In the case of Khyati Realtors 447 ITR 167 (SC) at para 22, the assessee's claim for deduction under section 37 of the act is not excluded. Therefore, if the assessee satisfies all the conditions of section 37(1) of the Act, the deduction ought to be allowed. (read more)

Yes the ratio may hold good . The assessee may have to demonstrate how the facts and wording of the section are identical In Prem Brothers Infrastructure LLP v. NFAC (2022) 288 Taxman 768 / 219 DTR 180 (Delhi)( HC) held that in absence of details as to which limb of section 270A was attracted… (read more)

Whether search is valid or not can be decided by the High Court by filing writ petition . Appellate Authority has jurisdiction to decide the validity of the search . Assuming the search is illegal evidence collected can be used against the assessee. Refer , Dr. Pratp Singh and Anr v. Director of Enforcement and… (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)

Depends upon the terms of agreement . It can be contended that it being conditional gift the gift deed is valid . (read more)

In CIT v. Chotingrai Tea & Others (2002) 258 ITR 529 / (2003) 126 Taxman 399 / 179 CTR 103 (SC) the Court held that once it was found that the assessee had fulfilled all the conditions which had been laid down under section 35CCA of the Act for claiming deduction of the amount donated… (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 agreement would have to be analysed to come to a conclusion that the possession is not transferred to the builder. The said non-compliance by the builder would have to be demonstrated before the judicial authorities to establish there was no transfer. (read more)

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)