Answers to queries on legal issues
Filling of petition u/sec 264 for correcting mistakes happen at the time of filling of Return of Income | |
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Subject: | Filling of petition u/sec 264 for correcting mistakes happen at the time of filling of Return of Income |
Category: | Income-Tax |
Asked by: | Prerna bora |
Answered by: | Research Team |
Tags: | Assessment order, mistake in filing return, Revision, Revision of assessment, writ |
Date: | December 12, 2021 |
Excerpt of answer: |
The assessee can file revision application under section 264 of the Act . One of the most important provisions of the Constitution of India is Article. 265, which provides that “No tax shall be levied or collected except by authority of law“. The collection of tax has to be also within the frame work of… (read more)
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cost of redeveloped flat | |
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Subject: | cost of redeveloped flat |
Category: | Income-Tax |
Asked by: | subodh vora |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Capital Gains, cost of acquisition, cost of flat, redevelopment, Stamp Duty, stamp valuation |
Date: | December 11, 2021 |
Excerpt of answer: |
.The jurisdictional Bombay High Court in the case of CIT v. Ms. Chhaya B. Parekh, ITA (L) No.1583 of 2012 dated 24th January, 2013 has, after relying on the decision in the case of Vania Silk Mills (P.) Limited v. CIT [1991] 191 ITR 647 (SC), held that demolition of a structure would not constitute… (read more)
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GST COMPOSITION SCHEME | |
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Subject: | GST COMPOSITION SCHEME |
Category: | GST |
Asked by: | VAIBHAV |
Answered by: | Advocate C.B.Thakar |
Tags: | GST COMPOSITION SCHEME |
Date: | December 10, 2021 |
Excerpt of answer: |
The composition scheme is provided under section 10 of the CGST Act. The relevant sections are as under:- “10. Composition levy.— (1) Notwithstanding anything to the contrary contained in this Act but subject to the provisions of sub-sections (3) and (4) of section 9, a registered person, whose aggregate turnover in the preceding financial year… (read more)
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Whether its not getting updated | |
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Subject: | Whether its not getting updated |
Category: | Income-Tax |
Asked by: | S K Sawaria |
Answered by: | Research Team |
Tags: | digest of case laws |
Date: | December 7, 2021 |
Excerpt of answer: |
Please refer the “Digest” the gist of case law is hosted on 4 -12 -2021 ie Rajasthan High Court , Bpip infra Pvt Ltd order dt. 25 -11 -2021 . itatonline.org is not publishing all the case laws. It publishes only important case laws . In the “Digest” the case laws are digested which are… (read more)
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Cost of ownership flat in exchange of surrender of tenanted flat . | |
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Subject: | Cost of ownership flat in exchange of surrender of tenanted flat . |
Category: | Income-Tax |
Asked by: | Advocate A.V.Shetty |
Answered by: | Research Team |
Tags: | Capital Gains, period of holding, tenanted property |
Date: | December 5, 2021 |
Excerpt of answer: |
The assessee has to ascertain the market value of the flat when the assessee has got the flat on redevelopment . In ACIT v. Shree Krishna Pharmacy (Mum.)(Trib.)(UR) (ITA No 3947/Mum./2016 dt 19-04-2018 “H”)(AY. 2007-08), dismissing the appeal of the revenue the Tribunal held that, value of tenancy rights to be considered for determination of… (read more)
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Penalty u/s 271(1)(c) | |
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Subject: | Penalty u/s 271(1)(c) |
Category: | Income-Tax |
Asked by: | KANIKA AGRAWAL |
Answered by: | Research Team |
Tags: | circular, Concealment penalty, constitutional validity, penalty |
Date: | December 2, 2021 |
Excerpt of answer: |
: As per Para 10(a) of the CBDT Circular No. 03 of 2018 dated July 11, 2018 [2018] 405 ITR (St.) 29, where adverse judgements relating to the Constitutional validity of the provisions of the Act or Rule is under challenge, then there is no monetary limit on the revenue for filing an appeal. In… (read more)
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Sec. 153C | |
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Subject: | Sec. 153C |
Category: | Income-Tax |
Asked by: | CA. Disha Shah |
Answered by: | Research Team |
Tags: | cross examination, search, search assessment, statement, undisclosed income |
Date: | December 2, 2021 |
Excerpt of answer: |
: The assessee should ask for copy of the documents seized , copy of statement recorded and also an opportunity of cross examination . If opportunity of cross examination is not given the order in bad in law . Andaman Timber Industies v CCE ( 2015 ) 281 CTR 241 (SC) , Kishanchand Chellarm v… (read more)
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Section 145A(ii) of I.Tax Act 1961 | |
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Subject: | Section 145A(ii) of I.Tax Act 1961 |
Category: | Income-Tax |
Asked by: | CA Arun Kumar Arora |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | adjustment of GST paid, method of accounting |
Date: | November 30, 2021 |
Excerpt of answer: |
As we understand, As per section 144A(ii) of the Income-tax Act, 1961 (Act), the valuation of purchase and sale of goods or services and of inventory shall be adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods… (read more)
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Form for filing appeal before ITAT against order passed under section 144C of Income Tax ACt 1961 | |
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Subject: | Form for filing appeal before ITAT against order passed under section 144C of Income Tax ACt 1961 |
Category: | Income-Tax |
Asked by: | RAHUL DHAWAN |
Answered by: | Research Team |
Tags: | appeal, Appellate Tribunal, order u/s 144C. |
Date: | November 28, 2021 |
Excerpt of answer: |
The appeal can be filed as per section 253(1) (d) of the Act an order passed by the Assessing Officer in pursuance of the directions of the Disputes Resolution Panel , with in sixty days. While filing an appeal the assessee has to enclose the order under section 144C of the Act along with the… (read more)
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IDS declaration but taxes not paid | |
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Subject: | IDS declaration but taxes not paid |
Category: | Income-Tax |
Asked by: | ashok k shinde |
Answered by: | Research Team |
Tags: | ids, Reassessment |
Date: | November 27, 2021 |
Excerpt of answer: |
Merely because the assessee has not paid tax as per the declaration , issue of reassessment notice is not valid . The assessee has to file the return under protest and ask for recorded reasons . After getting the recorded reasons the assessee may have to file an objection for the recorded reasons . Follow… (read more)
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