PCIT v. Kanak Impex (India) Ltd (2025) 474 ITR 175 has been distinguished in ACIT v. Dhiraj Parbat Gothi (Mum)(Trib), J. Kumar Infraprojects Ltd. v. DCIT (Mum) (Trib), Palmon Impex Pvt. Ltd. v. ITO (Mum)(Trib), ITO v. Pradeep Kumar Agarwal (Jaipur)(Trib) and Quality Heightcon Pvt. Ltd. v. DCIT(Mum)(Trib) (read more)

It is an unfortunate situation. A number of other taxpayers have raised similar grievances. I suggest you file a detailed petition with CPGRAMS. If that doesn't work, you may consider filing a Writ Petition in the High Court. (read more)

Self-acquired property can be disposed off at the will of the owner, including by giving a gift. Sections 122 to 129 of the Transfer of Property Act deal with gifts. Immovable properties like the commercial shop will require a registered deed and also payment of stamp duty. (read more)

In my view it depends on the scope of the s. 263 order. If the CIT has directed the entire assessment to be redone, all the issues are open and the AO will have to give a s. 143(2) notice pin-pointing the issues he wants to examine. However, if the CIT has himself pin-pointed a… (read more)

One way to reconcile may be that Vembu Vaidyanathan was a case of construction where substantial payments had been made. CBDT Circular No. 471 dated 15.10.1986 and Circular No. 672 dated 16.12.1993 help this interpretation. Otherwise, if it is a ready-made flat fit for occupation, possession may be insisted upon. (read more)

GST paid as part of the purchase price can be included in the cost of acquisition for LTCG calculation. However, GST paid for services related to the flat may or may not be allowable depending on the nature of the services. Interest paid before the property was acquired/possessed may be allowable as a deduction. (read more)

Unfortunately, there is no fixed period specified in the DTVSV Scheme 2024 or CBDT circulars for issuing the refund after Form 4 is received. Normally it takes 1-3 months. I suggest you contact the jurisdictional Assessing Officer or Principal Commissioner by email and request for expedited issue of refund. Alternatively, you may raise a grievance… (read more)

Two views are possible. One argument is that s. 49. (1) refers to "Where the capital asset became the property of the assessee ... (iii).. (e) under any such transfer as is referred to in ... clause (xiiib) ... of section 47". Section 47(xiiib) refers to "any transfer of a capital asset or intangible asset… (read more)

(1) The assets will have to be revalued in case the book values of the assets are different from their FMVs. (Assets A/c .... Dr; Revaluation Reserve A/c .... Cr). Thereafter, the Retiring Partner's capital account will have to be debited and the asset (flat) account credited. (2) GST will not apply because the transaction… (read more)

There is no fixed period specified in the DTVSV Scheme 2024 or CBDT circulars for issuing the refund after Form 4 is received. Normally it takes 1-3 months. I suggest you contact the jurisdictional Assessing Officer or Principal Commissioner by email and request for expedited issue of refund. Alternatively, you may raise a grievance in… (read more)