As we understand, you have filed a belated return. Therefore, you should be allowed a deduction under section 11 of the Act. You can take the ground that the denial of deduction under section 11 of the Act is when the assessee fails to file the Audit report on time. You may also take the… (read more)

The assesee's stand is correct. However, this has to be explained and demonstrated to the Ld. AO's satisfaction though documents. (read more)

This is a controversial issue. It would be important to check the state law. The partner who holds the land should be an agriculturalist. (read more)

As per section 80U of the Act, the assessee is entitled to a deduction on the basis of percentage of disability. The same should be certified by a medical authority as defined in the explanation to section 80 U of the Act. (read more)

Yes, you can set off your long term capital gains against long term capital loss. Further, the deduction of Rs. 1,00,000/- on long term capital gains is also available to the assessee. (read more)

WhatsApp chats are not admissible as evidence unless they comply with the provisions of the Information Technology Act, of 2000. The Supreme Court in the case of Anwar P. V. v. P. V. Basheer, reported in (2014) 10 SCC 473 has held and observed that an electronic record by way of secondary evidence shall not… (read more)

You can consider the stamp duty value as on the date of conversion of the rural agricultural land to non-agricultural land and index accordingly .In case stamp duty value is not available you may get the valuation done by the Registered Valuer . (read more)

The Hon'ble ITAT - Mumbai bench in the case of Capgemini India (P.) Ltd. v. ACIT [2013] 33 taxmann.com 5 (Mumbai - Trib.) held that for the purpose of making a proper comparison of margin under the TNMM method one-time employees stock option plan (ESOP) cost incurred by an assessee on account of acquisition has… (read more)

: It is advisable that the will of the Mother be properly attested and get it registered . Let mother also give nomination in favour of the younger brother . One has to verify whether the elder son is showing the income from house property in his name or if mother is filing her income… (read more)

The PMLA has various aspects that need to be considered with respect to the proceedings contemplated. The three broad aspects are - 1. Attachment and confiscation of proceeds of crime 2. Criminal proceedings to punish the activity of money laundering 3. Compliance provisions regarding prevention of money laundering. The Circular of 3rd May, 2023, that… (read more)