Answers to queries on legal issues

If you have a query relating to any legal issue, you can use the form to ask it. We will request our expert panel to provide an answer as soon as possible. This service is for a limited period. So, please avail of it soon

Problem in filing 1st appeal of Income Tax in faceless Regime .
Subject: Problem in filing 1st appeal of Income Tax in faceless Regime .
Category: 
Asked by: ANKUR AGRAWAL
Answered by:
Tags:
Date: July 7, 2021
Excerpt of answer:
You may try to up load as annexure . It may be possible . In case if you are not able to do so, You may email in detail the problem relating to New Portal to Shri S.R Wadhwa , Chairman Representation Committee of the All India Federation of Tax Practioners (AIFTP ) who is… (read more)
Rejection of books of accounts and applying 8% on sale to compute Income and passed ex parte assessment oreder
Subject: Rejection of books of accounts and applying 8% on sale to compute Income and passed ex parte assessment oreder
Category: 
Asked by: Avan Kumar Singh
Answered by:
Tags: ,
Date: July 7, 2021
Excerpt of answer:
One has to study the facts of the case . if the Assessing Officer has not given a reasonable opportunity before passing the order, the Assessee may file writ petition before the High Court to quash the Assessment order and pass the fresh order by giving a reasonable opportunity to the assessee. In Calcutta Discount… (read more)
Whether the Tribunal can condone the delay of seven years in fling the miscellaneous application for restoration of appeal u/s 254 (2) of the Act ?
Subject: Whether the Tribunal can condone the delay of seven years in fling the miscellaneous application for restoration of appeal u/s 254 (2) of the Act ?
Category: 
Asked by: GOVIND AGRAWAL
Answered by:
Tags: ,
Date: July 6, 2021
Excerpt of answer:
As per section 254 ( 2) the assessee or revenue can make an application for rectification at any time within six months from the end of the month in which the order was passed . Courts have taken the view that , six from the date of from date when assessee got knowledge of order… (read more)
Return in response to notice u/s 148 , 147 , whether agreed addition to be included
Subject: Return in response to notice u/s 148 , 147 , whether agreed addition to be included
Category: 
Asked by: seetharaman
Answered by:
Tags: ,
Date: June 29, 2021
Excerpt of answer:
Yes it is desirable to include the agreed addition and also if certain additions were made in the assessment which are not contested in appeal may also be included the return which is to be filed under section 148 of the Act . (read more)
Property in mothers name purchased from funds of elder son and father-who is real owner
Subject: Property in mothers name purchased from funds of elder son and father-who is real owner
Category:  ,
Asked by: RK Maindola
Answered by:
Tags: , , , ,
Date: June 29, 2021
Excerpt of answer:
It is difficult to advice unless one studies all the documents . If the property is divided by executing Registered deed . The property allotted as per registered deed will prevail . In Shyam Narayan Prasad v. Krishna Prasad and Ors. AIR 2018 Supreme Court 3152 It was held that any document which is not… (read more)
Sale of land used for agricultural by members and investment – Exemption of capital gains .
Subject: Sale of land used for agricultural by members and investment – Exemption of capital gains .
Category: 
Asked by: S PRAKASH
Answered by:
Tags: , , ,
Date: June 29, 2021
Excerpt of answer:
One has to verify where the land is situated and whether agricultural activities were carried on regularly , who has converted the land as non -agricultural , whether seller or buyer and whether for business purposes of holding as investment . If the land is held as investment, the sale will be long term capital… (read more)
Purchases – Turnover – Case Law on Section , 44AB read with S 271B
Subject: Purchases – Turnover – Case Law on Section , 44AB read with S 271B
Category: 
Asked by: S. G. Gandhi and company
Answered by:
Tags: , ,
Date: June 28, 2021
Excerpt of answer:
It is reported in (1997) 228 ITR 157 (St ) which reads as under Audit of accounts : Return . Assessee under obligation to get its accounts audited in view of purchase being in excess of Rs 40 lakhs whether return filed on 30 th October 1991 for the assessment year 1991 -92 in time… (read more)
Section 151 . Sanction for issue of notice – Who will be approving authority u/s 151 i.e. JCIT or CIT, considering the extension granted time to time due to Covid Pandemics.
Subject: Section 151 . Sanction for issue of notice – Who will be approving authority u/s 151 i.e. JCIT or CIT, considering the extension granted time to time due to Covid Pandemics.
Category: 
Asked by: S. G. Gandhi
Answered by:
Tags: , ,
Date: June 28, 2021
Excerpt of answer:
As per explanation provided in Notification No. 20 & 38 of 2021 it has been clarified that the erstwhile regime of reassessment will continue for Notices whose last date of issuance is March 31, 2021 (Now June 30, 2021). Therefore, section 151 of the Act before the amendment vide Finance Act, 2021 will continue to… (read more)
Holding of NRE account by a foreign citizen , whether interest income is exempt ?
Subject: Holding of NRE account by a foreign citizen , whether interest income is exempt ?
Category: 
Asked by: Martin Joseph Selvaraj
Answered by:
Tags: , , ,
Date: June 28, 2021
Excerpt of answer:
Firstly, Citizenship is not a test of residency. The NRE account will be exempt from tax. However, the tax payer while filing the return of income will have to compute its tax liability as per its residential status. If the Assessee is a Non-resident, the income earned from the NRE is exempt under section 10(4)(ii)… (read more)
Input tax credit.
Subject: Input tax credit.
Category: 
Asked by: Mohammad Ali, Tax Practitioner
Answered by:
Tags: ,
Date: June 26, 2021
Excerpt of answer:
In response to your query, 1) Input tax credit on cars prima facie is blocked as per section 17(5) of the CGST Act. There are several exceptions to this which could be looked up under 17(5) (a) of the Act. Also, given that this credit is blocked under the Act, capitalising the GST component and… (read more)