These are the observation in the Case of Mahender Pal Narang v. CBDT [2020] 120 taxmann.com 400 (P & H) (HC) Para .8 . Section 45 of the 1961 Act deals with capital gains. By Finance Act, 1987, sub-section (5) was inserted in Section 45 and as per its clause (b), the enhanced compensation shall… (read more)

One has to read the terms of the lease deed and also transfer deed . It may be difficult to answer without verifying the documents . It also depends upon the which State the property is situated . It may be desirable to contact the tax consultant and also a lawyer who advices on registration… (read more)

: From an income-tax perspective, EPF falls under the Exempt-Exempt-Exempt (EEE) taxation regime. This means that no tax is levied at the time of contribution, on accrual of interest and at the time of withdrawal. VPF is an extension of EPF scheme and therefore provides similar interest rate and tax benefits. As per the memorandum… (read more)

Please verify whether assessment u/s 143 (1) is completed . If the assessment is completed and no incriminating documents seized for the Assessment year 2014 -15 , one can take the plea no addition can be made on the basis of search action . As the notice to issue u/ 143 (2) has not expired… (read more)

RERA will not apply where plot area is less than 500 sq metres and no of apartments (inclusive of all phases) is less than 8. Section 59 provides for penalty for non-registration of project. Penalty is determined by the Authority and maximum penalty is 10 per-cent of the estimated cost of the project. You may… (read more)

Section 270AA of the Income-tax Act, 1961 provides taxpayers with immunity from imposition of penalty under section 270A of the Act. However, Section 270AA (3) of the Act takes into its account penalty on account of `Under-reported Income and not mis-reporting of income. The cases of misreporting of income referred to in sub-section (8) shall… (read more)

Merely on the basis of not allowing the claim in appeal the prosecution cannot be initiated . In case the department levies penalty , the assessee should contest in appeal . The chances are bright that the assessee may succeed in appeal . When the penalty is deleted there cannot be any prosecution. In K.… (read more)

Section 56 (2)(x) of the Act is an anti-abuse provision. Since the transaction of issue of right shares is as per the provisions of the Companies Act and Rules framed thereof, it cannot be said that the transaction is without consideration or without any substance. (read more)

It may be difficult to answer without knowing the full facts . We presume that the assessee had made a claim for refund of custom duty paid and shown it as receivable in the balance sheet . In case the assessee has shown the custom duty refund as income in the profit and loss account… (read more)

A) Rule 108 of the Central goods and Service Tax Rules provides for e-filing of the appeal. It states as under:- (1) An appeal to the Appellate Authority under sub-section (1) of section 107 shall be filed in FORM GST APL-01, along with the relevant documents, either electronically or otherwise as may be notified by… (read more)