It is pertinent to understand that the books of accounts are not conclusive for determining the tax liability of a taxpayer. Reliance is placed on the decision of the Hon’ble Supreme Court in the case of viz, Kedarnath Jute Mfg. Co. Ltd. vs CIT [1971] 82 ITR 363 (SC), CIT vs India Discount Co. Ltd… (read more)

The asseessee can write to the Designated Authority to adjust the cash seized . The assessee has to follow the procedure prescribed under section 132B of the Act. If there is no existing liability the Designated Authority can adjust the cash seized against the liability (read more)

: As regards interest u/s,244A the Act is silent on this issue; it can be assumed that the interest does not have to be refunded. As the collection only refers to disputed tax amount and waives interest. If the interest is wrongly granted the revenue may pass an order for refund of interest . In… (read more)

Your son is your relative as per the term “relative” defined under explanation (e) to section 56(2)(vii) of the Income-tax Act, 1961 (Act). Therefore, the same is exempted income under section 56(2)(x) of the Act. It is advisable to show the gift in the Income-tax return under the head “Income from other sources”. (read more)

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)

.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)

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)

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)

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)

: 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)