Please see the cause list here: https://itatonline.org/info/cause_list/ (read more)

In my view, simultaneous levy of penalty u/s 271AAC and 271D is not permissible. 271AAC will apply here because the unexplained deposit and unexplained interest expenditure are assessed u/s 69A and 69C. However, having treated the deposit as income, the same cannot also be treated as being a loan or deposit for purposes of s.… (read more)

As your pagdi tenancy rights were surrendered in exchange for the new ownership flat under the 2023 redevelopment agreement, it will be treated as a fresh acquisition of the new flat. The cost of acquisition of the new flat is its FMV on the date the tenancy rights were surrendered and the redevelopment agreement became… (read more)

If regular purchases have already been recorded in books of accounts and only sales are unrecorded, then only the profit element embedded in those sales (i.e., GP at the assessee’s normal/historical GP rate) is taxable. (read more)

Please see the ITAT orders in: (i) Govardhan Deepchand Bhambha vs The ITO (ITAT Ahmedabad) (ii) Ram Charan Gupta vs. ITO (ITAT Jaipur) (iii) Sudhakar Gundappa Paldewar V. Commissioner of Income Tax (Appeals) (ITAT Delhi) (read more)

The HUF can continue as before with the daughter acting as Karta and the wife being a member. The details of the HUF can be changed in the income-tax portal and returns filed for AY 26-27 & onwards. Alternatively, the HUF can be partitioned fully between the wife and daughter with a 50% share each… (read more)

Yes, tax authorities use AI-powered tools and data from online platforms to detect missing sales turnover for GST-registered entities and unreported property or sales transactions for IT taxpayers. GST Dept employs systems like NETRA (Network Exploration and Tax Risk Assessment), BIFA (Business Intelligence and Fraud Analytics), and ADVAIT (Advanced Analytics in Income Tax) to scan… (read more)

You should document everything including the verbal proposal by the CRM. Send an email detailing all the facts. Thereafter, you should write a formal letter explaining how you are not at fault for the delay and how the delay is attributable to the builder and so the penal interest is not payable by you. You… (read more)

Yes, TDS is applicable u/s 194IC on monetary considerations such as monthly compensation (e.g., for alternate accommodation), shifting charges (e.g., as betterment charges), and corpus fund payable by developers to tenants in a redevelopment project, provided these form part of the development agreement. The TDS rate is 10% and applies to resident payees, with deduction… (read more)

Yes, filing Form 10CCB is mandatory. Reply to the CPC and provide a copy. If direct upload is not permitted, upload it using the 'grievance' or 'e-proceeding' mechanism. If the CPC does not accept, you will have to file an appeal before the CIT(A). (read more)