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)

Yes. SLP was filed but was dismissed on 17th July 2025 due to delay. (read more)

1. No. S. 69A cannot apply because the deposits represent the bank's assets sourced from customer liabilities (deposits received) which are duly recorded in the bank's books of account as transfers from cash-in-hand to bank balances. The amounts are explained and accounted for. 2. No. S. 69A applies to unexplained assets (e.g., money owned by… (read more)

U/s 199 of the Income Tax Act, TDS credit has to be claimed in the year in which the corresponding income is offered to tax. You can file an appeal against the CPC intimation order directly before the CIT(A) u/s 246A, even while the rectification request is pending. There is no bar against this. (read more)