As per the formula prescribed in section 45(4) of the Act, there cannot be a capital loss. The Capital Gains will be deemed to be zero. (read more)

This would require a detailed study of the trust deed, powers in the trust deed, reason for the loan, and bona fides of the transaction. It has to be comparable with the market rate. Provision of section 13 of the Income -tax Act has to be considered . (read more)

This would require a detailed study of the trust deed, powers in the trust deed, reason for the loan, and bona fides of the transaction. It has to be comparable with the market rate. Provision of section 13 of the Income -tax Act has to be considered . (read more)

the Arbitration and Conciliation (Amendment) Act, 2015 (w.e.f 23.10.2015) introduced the fourth schedule which determines the model fees which is proportional to the disputed claim. The Hon’ble Supreme Court in the case of ONGC v. Afcons Guanusa JV Arbitration Petition (Civil) No. 5 of 2022 (SC)inter alia, held that arbitrators cannot unilaterally decide their fees… (read more)

The Hon'ble ITAT Jaipur Bench in the case of Keeday Makauday Foundation v. CIT(E) [2023] 148 taxmann.com 481 (Jaipur - Trib.), It is seen that the order of rejection of registration under section 12AB of the Act was challenged before the Tribunal. Therefore, it is advisable to file an appeal before the jurisdictional Tribunal. (read more)

Section 271AAA of the Act, being a special provision, will apply. Section 271 AAA (3) of the Act clarifies this aspect. (read more)

The same issue is challenged before the Hon'ble Bombay High Court. The issue is pending. Proceedings are stayed on this ground. (read more)

With the limited facts provided. It appears that the issue squarely fall within the ambit of section 56(2)(x) of the Act. You may analyse the provisos to section 56(2)(x)(b) of the Act, if they are helpful. The assessee may get the valuation report from the Registered valuer and produce the said valuation report before the… (read more)

Yes, penalty proceedings cannot be initiated without mentioning the same in the assessment order. refer Mallelil Industries (P.) Ltd. v. NFAC [2022] 139 taxmann.com 7 (Kerala) (HC). (read more)

If the case in hand is a search case or a search-related case, there is no requirement for issuance of Notice under section 148A(b) of the Act. (read more)