It looks difficult. Surrendering 12AB will trigger Section 115TD with the specified date being the effective date of surrender. Under Section 115TD(2) read with Rule 17CB, all assets held by the trust on the specified date are included in the FMV computation, unless explicitly excluded. Legally, title was transferred to the trust via registered gift… (read more)

U/s 45(1A), the gift of land (stock-in-trade) by a real estate dealer to his father is taxable as business income in the hands of the donor (assessee) at Fair Market Value (usually guideline/stamp duty value) minus cost of acquisition. (read more)

U/s 167B(1), since the shares of members in the AOP's income are not determinable, the entire total income of the AOP is chargeable to tax at the MMR. If your RWA is registered under the Societies Registration Act, 1860 (or equivalent state law), s. 167B does not apply & taxation would be at individual slab… (read more)

The ITO will consider the ITR filed under Section 148 for the purpose of assessment. (read more)

No. It is not possible to claim the deduction u/s 80-IAC without first obtaining the IMB certificate of eligible business. S. 80-IAC(3)(iii) requires the startup to hold the certificate from the IMB at the time of claiming the deduction. Also, Form 10CCB (audit report from a CA) is required to be attached. (read more)

The Deed of Release will attract Article 52 of the Maharashtra Stamp Act, 1958. As the release is of joint family property in favor of family members or the continuing HUF, the duty is a nominal Rs. 200. You may refer Government Circular dated April 21, 2018 and GR dated March 25, 2015 available on… (read more)

It can be argued that the one-time lease premium paid for the 99 years lease is not "rent" as it is a payment for acquiring the property and is not for "use" of the property. In Foxconn India Developer (P) Ltd. v. ITO, the Madras High Court held that a one-time, non-refundable upfront payment (premium… (read more)

The gains on the transfer of the land will become taxable this year u/s 45(5A) as the OC has been issued this year. The stamp duty value of the six flats will be treated as the consideration for the transfer. The sale of the two flats is a separate taxing event. This will be assessable… (read more)

In my view, ITC reversal is not compulsory solely due to the tax rate difference (12% to 5%) because the supply is not "exempt." ITC reversal u/s 18(4) of the CGST Act & Rule 44 is triggered only when outward supplies become wholly exempt or the taxpayer switches to the composition scheme. Since medicines at… (read more)

Condonation of delay really depends on facts on whether there was sufficient cause for the delay and the period of delay. In Kumar Mahesh Chandra v. CIT (ITAT Mumbai in ITA No. 1234/Mum/2015), delay of 92 days in filing appeal before CIT(A) was condoned due to the assessee's reliance on erroneous advice from a tax… (read more)