One has to study the development agreement to understand the issue of taxation. If the flat was sold within two years of getting possession of the new flat , it will be short term capital gain . The assessee will be entitle to get the market value of the flat as cost on getting the… (read more)

The initial burden is on the assessee to explain the source , genuineness and capacity of the lender . Merely because the Depositor has not filed the return of income the addition is not justified . It may be desirable for the assessee to get the affidavit from the Lender explain the source of the… (read more)

The Action of the Assessing officer proposing to make addition for 100% disallowance of purchases from these parties merely on the ground that theya have not responded to Notice u/s. 133(6) is not justified. When the assessee has furnished a copy of the Bill, copy of the E-way Bill, Delivery Challan, Bank statement indicating the… (read more)

Voluntary contributions are deemed to be income of the trust. Hence the same can be applied for the benefit of the trust including purchase of capital assets. (read more)

Yes the asseessee can an make application under section. 482 of the Cr. P.C . in Ranveer Upadhyay v. State of Uttar Pradesh AIR 2022 / SCC 2044 reviewed the case law on the subject and reiterated that the power to quash criminal proceedings ought to be exercised sparingly and with circumspection . This power… (read more)

It is not required to file a separate appeal , if it is only a calculation mistake . At the time of hearing the assessee can file the copy of revised demand notice before the CIT( A). If the rectification order is on debatable issue , the assessee should file a separate appeal against the… (read more)

Explanation to section 269SS reads as under (iv). ‘Specified sum’ means any sum of money receivable , whether an advance or ,otherwise in relation to transfer of an immoveable property , whether or not the transfer takes place . Agricultural land is also an immoveable property . In PCIT v. Tehal Singh Khara and Sons… (read more)

The Assesse has to demonstrate that less than 20 per cent of its receipts are from business activity otherwise, the activities of the Assessee will not be considered to be for a "charitable purpose" according to section 2 (15) of the Income-tax Act, 1961. (read more)