The Hon'ble Bombay High Court in the case of CIT v. Chhaya Parekh ITXA(L)1583 of 2012 dated January 24, 2013 (Bom)(HC) held that demolishing of a structure is not a transfer. Without prejudice, assuming there is a transfer, there is an immediate application of deduction under section 54 of the Act. Therefore, there will be… (read more)

Depends upon the scheme approved by the Competent Authority and the negotiation with developer . (read more)

The income is taxable and should be offered to tax as Business Income. The Assessee is at liberty to offer the net profits from the Business or avail the deeming provision to determine business income. (read more)

One has to read the terms of the LLP agreement . (read more)

For the purpose of valuing the shares of an unquoted company where there is an immovable property held by a company, the immovable property has to be valued at stamp duty value according to Rule 11UA(c)(b) of the Income-tax Rules, 1962. (read more)

It is advisable for the JV to claim the deduction under section 80IBA of the Act. However, if all the other conditions are satisfied, the individual assessee who claims a share in revenue should be allowed a deduction under section 80IBA of the Act (read more)

The action of the Assessing Officer is not justified . Even while passing the order under section 144 of the Act the Assessing Officer to pass the order considering past records . The order cannot be arbitrary . In DCIT v. Bridge & Building Construction Co. (P.) Ltd (2022) 94 ITR 515 ( Kol)( Trib)… (read more)

: According to the reliable information about 45000 appeals before ITAT and about 6 lakhs appeals before the Commissioner (Appals ). If you desires to know the exact figures , you may make an application under RTI Act . (read more)

The Buyer cannot deduct tax under section 194H of the Act on the whole amount of Rs. 1,02,100/-. Deduction under section 194H of the Act should be restricted to commission and deduction under section 194Q of the Act should be on the Sale price. (read more)

Yes the assessee can submit once again the document with attachment . (read more)