(i) The redevelopment is itself a transfer taxable in the year in which the possession of the redeveloped flat is given. It will be a LTCG as the old flat was held for more than 24 months. The stamp duty value of the new flat will be deemed to be the consideration for the transfer.… (read more)

Non-filing of annual returns (AOC-4 for financial statements and MGT-7 for annual return) for three years will incurs late fees. There is also a risk of the company being strike-off under Section 248. You should convene a Board meeting and file the requisite documents immediately. You should file a petition to the RD u/s 460… (read more)

High Court case duration depends on the complexity of the matter, filings, and court schedule, usually taking a few months to over a year. Urgent cases may move faster if interim orders are requested. (read more)

A notice u/s 131(1A) is a pre-assessment enquiry to verify suspicion before launching a full proceeding. It is not scrutiny yet, but can lead to scrutiny/reopening if explanations are not satisfactory. The assessee has to respond promptly with proper documents and explanations through the e-filing portal. (read more)

Section 129 penalty has been quashed/ reduced in cases where authorities imposed harsh fines for procedural lapses without proving intent to evade tax. In Sandip Kumar Singhal v. Deputy Commissioner WPA 321 of 2023, goods were seized from godown (not in transit). The Calcutta High Court vide judgement dated 10.03.2023 quashed penalty & held S.… (read more)

The issue is not free from doubt. The better view is that the GST portion is never claimed as expense & is only a statutory liability. Therefore, there is no “amount payable” forming part of purchase/expense that remains unpaid which can be hit by 43B(h). (read more)

(i) Yes. If the quantum addition is deleted by CIT(A), the penalty u/s 270A automatically stand deleted. S. 270A penalty is for “under-reporting” or “misreporting” of income & is inextricably linked to the quantum addition. If it is held there is no under-reported income, there cannot be any penalty on that income. See CIT vs.… (read more)

It appears it is not enabled. One way is to file it as a grievance under "Services > Grievance > Submit Grievance". However, it is better to mail it to the jurisdictional CIT or submit it physically. (read more)

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)