundable advance. Also,… (read more)