– Stamp Duty on Release Deed is covered by Article 52 of the Maharashtra Stamp Act, 1958. The same is reproduced as under : 52. Release, that is to say, any instrument (not being an instrument as is provided by section 24) whereby a person renounces a claim upon other person or against any specified… (read more)

The Prosecution proceedings are separate and distinct from assessment proceedings. There is no requirement in the Act that assessment proceedings should be completed before launching of prosecution. Prosecution being the most potent weapon in the fight against the tax evasion, it is required that prosecution should be filed at the earliest. In the case of… (read more)

As per Rule 6F of Income Tax Rules, 1962, the Books of account and other documents to be kept and maintained under section 44AA(3) by persons carrying on certain professions such as every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or authorised… (read more)

We presume that the stamp Authorities have accepted the value of House property at Rs 95 lakhs shown in the agreement . Furniture is a personal effects as per the definitions u/s Section 2(14)(ii) of the Income -tax Act , 1961 . If the assessee is able to demonstrate that the furniture sold was used… (read more)