Please refer section 10(23C) (iiid ). If the aggregate annual receipts does not exceed five crores the assessee can make an application under section 10(23C) of the Act subject to other conditions. As the charitable organization is registered under section 12A of the Act as well as section 10(23C) of the Act, the organization can… (read more)

The Department will compute the period of limitation factoring the Taxation and Other Laws (Relaxation of Certain Provisions) Act, 2020. By that argument, the period of limitation will be within three years. The issue is sub judice before the Hon'ble Supreme Court. (read more)

There is no provision under Chapter XVII of the Income-tax Act, 1961 for deduction of tax on payment for a No Objection Certificate. Hence there would be no requirement for deduction of tax at source on such a transaction. (read more)

As per section 32(1) of the Limited Liability Partnership Act of 2008, a contribution can be made in the form of a tangible, movable or any form of immovable or intangible property or any other form of benefit to the limited liability partnership which can include money, promissory notes and other agreements which can contribute… (read more)

As we understand, a brother has paid a developer on behalf of his sister a sum of Rs. 5 lakhs. It is advisable to execute a gift deed of Rs. 5 lakhs. Even if it is termed as "gift", gift from a relative is exempted under section 56(2)(x) of the Act. (read more)

The assessee has to file the return in response to notice . The Assessing Officer must have recorded the satisfaction before the issue of the notices . However on merit no addition can be made in the assessment of the assessee , merely relying on the statement u/s 132(4) of the Act of the CFO… (read more)

Finance Act No.2 , 2014 provided to allow other valid modes like “ use of electronic clearing system through a bank account e.ef -1-4 – 2015 extending the scope w.e.f Assessment year 2015 16 limits the purpose of the amendment . The amendment being clarificatory RTGS payments/repayments for the years prior to amendments of 269SS/269T… (read more)

: Joint representation is needed. It may be desirable to take up the issue the Bombay Chartered Accountant’s Society or the Chamber of Tax consultants Mumbai. (read more)

The Hon'ble Bombay High Court in the case of CIT v. Chhaya Parekh ITXA(L)1583 of 2012 dated January 24, 2013 (Bom)(HC) held that demolishing of a structure is not a transfer. Without prejudice, assuming there is a transfer, there is an immediate application of deduction under section 54 of the Act. Therefore, there will be… (read more)

Depends upon the scheme approved by the Competent Authority and the negotiation with developer . (read more)