The assessee can file writ petition before the High Court at the earliest . The High Court may condone the delay . In Vijay Vishin Meghani v. DCIT ( 2017) 398 ITR 250 /160 DTR 33 / 251 Taxman 270 / 299 CTR 463 ( Bom)(HC) , the delay of 2984 days in filing the… (read more)

The Hon’ble ITAT Gauhati Bench in the case of Shri Abdul Hannan v. ITO ITA 46/Gau/2019 dated July 17, 2020 held that where the assessing officer has applied his mind and treated the undisclosed amount in bank account as undisclosed business receipt or turnover of the assessee, therefore provisions of section 115BBE of the Act… (read more)

: This is a debatable issue. The intention of the legislature while enacting section 54 and 54F of the Income-tax Act, 1961(Act) is to ensure that the capital of the assessee is not eroded. Expecting an assessee to invest under section 54 and 54F of the Act, albeit the Capital Gain accrues at a much… (read more)

Yes . Karta can authorise by giving Power of Attorney to Co -Parcener of HUF to be signatory in Bank Account on behalf of HUF (read more)

It is desirable to file an application for condonation of delay along with affidavit explaining the facts which will help the Tribunal or Appellate Authority to pass the order for condonation of delay . (read more)

Section 176 of the Income - tax Act, deals with the provision relating to discontinues business, where any business or profession is discontinued in any assessment year, the income of the previous year up to the date of discontinued may, discretion of the Assessing officer be charged tax in that Assessment Year. Sub section (3)… (read more)

By virtue of first proviso to section 149 of the Income-tax Act, 1961 (Act), No notice under section 148 of the Act shall be issued if such notice could not have been issued at that time on account of being beyond the time limit specified under the erstwhile provisions, as they stood immediately before the… (read more)

Providing corporate guarantee per-se will not be providing of any service. However when against giving guarantee consideration is received, such amount will be for supply and liable to GST subject to other provisions. If no such consideration is received there is no taxable ‘supply’. However, as per query it appears that the entities are related… (read more)

a. The procedure for pending assessments has been laid down by the Hon’ble Supreme Court in the case of UOI v. Ashish Agarwal [2022] 138 taxmann.com 64 (SC) at para 8 of the Judgement. b. The Hon’ble Bombay High Court in the case of Sai Cylinders Private Limited v. ACIT WP No. 3555 of 2021… (read more)