The assessee is able to explain the source and confirmation the property cannot be held to be benami . In case the explanation of the assessee is not satisfactory , the Assessing Officer can make addition as un explained investment under section 69 of the Act or under section 115BBE of the Act . (read more)

The act of the Ld. AO is not justified. Non-consideration of objections is in violation of the principles of Natural Justice. Further, the Assessee has the grounds of Change of Opinion, True and Full disclosure and the case is beyond 4 years where original scrutiny was made, and absence of any tangible materials. (read more)

It is advisable to purchase the property in your own name with the second of your daughter to avoid any unpleasant scenarios. (read more)

The matter has to be referred to the DVO for the valuation of the property and the assessee is also at liberty to file a valuation report. (read more)

It is pertinent to note that the levy of penalty under section 43 of the Black Money Act is not mandatory in nature. The Hon'ble ITAT - Mumbai in the case of Leena Gandhi has concurred with this view. Even the Budget speeches while introducing the Black Money Act have clarified the intention of the… (read more)

Yes, the taxpayer can index the cost of acquisition for the purpose of computing long-term capital gains or losses on the sale of listed equity shares. (read more)

The form ITR 5 is to be used by a person being a firm, LLPs, AOP, BOI, an artificial juridical person referred to in section 2(31)(vii), the estate of deceased, the estate of insolvent, business trust and investment fund, cooperative society and local authority. The form ITR -5 is applicable to FIRM as well as… (read more)

Yes, 50C is applicable on sale of a flat between relatives below SDV. The transfer document can be drafted in a manner which shows a part of the flat is transferred as a gift i.e., without consideration and the other part at/above SDV. (read more)

Section 194R of the Act is not applicable as a cash discount on the final bill is not a prerequisite or a benefit. (read more)

Both sections 9B and section 45(4) of the Act will operate. Section 9B will be applied first and then section 45(4) of the Act. CBDT has issued guidelines vide Circular No. 14 of 2021 dated July 02, 2021, for a better understanding of the computation. (read more)