It is difficult to advice unless one studies all the documents . If the property is divided by executing Registered deed . The property allotted as per registered deed will prevail . In Shyam Narayan Prasad v. Krishna Prasad and Ors. AIR 2018 Supreme Court 3152 It was held that any document which is not… (read more)

One has to verify where the land is situated and whether agricultural activities were carried on regularly , who has converted the land as non -agricultural , whether seller or buyer and whether for business purposes of holding as investment . If the land is held as investment, the sale will be long term capital… (read more)

It is reported in (1997) 228 ITR 157 (St ) which reads as under Audit of accounts : Return . Assessee under obligation to get its accounts audited in view of purchase being in excess of Rs 40 lakhs whether return filed on 30 th October 1991 for the assessment year 1991 -92 in time… (read more)

As per explanation provided in Notification No. 20 & 38 of 2021 it has been clarified that the erstwhile regime of reassessment will continue for Notices whose last date of issuance is March 31, 2021 (Now June 30, 2021). Therefore, section 151 of the Act before the amendment vide Finance Act, 2021 will continue to… (read more)

Firstly, Citizenship is not a test of residency. The NRE account will be exempt from tax. However, the tax payer while filing the return of income will have to compute its tax liability as per its residential status. If the Assessee is a Non-resident, the income earned from the NRE is exempt under section 10(4)(ii)… (read more)

In response to your query, 1) Input tax credit on cars prima facie is blocked as per section 17(5) of the CGST Act. There are several exceptions to this which could be looked up under 17(5) (a) of the Act. Also, given that this credit is blocked under the Act, capitalising the GST component and… (read more)

One has to verify whether the Husband is the Owner of the House property though he is not owner of the Plot .In law the land can be owned by Wife and house property can be owned by the Husband . By an agreement , arrangement or declaration , if wife has allowed the Husband… (read more)

As per section 70 & 71 of the Income-tax Act, 1961 governing the provisions relating to Set-off of losses, long term Capital Gains can be set-off against long term Capital Gains only. The Legislation has not put any embargo to exclude long term capital loss from sale of shares to be set off against long… (read more)

No separate challan has been introduced for payment under VSV. Accordingly, same challan which was earlier used for payment of regular demand can be used for payment of amount payable under VSV. The last date for payment without any additional amount has been extended to August 31, 2021 (CBDT Press Release dated June 25, 2021). (read more)

Please contact the manager Library ITAT Bar Association Library on working days from 10 .AM to 5.PM Library No is 022-22055138 email is , itatonline.manager@gmail.com . It may not be appropriate to give email in this forum . (read more)