1. The first objection of the assessee is that the copy of approval not provided with notice under Section 148A(b) and order under Section 148A(d) but provided with notice under Section 148 which was issued on 31.08.2024.Here it may be mentioned that Section 148A(b) notice does not require any approval, however, the guidelines F.No.299/10/2022. Dir(Inv.III)/611… (read more)

In reply to question No. 7 it is the question asked that can the penalty under section 271D can be saved or avoided, In this respect it may be pointed out that there is violation of section 269SS that prohibits accepting of specified sum, cash of more than Rs.20000/- in immovable property transaction. The penalty… (read more)

In this case the surrender of tenancy rights of commercial premises are subject to capital gain, the receipt of immoveable property in lieu of tenancy right will be the consideration for such surrender. The assessee cannot claim any exemption from capital gains in such cases as what is received is commercial asset, however if the… (read more)

Online playing of poker game can be treated as a business based on the frequency of the playing but the player has to maintain the complete record of the game, losing and winning also expenses incurred so that he can explain in his income tax return that what amount of income he has earned. It… (read more)

In this case an application for rectification may be submitted along with condonation of delay application narrating all the facts, the tribunal will normally condone the delay. The wording in section 254(2) for limitation is “within six months from the date of receipt of order” therefore it is advisable to file appeal before the high… (read more)

In Elvis Zepherin Crasto v. ITO [ITA No. 1921/M/2022] dated August 23,2023 for assessment year 2018/19 the facts were as under: An assessee was a Non-Resident of individual based in Dubai, UAE with his family. Assessee filed his return of income for the A.Y. 2018- 19 on 28.08.2018 declaring total income of Rs. 2,20,630/-. The… (read more)

The querist has not mentioned the assessment year; from assessment year 2017-18 no penalty can be imposed under this section. Refer clause (7) of section 271. In the case of [2022] 139 taxmann.com 54 (Delhi)HIGH COURT OF DELHI in the case of Mrs. Jayanti Dalmia v. Deputy Commissioner of Income-tax has confirmed the penalty under… (read more)

The contention of AO is correct, however, he has to calculate tax as per paragraph A of Part 1 of the First Schedule : Then tax payable on non agricultural income and agricultural income will not exceed the non agricultural income. (read more)