The Hon'ble Supreme Court in the case of Escorts Ltd. v. Union of India [1993] 199 ITR 43 (SC) held that depreciation on assets whose cost has been allowed as an application of income to the charitable purpose under section 11(1)(a) of the Act, has to be allowed while computing the income of the trust.… (read more)

In S. Ravinder v. CIT (2021) 282 Taxman 205/ 203 DTR 322/ 321 CTR 346 (Telangana)(HC) the Court held that when CIT ( A) dismissed the appeal on the ground that the admitted tax was not paid . Rejection of revision application was held to be not justified Matter was remanded to CIT to decide… (read more)

The assessee may make an application under section 119(2)(b) of the Income-tax Act, 1961 requesting the Board to direct the officer to accept his return on the grounds of genuine hardship. (read more)

We are assuming that the original property was a tenancy right which is now converted into a ownership property. The date of registration is to be considered as the date of acquisition and the stamp duty value of the property will be the cost of acquisition. Therefore, section 54 and section 54EC of the Income-tax… (read more)

It is a well-settled position in law that once the sales are accepted as genuine the purchases cannot be doubted. In the case of PCIT v. Batliboi Environmental Engineering Ltd. (2022) 446 ITR 238 (Bom) (HC) when sales are accepted purchases cannot be disallowed. (read more)

Yes, the same is a capital asset and an immovable property. Provisions of section 50C of the Act would be atf the assessee is able to show that the sale value was less than stamp valutaion due to various circumstances , the Revenue cannot make addition merely on the basis of stamp valuation . (read more)

The Hon'ble MahaRERA in the case of Nikhil Chopra v. JVPD Properties Pvt. Ltd. Complaint number CC005000000001348 held that in the absence of a builder buyer agreement, the allotment letter will serve as a valid Contract. (read more)

The following questions would have to be addressed.1. Whether the deed of retirement was registered? 2. Whether the deed of retirement was acted upon? 3. Whether the accounts of the partners were settled? 4. Whether the firm can demonstrate through its books that the partners ceased to continue as a partner since April 01, 2017?… (read more)

Advance received against the sales cannot be treated as cash credit u/s. 68. As sale were shown in books of account. If the Assessee has explained the source of cash deposits as well as genuineness of the transaction , addition cannot be made as cash credit. In the case of PCIT v. Montage Enterprises (P.)… (read more)

In CIT v. Debbie Alrmao (2011) 196 Taxman 230/ 331 ITR 59 / 239 CTR 326 (Bpm)( HC) the Court held that if an agricultural operation does not result in generation of surplus , that cannot be a ground to say that the land was not used for agricultural purpose . In CIT v. Kalathingal… (read more)