If the Notice has been issed prior to April 01, 2021, the erstwhile law pertaining to reassessment shall apply; If the Notice is after 1-4 -2021 , the new provisions of reassessment shall apply. Memorandum explaining the provision states that the amendments will take effect from Ist April , 2021 ( 2020) 430 ITR 214… (read more)

As per Section 148A the Assessing Officer has to conduct inquiry , if required with the prior approval of specified authority and has to serve the notice . You are right registration is not the deciding factor as long as the capital asset is long term the assessee is eligible for exemption . (read more)

In CIT v. Eagle Theatres (2012) 205 Taxman 449 (Delhi)(HC) the Court held that the amount paid to tenant for vacating the premises is allowable as deduction while computing the capital gains In CIT v. Mohd. V. Shaffiulla (2012) 210 Taxman 613(Karn.)(HC) the Court held that the payments to remove slum dwellers held to be… (read more)

Section 55 and the head of capital gains refers to the transfer of a capital asset. An agricultural land is not a capital asset under the scheme of Income-tax Act, 1961. Therefore, FMV of NA on the date of conversion may be taken into consideration, also the period of holding will be considered from the… (read more)

Although the words of the newly introduced section 45(4) of the Income-tax Act, 1961 (Act) does not refer to a situation of dissolution; The Memorandum to the Finance Bill 2021 has clarified that the newly proposed sub-section (4) of section 45 of the Act applies in a case where a specified person who receives during… (read more)

The judgment has to be read in the contest in which it was rendered. When the Supreme Court rendered the judgment in Ghanshyam (HUF) [2009] 315 ITR 1 (SC), there was no provison for taxing the interest on enhanced compensation . The Punjab and Haryana High Court in Mahender Pal Narang v. CBDT [2020] 120… (read more)

As we understand the Dispute Resolution Committee is not yet constituted. (read more)

The Hon’ble Supreme Court in the case of DCIT v. Raghuvir Synthetics Ltd. [2017] 394 ITR 1 (SC) held that Expenditure incurred on public issue of shares was in nature of capital expenditure. Although, in the given case, the assessee has paid fee for private equity, in substance it is a transaction to raise funds… (read more)

The Finance Act 2020 expanded the scope of section 206C of the Income-Tax Act, 1961 (Act) by introducing the provision for collection of tax on sale of goods, with effect from 1 October 2020. The term ‘Goods’ is not defined under section 206C or any other provisions of the Act and therefore, an issue arises… (read more)

As we understand, the term “and other game of any sort” should not be read liberally to take into account this competition. As per the rule of Ejusdem generis used to interpret loosely written statutes. Where a law lists specific classes of persons or things and then refers to them in general, the general statements… (read more)