In this case, if the Assessee is only having agricultural income as only source of his income and he has shown same in the return of income, then in the assessment proceeding, if the Assessing Officer raised question about the quantity, quality, manpower, productions of agricultural produce, sale, transportation. Then Assessee has to produce all… (read more)

As we understand, The Settlor is the sole beneficiary of the Trust. Therefore, the doctrine of self to self will apply. The Hon’ble High Court of Gujrat in the case of Bhavna Nalinkant Nanavati v. CGT [2002] 255 ITR 529 (Guj) (HC) in a case where settlor was the sole beneficiary held that though there… (read more)

Amendments in section 43B and Section 36(1)(va) takes effect from 1st April, 2021 and will accordingly apply to the AY. 2021-22 and subsequent assessment years. Note : Memorandum explaining the provision states that this amendment will take effect from Ist April , 2021 and will , accordingly , apply in relation to the assessment year… (read more)

Since there is a gap between the date of execution of sale agreement and sale deed and if the guideline value changes, the guideline value as on the date of agreement has to be considered as the full value of the consideration of the capital gains. Since enforceable agreement was entered in the financial years… (read more)

i. The Assessee is paying Mediclaim premium for his Family as well as his parents who are senior citizens, then Assessee can claim deduction under section 80D(2)(a) for family amount restricted to Rs.25,000/- and under section 80D(2)(b) for parents amount restricted to Rs.25,000/-. ii. In this situation, the Father of the Assessee who is a… (read more)

Yes, An SLP numbered SLP(C) No. 011498 - 011498/2018 was filed before the Hon’ble Supreme Court on April 23, 2018. The same was Dismissed as withdrawn vide Order dated November 22, 2019. (read more)

In this specific case, given the scant details that have been provided, the Judgement of the Third Member of the Mumbai Bench of the ITAT in the case of Perfect Thread Mills Ltd. v. DCIT [2020] 181 ITD 1 (Mum)(Trib) is relevant. The Tribunal held that the bank receives consideration from the sale of such… (read more)

Section 47A(3) deals with the consequence of the provisio to Section 47(xiii) not being complied with. The said proviso to Section 47(xiii) does not impose any conditions upon the future event post conversion upon the company. Therefore a view can be taken that this merger may not come under the mischief of Section 47A as… (read more)

The Privy Council in Anant Bhikappa Patil v. Shankar Ramachandra Patil AIR 1943 PC 196 held that the coparcenary must be taken to continue so long as there was alive a widow of the deceased coparcener. In CIT v. Veerapa Chettiar,(1970) 76 ITR 467(SC) it is held that even after the death of the sole… (read more)

The rectification application may need to be filed through the Income-tax Portal. The detailed process for filing of application for rectification of a mistake apparent from the record is to be found at https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Rectification_Brochures.pdf The rectification application may be filed online. If it is not considered, the Assessee shall have the option of filing of… (read more)