Generally speaking, addition u/s 69A is not valid when the return is filed u/s 44AD because the presumptive income offered is deemed to cover the profit element. Further addition defeats the scheme. However, the addition may be valid if the AO brings cogent material to show that the money/deposits are not from business but are… (read more)

Yes. As the doctor is a "business entity" owning a commercial building and earning rent and is paying for legal services, he is liable for GST on RCM basis. The doctor's turnover exceeds Rs 20 lakh and he is also registered under GST. (read more)

Obviously it is not acceptable. Registering the sale deed at only 50% of the market value while receiving the balance in cash amounts to undervaluation of the property and circumvention of tax/stamp duty rules, which authorities actively crack down on. (read more)

Yes. The individual depositing ₹15 lakhs cash in FDs will have to file Form 15G (for individuals below 60 years) or Form 15H (for senior citizens aged 60+) for FY 2025-26. Form 121 becomes effective only from 1 April 2026 (FY 2026-27). For any interest credited in FY 2025-26, you must use the old 15G/15H.… (read more)

No. U/s 68, if the recipient can prove the identity of the payer (with PAN of lenders), creditworthiness/capacity of the source & genuineness of the transaction (with bank transfer evidence & confirmations), the sum credited in the books of an assessee cannot be treated as unexplained income. The AO is not justified in ignoring the… (read more)

The current exemption u/s 11/12 and 80G continues till up to AY 2026-27. The PCIT (E) has to pass an order of renewal within 6 months from the end of the month in which the Form 10AB was received (i.e., by end of June 2026). If the renewal is rejected, you have to file an… (read more)

I assume you are referring to the conversion of a capital asset into stock-in-trade. If so, u/s 45(2), the conversion is deemed to a transfer but the resultant capital gain is taxable only when the stock-in-trade is sold. (read more)

The period of holding of the new flat will commence from 2018 and so it is a long term capital asset. The cost of acquisition will be the FMV as of the date of redevelopment agreement in 2018. The difference between the sale consideration and the said FMV less expenses will be the LTCG. You… (read more)

Please see the cause list here: https://itatonline.org/info/cause_list/ (read more)