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)

the Arbitration and Conciliation (Amendment) Act, 2015 (w.e.f 23.10.2015) introduced the fourth schedule which determines the model fees which is proportional to the disputed claim. The Hon’ble Supreme Court in the case of ONGC v. Afcons Guanusa JV Arbitration Petition (Civil) No. 5 of 2022 (SC)inter alia, held that arbitrators cannot unilaterally decide their fees… (read more)

The Hon'ble ITAT Jaipur Bench in the case of Keeday Makauday Foundation v. CIT(E) [2023] 148 taxmann.com 481 (Jaipur - Trib.), It is seen that the order of rejection of registration under section 12AB of the Act was challenged before the Tribunal. Therefore, it is advisable to file an appeal before the jurisdictional Tribunal. (read more)

Section 271AAA of the Act, being a special provision, will apply. Section 271 AAA (3) of the Act clarifies this aspect. (read more)

The same issue is challenged before the Hon'ble Bombay High Court. The issue is pending. Proceedings are stayed on this ground. (read more)

With the limited facts provided. It appears that the issue squarely fall within the ambit of section 56(2)(x) of the Act. You may analyse the provisos to section 56(2)(x)(b) of the Act, if they are helpful. The assessee may get the valuation report from the Registered valuer and produce the said valuation report before the… (read more)

Yes, penalty proceedings cannot be initiated without mentioning the same in the assessment order. refer Mallelil Industries (P.) Ltd. v. NFAC [2022] 139 taxmann.com 7 (Kerala) (HC). (read more)

If the case in hand is a search case or a search-related case, there is no requirement for issuance of Notice under section 148A(b) of the Act. (read more)

Shares other than equity shares have to be valued as per Rule 11UA(1)(c)(c) of the Income-tax Rules, 1962, which does not specify any specific method. In the case of Ginni Global (P.) Ltd. v. ACIT [2019] 106 taxmann.com 270 (Jaipur - Trib.) it was held that the matter was to be remanded back to Assessing… (read more)

One may be able to search but it may not be very accurate. The querist can buy the Book published by the All India Federation of tax Practitioners on the subject of “Search Seizure, Survey, Prosecution and Arrest under Tax and Allied Laws – Frequently asked questions. One may contact, email , aiftpho@gmail..com (read more)