No , Section 269T cannot be applied . Note : In DIT(E) v. Young Men Christian Association (2014) 227 Taxman 31(Mag.)(Mad.)(HC) the Court held that , once an amount has been subjected to tax u/s. 68, the question of treating it as a transaction in violation of S.269SS or S.269T does not arise as it… (read more)

Inter corporate deposit (ICD) is not a loan or advance. Hence, S. 2(22)(e) is not applicable. Following decisions may be referred : i) IFB Agro Industries Ltd. vs. JCIT (2014) 63 SOT 207 (Kol.)(Trib.) ii) Bombay Oil Industries Ltd. V. Dy.CIT ( 2009) 28 SOT 383 (Bom.) (Trib.) iii) KIIC Investment Co. vs. DCIT (2019)… (read more)

From our limited understanding of the background. The Assessee is engaged in a whole sale trading activity. Any surplus generated will be treated as profits and the same will be charged to tax under the head Business Income. Further, with respect to the investments if the assessee is regularly buying and selling the income may… (read more)

As we understand, The assessee has filed the revised Form 1 as per the directions of the Designated Authority before March 31, 2021 and the Authority has dismissed the same with the remark that the Form filled is defective. In absence of alternative efficacious remedy under the Law, the Company is advised to seek recourse… (read more)

The answer to whether the installation PE and whether the period shall commence from the date of the kick-off meeting or not shall depend upon the facts and circumstances of each case and the specific DTAA governing the transaction between the residents of the tax jurisdictions in question. Also, whether the period during which the… (read more)

As per explanation 3 to section Section 2(1)(h) of FCRA, 2010, any amount received, by any person from any foreign source in India, by way of fee (including fees charged by an educational institution in India from foreign student) or towards cost in lieu of goods or services rendered by such person in the ordinary… (read more)

Yes! If the wife has earned long term capital gain on sale of shares and same is invested in purchase of property which is in the name of the Husband and purchase consideration for property is paid by the wife from the sale proceeds of shares, she is eligible to claim benefit u/s.54F, subject to… (read more)

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)