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)

please request your Chartered Accountant to study and brief you or you may send to taxman for pubishing they may prepare the and may publish in their website (read more)

On vesting the FMV of the share would be considered as perq. and the employee would have to pay tax on the same. On the subsequent sale of the share, if the Sales consideration is less than the FMV, there would be a Capital loss. The provisions relating to set off and carry forward of… (read more)

There is no straight-jacket answer to this question. It is possible for a member/non-member of the HUF to receive gifts from the HUF without attracting section 56(2) of the Income-tax Act, 1961, However, the constitution, nature of the gift and facts of the case have to be examined. A reasonable amount paid for the education… (read more)

There are certain assets like intangible assets or any sort of right for which no consideration has been paid for the acquisition. The cost of acquisition of such assets is not clearly defined as ‘nil’ in the present provision. This has led to many legal disputes and the courts have held that for taxability under… (read more)

It is required to be cancelled from date of death of the proprietor i.e.27.3.2022. Issues: 1. How closing stock of Goods of proprietary concern of late husband can be transfer to proprietary concern of widow , who has continued the said business by obtaining fresh registration under GST. Reply: On death of proprietor, wife becomes… (read more)

Yes, section 64 of the Income-tax Act, 1961 (Act) will apply to income generated on assets transferred for inadequate considerations to relatives mentioned in section 64 of the Act. (read more)

: Transfer of Tenancy right is not a transfer of a residential house property. Therefore, section 54 of the Income-tax Act, 1961 (Act) cannot be applied. Section 54F of the Act will apply provided other conditions are satisfied. The Hon'ble Income-tax Appellate Tribunal - Mumbai Bench in the case of Meher R. Surti v. ITO… (read more)

As per CBDT Notification No. 9 of 2021 dated February 26, 2021( 2021) 437 ITR 13 ( St) , the last date for making an application under the Vivad Se Vishwas Act was March 31, 2021. Therefore, the assessee cannot opt for Vivad Se Vishwas Scheme. (read more)