The stand of the assessee is correct . If the Assessing Officer does not give the copies of the statement and an opportunity of cross examination addition cannot be made. The assessee can rely on ratio of following case laws . Kishanchand Chellaram v.CIT ( 1980) 125 ITR 713 ( SC) though the proceedings under… (read more)

On literal reading it is possible to claim deduction of interest on loan taken for acquiring a residential house property whose stamp duty value does not exceed Rs. 45/- lakhs even though the cost of the residential property was Rs. 50/- lakhs On comparison with Section 80EE with this section, you will notice that section… (read more)

(a) From the query it is clear that annual turnover of ABC Pvt. Ltd is more than Rs. 60/- lakhs . Hence benefit of exemption u/s. 47(xiiib) is not available. So when ABC Pvt. Ltd converts into LLP, it would liable to tax under section 45 of the Act. (b) If there is any immovable… (read more)

While filing the tax return for F.Y. 2023-24 i.e. for A.Y 2024/25, and computing capital gains, total value of consideration should be taken at Rs. 25/- crores. As balance of Rs. 5 crores would be due and accrue only at the end of three year i.e. March 31, 2027. As the founders are eligible for… (read more)