The assessee has to file an application before the Honourable President of the ITAT , giving reasons for transfer of matter from one Bench of the ITAT to another Bench . The copy must be filed to the Assessing Officer of the assessee. The transfer petition will be heard by the ITAT Bench , and… (read more)

On the facts, the writ may not be maintainable against the show cause notice. The assessee can challenge the order of the PCIT before the ITAT when the order u/s 263 is passed . (read more)

If the Assessing Officer found that the assessee is having cash sales in his profit & loss account or the amount is credited to the account, then for just verification purposes the Assessing Officer may ask for details for the same. The burden is on the Assessee to prove that the amount credited is from… (read more)

In PCIT v. Prominent Real Tech Pvt. Ltd. (2023)451 ITR 371 (Delhi)(HC) court held that failure to establish how seized documents had nexus with undisclosed Income of assessee. The proceedings initiated was quashed . In Dy .CIT v. U.K.Paints (Overseas ) Ltd ( CA No. 6634 of 2021 dt . 25 -4-2021 ( SC) ,… (read more)

As we understand, it is not possible to sell enemy property as the IRE is the custodian and no sale is allowed. (read more)

You cannot rectify or update your return. Please check if you have disclosed these assets in your tax audit report or balance sheet submitted to the Department. Also, check if the receipt of this stock has been disclosed as income from salary in the year of receipt. If it is not shown as income in… (read more)

Section 50C will apply to a flat sold to a relative below SDV. (read more)

As per section 2(29C) of the Act, MMR, means the rate of income tax (including a surcharge on income tax, if any) applicable in relation to the highest slab of income in the case of an individual, association of persons or, as the case may be, a body of individuals as specified in the Finance… (read more)

If the search is prior to April 01, 2021, the assessment should be under section 153C of the Act. If the search is on or after April 01, 2021, issuance of Notice under section 148A(b) of the Act to a search-related case (where documents/evidence are found) is bad in law, as the Ld. AO should… (read more)

The Black Money Act, 2015 only applies to foreign assets and money deposited abroad. From your question, it doesn't appear that the provisions of the Black Money Act would be applicable. (read more)