The appeal can be filed as per section 253(1) (d) of the Act an order passed by the Assessing Officer in pursuance of the directions of the Disputes Resolution Panel , with in sixty days. While filing an appeal the assessee has to enclose the order under section 144C of the Act along with the… (read more)

Merely because the assessee has not paid tax as per the declaration , issue of reassessment notice is not valid . The assessee has to file the return under protest and ask for recorded reasons . After getting the recorded reasons the assessee may have to file an objection for the recorded reasons . Follow… (read more)

In Pawan Kumar (HUF) v. ITO (2020) 190 DTR 366 /205 TTJ 810 (SMC) (Jodhpur)(Trib.) the Tribunal held that the provisions of section 115BBE of the Act were not applicable if the surrender was made on account of excess stock found during the course of survey. The Tribunal referred the decision in Shri Lovish Singhal,… (read more)

Any ancestral property received on death or partition would be HUF property . Refer CIT v. Nanndlal Agarwal ( 1966 ) 59 ITR 758 ( SC ) . In Adiveppa & Ors. v. Bhimappa & Anr. CIVIL APPEAL No. 11220 OF 2017 SUPREME COURT (www.itatonline.org) the Court held that ancestral property deemed to be HUF… (read more)

In the portal details of tax assessment is available . Chartered Accountant of the seller can give a certificate after verifying the details and assessment records . If it is a flat in the Society , the society can give certificate stating that there is no attachment or recovery notice against the said flat by… (read more)

As per section 55(2)(a) cost of tenancy rights will be taken as nil. Indexation is not available . If the assessee has paid the amount for acquiring the tenancy the indexation is available . If the assessee received an alternative accommodation the assessee may get the benefit of section 54F subject to other conditions .… (read more)

In CIT v. Hiralal Doshi (2016) 383 ITR 19 (Bom.)(HC) held that a mere change of head of income from capital gains to business income does not attract penalty. In PCIT v. Yamunaji Corporation (2020) 424 ITR 369 (Guj.)(HC) held that if the amount disclosed in the return is accepted , penalty cannot be levied… (read more)

It depends on facts of the case . If the assessee discloses the income and pays the tax ae per returned income and income return and assessed is the same , the Assessing officer can not levy the penalty . If the assessing Officer the changes the head of income from business to other heads… (read more)

: CBDT has issued Circular No 11 of 2020 dt . 8-5 -2020 - Clarification in respect of residency under section 6 of the Income -ta At , 1961 ( 2020 ) 423 ITR 40 ( St ). . Taxation and other laws ( Relaxation of Certain Provisions ) Ordinance , 2020 -COVID -19 (… (read more)

If the assessee satisfies all the conditions of the section 10 the assessing officer cannot deny the exemption . There is no estoppel against the law the assessment has to be done as per the law . In CIT v. Shelly Products (2003) 261 ITR 367 (SC) (382 ) the Court held that , “If… (read more)