Make an representation before CBDT . In case no response is received file writ before High Court . (read more)

Section 253 (4), Rule 47(2) ,Form No 36A deals with filling cross objection . Cross objection has to be filed within 30 days on which receipt of notice of appeal communicated to the assessee or to the Principal Commissioner or Commissioner filed by the opposite party . There is no fees prescribed for filing of… (read more)

In Chhabria Trust v. ACIT ( 2003 ) 87 ITD 181 (SB)( Mum)(Trib) held that Assessee-trust, having ceased to carry on its business from assessment year 1985-8 Sold its factory premises and declared income as long-term gains . Assessing Officer brought it to tax as short-term capital gains on ground that assessee having availed depreciation… (read more)

If the house property is shown as the property of the Husband though the sale deed in the name of the wife , the assesse can claim the interest paid on the loan borrowed for acquisition of the House property .One has to verify who has paid other contribution such as initial payment to builder… (read more)

As per Board Circular No No. 6-P dated July 1968, (C& P Vol .2 -P. 2431 -32 ) no disallowance was to be made under sec. 40A(2) in respect of payment made to the relatives and sister concern where there was no attempt to evade tax. After referring the Circular, Bombay High Court in CIT… (read more)

It is a well settled position in law that assessment cannot be made in the name of a non-existing entity. The Hon’ble Supreme Court in the case of PCIT v. Maruti Suzuki India Ltd. [2019] 107 taxmann.com 375 (SC) where during pendency of assessment proceedings, assessee company was amalgamated with another company and thereby lost… (read more)

Section 54F of the Income-tax Act, 1961 (Act) is a beneficial provision granting exemption to the assessee. The Hon’ble Karnataka High Court in the case of CIT v. Smt. B.S. Shanthakumari 2015] 60 taxmann.com 74 (Karnataka)where assessee sold a property on 6-10-2008 and purchased another residential plot on 13-10-2008 and commenced construction, which was not… (read more)