Reference may be drawn on the CBDT Circular No. 560, dated May 18, 1990 [1990] 184 ITR St. 1 wherein it was clarified that for purposes of qualifying for a deduction under section 54E of the Act, the date of transfer is the date on which the capital asset is converted by the assessee into… (read more)

The ratio cannot be applicable to other assesses. (read more)

It is desirable to file an appeal as well as rectification application. If rectification application is allowed , the appeal may be withdrawn . (read more)

Penalty proceeding for violation of section 269SS of the Income Tax Act, 1961 has to be initiated by the assessing officer in the assessment order. Any initiation done after the assessment order is bad in law and not sustainable. The Hon’ble Supreme court in the case CIT v. Jai Laxmi Rice Mills Ambala City (2015)… (read more)

It is a well-settled position in law that the date of registration relates back to the date of the execution of the agreement. This has been upheld by the Hon'ble Supreme Court in the case of Gurbax Singh v. Kartar Singh and Others 254 ITR 112 (SC). However, the details of registration will be forwarded… (read more)

The stand of the Assessee is correct. Deeming provisions under section 44AD of the Act are for the purpose of determining the amount chargeable to tax under the head Income from Business and Profession. The same has no correlation with the source of funds for purchasing a plot. Refer Sunil Gahlot v.ITO (2023) BCAJ –… (read more)

Flexi Benefit Plan is governed under the section 17 (2) of the Income -Tax Act, 1961. The value of perquisite provided through FBP to an employee is taxable at the hands of an employee. If an employee claims ineligible FBP benefits, the recovery of tax and related consequences may be governed by provisions under Section… (read more)

Unlisted companies Shares cannot be offered as margin for derivative trading . (read more)

For matters relating to adverse possession (Article 65 of Schedule I of the Limitation Act, 1963), a person must file a case in a civil court. Depending on the where the land in question is located, the civil court’s jurisdiction will be determined. (read more)