RERA will not apply where plot area is less than 500 sq metres and no of apartments (inclusive of all phases) is less than 8. Section 59 provides for penalty for non-registration of project. Penalty is determined by the Authority and maximum penalty is 10 per-cent of the estimated cost of the project. You may… (read more)

Section 270AA of the Income-tax Act, 1961 provides taxpayers with immunity from imposition of penalty under section 270A of the Act. However, Section 270AA (3) of the Act takes into its account penalty on account of `Under-reported Income and not mis-reporting of income. The cases of misreporting of income referred to in sub-section (8) shall… (read more)

Merely on the basis of not allowing the claim in appeal the prosecution cannot be initiated . In case the department levies penalty , the assessee should contest in appeal . The chances are bright that the assessee may succeed in appeal . When the penalty is deleted there cannot be any prosecution. In K.… (read more)

Section 56 (2)(x) of the Act is an anti-abuse provision. Since the transaction of issue of right shares is as per the provisions of the Companies Act and Rules framed thereof, it cannot be said that the transaction is without consideration or without any substance. (read more)

It may be difficult to answer without knowing the full facts . We presume that the assessee had made a claim for refund of custom duty paid and shown it as receivable in the balance sheet . In case the assessee has shown the custom duty refund as income in the profit and loss account… (read more)

A) Rule 108 of the Central goods and Service Tax Rules provides for e-filing of the appeal. It states as under:- (1) An appeal to the Appellate Authority under sub-section (1) of section 107 shall be filed in FORM GST APL-01, along with the relevant documents, either electronically or otherwise as may be notified by… (read more)

Addressing your questions; 1. Reconstitution of a partnership firm takes place whenever there is a change in the profit sharing ratio among the partners, admission of a new partner, retirement of a partner and death or insolvency of a partner. Therefore, section 9B of the Act will be attracted upon change in profit sharing ratio. (read more)

The Punjab and Haryana High Court in Mahender Pal Narang v. CBDT [2020] 120 taxmann.com 400 (P & H) (HC) after considering the Supreme Court judgement in Ghanshyam (HUF) [2009] 315 ITR 1 (SC) and also relying on sections 56(2) and 57 of the 1961 Act has held that interest received on compensation received for… (read more)

It seems only the name of the Company is changed and Permanent Account No remains the change . The mistake is a curable defect under section 292B of the Act. It may be desirable for the assessee to write an letter to the Assessing Officer to change the name in the assessment order by passing… (read more)

The assessee should make an application for admitting additional evidence as per Rule 46A of the Income -tax Rules , 1962 . The assessee should provide detailed reason why the additional evidence could not be filed . It is desirable to file the affidavit in support of application . If evidence produced by assessee is… (read more)