Each case has to be represented on facts . The burden is on the assessee to explain the difference by filing the reconciliation statements . In case the Assessing Officer has not given reasonable opportunity the assessee must take the grounds of natural Justice before the CIT (A). The assessee must make an application under… (read more)

Normally all the Trust deed has the clause on irrevocability and in the event of dissolution ,how the amount is distributed. One has to read the earlier certificate issued under section 80G by the Director of Income -tax (Exemption ) . In some of the trust deed there is a specific clause stating that liquidation… (read more)

No There will not be Capital gain on conversion . The querist has to comply with section 47(xiiib) read with section 56 or 57 of the Limited Liability Partnership Act 2008. For more information the querist can read the article published in www.itatonline.org on 8-8-2009 titled Section 56(2) (vii) and Limited Liability Partnership : New… (read more)

Only agricultural income is exempt u/s 2(1A) read with section 10 (1) of the Act. Dairy income (Milk from Cow ) is taxable . In State of Orissa v. Ram Chandra Choudhury (1962) 46 ITR 246 (Orissa ) (HC) applying the ratio laid down by Supreme Court in CIT v. Raja Benoy Kumar Sahas Roy… (read more)

These are the observation in the Case of Mahender Pal Narang v. CBDT [2020] 120 taxmann.com 400 (P & H) (HC) Para .8 . Section 45 of the 1961 Act deals with capital gains. By Finance Act, 1987, sub-section (5) was inserted in Section 45 and as per its clause (b), the enhanced compensation shall… (read more)

One has to read the terms of the lease deed and also transfer deed . It may be difficult to answer without verifying the documents . It also depends upon the which State the property is situated . It may be desirable to contact the tax consultant and also a lawyer who advices on registration… (read more)

: From an income-tax perspective, EPF falls under the Exempt-Exempt-Exempt (EEE) taxation regime. This means that no tax is levied at the time of contribution, on accrual of interest and at the time of withdrawal. VPF is an extension of EPF scheme and therefore provides similar interest rate and tax benefits. As per the memorandum… (read more)

Please verify whether assessment u/s 143 (1) is completed . If the assessment is completed and no incriminating documents seized for the Assessment year 2014 -15 , one can take the plea no addition can be made on the basis of search action . As the notice to issue u/ 143 (2) has not expired… (read more)

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)