The writ petition is filed before the Bombay High Court and the High Court has given interim stay. The matter may come for hearing after vacation. It ay be desirable for the assessee to file writ petition before High Court. (read more)

In the aforesaid situation, at the time of filling of the Return of Income, in the column of “Details of Tax Deducted at Source (TDS) on Income” in the sub-column “TDS credit being claimed this Year (only if corresponding income is being offered for tax this year), the assessee has to mention the correct TDS… (read more)

It is qua the payer. (read more)

Section 43CA will apply to the firm and the firm will have to consider the market value as sales proceeds. PMLA may not be applicable (read more)

This is a debatable issue and worth contesting. For example, in section 269UA of the Act, property rights are considered immovable. Therefore, the legislature in its wisdom used defined property separately for sections 56(2)(x) of the Act and section 269UA of the Act. Therefore, the right in the property cannot be considered as property for… (read more)

The assessee should be given an opportunity before using the evidence against the assessee. It is desirable for the assessee to ask for cross examination (read more)

Normally, simply because matters are pending in High Court, the proceedings cannot be kept in abeyance. There are time limits to pass adjudication orders, so they will go according to their schedule without waiting for outcome of the litigation before High Court. The writ petition matters referred by you are seen on the High Court… (read more)

Unless there is something to justify that the transaction is an accommodation or a bogus transaction, the Ld. AO cannot add the whole sales proceeds as income. The Ld. AO has to compute Capital Gains as per the scheme of the Act. (read more)

As per the formula prescribed in section 45(4) of the Act, there cannot be a capital loss. The Capital Gains will be deemed to be zero. (read more)

This would require a detailed study of the trust deed, powers in the trust deed, reason for the loan, and bona fides of the transaction. It has to be comparable with the market rate. Provision of section 13 of the Income -tax Act has to be considered . (read more)