The Hon’ble Bombay High Court in the case of Adityaraj Builders vs The State of Maharashtra and others (Manu/MH/1166/2023), www.itatonline org . held that once the stamp duty is paid on Development Agreement, no stamp duty is payable (beyond Rs. 100) in Permanent Alternate Accommodation Agreement. The querist need not pay Stamp duty . The… (read more)

The Assessing officer must initiate the assessment process under Section 271DA of the Income -Tax Act of 1961. Once the penalty process has been initiated in the assessment order, the time limit shall be computed in accordance with the provisions of section 275(1)(c) of the aforementioned Act. The order must be passed within six months… (read more)

Ans : It is desirable to file the revised form in case the Portal is not accepting , the assessee may send by post . The assessee may also write to CBDT . In case no response is received within reasonable time , the asssessee may file writ before the High Court . (read more)

The quantum proceedings and penalty proceedings are independent of each other. The action taken by the Department is not incorrect. The Assessee should explain how the provisions of section 269ST of the Act are not applicable to the case of the Assessee. (read more)

The issue whether providing Corporate Guarantee by one company to other Group Company attracts GST, is debatable issue. The Group concerns will normally fall in definition of related parties and therefore even without consideration there may be taxable supply as per entry 2 in Schedule I to CGST Act. The said entry reads as under:… (read more)

The Assessing Officer cannot make additions of Rs 5,00,000/- under section 68 of the Income Tax Act, 1961, when source of cash received in the bank account is disclosed. Further, if the sales are reflected in the books of accounts and quantitative records is maintained along with stock register, additions made by the Assessing Officer… (read more)

It is a well-settled position in law that books of accounts and computation of income are not conclusive for determining tax liability. Tax liability should be determined as per the provisions of the Income-tax Act, 1961. Therefore, the action of the Ld. CIT(A) is correct in allowing the appeal of the assessee. Furthermore, the revenue… (read more)

NRI must declare LTCG details in ITR 2 under section 112 (c) of the Income tax Act, 1961. (read more)

If an Assessee is not able to utilize the entire amount of capital gains on or before the due date of filing of return for the year in respect of which such capital gains arose. In such a situation, sub-section (2) of section 54 by provided for the deposit of unutilized funds in a Capital… (read more)

As long as the assessee is able to demonstrate that the loan borrowed was applied for the acquisition of the capital asset the interest cost would be added to the cost of the asset. Whether the loan was a personal loan or housing loan, would not make a difference. (read more)