Section 112A of the Act pertains to “Tax on long-term capital gains in certain cases” which was introduced vide Finance Act, 2018 when exemption on long term capital gains under section 10(38) of the Act was repealed. As per the said section, a rate of 10 percent is levied on long-term Capital Gains in sale… (read more)

Please refer judgement of Mumbai Tribunal in DCIT v. Bengal Shapoorji Housing Development Pvt Ltd ( ITA NO 4369 /Mum/ dt 22 -3 2021 ( AY . 2013 -14 ) www.itatonline .org . the Tribunal held that addition of notional rent estimated by the Assessing Officer in respect of unsold flats which are held as… (read more)

One has to read the assessment order . If the addition is based on the estimate basis concealment penalty cannot be levied . The assessee can rely on the judgement in CIT v. Reliance Petroproducts ( P) Ltd ( 2010 ) 322 ITR 158 ( SC) . The assessee may also refer the penalty notice… (read more)

ITC is eligible as per section 16 of the CGST Act, 2017. The relevant section reads as under: “16.Eligibility and conditions for taking input tax credit.— (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of… (read more)

In Khem Chand Mukim v. PCIT (2020) 423 ITR 129 / 186 DTR 145 / 113 taxmann.com 529 / 313 CTR 14 / 270 Taxman 252 (Delhi) (HC) (Review petition of revenue is dismissed, Khem Chand Mukim v. PDIT (Inv.)(2021) 277 Taxman 222 (Delhi)(HC)) the Court held that mandatory reasons to believe were not recorded… (read more)

As we understand, any sum inherited under a will is exempted under the scheme of Income-tax Act, 1961 (Act). The executor of the estate will have to settle all the liabilities of the deceased and only the remainder of the estate of the deceased can be settled as per the will. Further as per section… (read more)

As per the first proviso to section 56(2)(x)(b) of the Income-tax Act, 1961(Act) where the date of agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of agreement may be considered. It is pertinent to note… (read more)

Death of Co parcener HUF will not come to an end Refer , Shreya Vidyarthi v. Ashok Vidyarthi and Ors. AIR 2016 SC 139 , the concept of HUF and property jointly held explained . Wife and daughter will continue as members of the HUF. Karta need not distribute the share of deceased Coparcener it… (read more)

LETTER F.NO.275/27/2013-IT(B), DATED 2-8-2016 The Board is examining the desirability and expediency of prescribing situation/circumstances under which levy of fee under section 234E may cause genuine hardship to the taxpayers, so as to prescribe guidelines for waiver of such fees by virtue of the powers of the Board under section 119(2)(a) of the Income-tax Act,… (read more)

This is a case of TDS mismatch. It is advisable to the taxpayer to first intimate the payer about the non-reflection of tax deducted at source and request for a TDS certificate. Upon receipt of the certificate, the taxpayer may claim the credit of TDS even though the same is not reflected in Form 26AS.… (read more)