Penalty proceeding for violation of section 269SS of the Income Tax Act, 1961 has to be initiated by the assessing officer in the assessment order. Any initiation done after the assessment order is bad in law and not sustainable. The Hon’ble Supreme court in the case CIT v. Jai Laxmi Rice Mills Ambala City (2015)… (read more)

It is a well-settled position in law that the date of registration relates back to the date of the execution of the agreement. This has been upheld by the Hon'ble Supreme Court in the case of Gurbax Singh v. Kartar Singh and Others 254 ITR 112 (SC). However, the details of registration will be forwarded… (read more)

The stand of the Assessee is correct. Deeming provisions under section 44AD of the Act are for the purpose of determining the amount chargeable to tax under the head Income from Business and Profession. The same has no correlation with the source of funds for purchasing a plot. Refer Sunil Gahlot v.ITO (2023) BCAJ –… (read more)

Flexi Benefit Plan is governed under the section 17 (2) of the Income -Tax Act, 1961. The value of perquisite provided through FBP to an employee is taxable at the hands of an employee. If an employee claims ineligible FBP benefits, the recovery of tax and related consequences may be governed by provisions under Section… (read more)

Unlisted companies Shares cannot be offered as margin for derivative trading . (read more)

For matters relating to adverse possession (Article 65 of Schedule I of the Limitation Act, 1963), a person must file a case in a civil court. Depending on the where the land in question is located, the civil court’s jurisdiction will be determined. (read more)

The minority management can file an application to the tribunal for relief in cases of oppression under section 241 of the companies act, 2013(subject to fulfilment of eligibility criteria mentioned in section 244 of the Act). Alternatively, the minority shareholders can also engage in mediation or negotiations which will safe the minority shareholders from prolonged… (read more)

The market value of the property in the year 2014 is to be taken as acquisition cost for long term capital gain tax. Assessee can also avail indexation on the cost of the property value as well as on the cost for improvement of the property. The property has been held since 2014, therefore, the… (read more)

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)