The son cannot claim any deduction under section 24(b) of the Act as the son doesn't own the said property. The mother cannot claim the deduction as she is not making the payments. (read more)

The issuance of a Notice under section 143(2) of the Act is mandatory irrespective of when the return of income is filed. The Hon'ble Gujarat High Court in the case of PCIT v. Marck Biosciences Ltd [2019] 106 taxmann.com 399 (Gujarat) held that an assessment order passed without the issuance of valid notice under section… (read more)

The write-off of the debit capital balance cannot be claimed as business expenditure. 2. Section 9B or section 45(4) of the Income-tax Act, 1961 (Act) are not attracted in the hands of the firm. 3. Sections 56(2)(x), 28(iv) or 41(1) of the Act are not attracted in the hands of the Partner. (read more)

According to us, you must not have filed Form 10B/10BB within the prescribed timeframe. You have to file an application for condonation of delay before the CIT(E)/CBDT according to the period of delay [Refer CBDT Circular 19 of 2020 dated November 03, 2020 and Circular 6 of 2021 dated March 26, 2021] With respect to… (read more)

You are advised to file an appeal before the National Faceless Appeal Centre within 30 days of the receipt intimation under section 143(1) of the Act and raise the grounds there. (read more)

As we understand, the assessee purchased the Land and Building in 2002, demolished the building in 2011 and is now selling the land. The Assessee will get the cost of the land and can index the said cost. (read more)

The Hon'ble Supreme Court in the case of Escorts Ltd. v. Union of India [1993] 199 ITR 43 (SC) held that depreciation on assets whose cost has been allowed as an application of income to the charitable purpose under section 11(1)(a) of the Act, has to be allowed while computing the income of the trust.… (read more)

In S. Ravinder v. CIT (2021) 282 Taxman 205/ 203 DTR 322/ 321 CTR 346 (Telangana)(HC) the Court held that when CIT ( A) dismissed the appeal on the ground that the admitted tax was not paid . Rejection of revision application was held to be not justified Matter was remanded to CIT to decide… (read more)

The assessee may make an application under section 119(2)(b) of the Income-tax Act, 1961 requesting the Board to direct the officer to accept his return on the grounds of genuine hardship. (read more)

We are assuming that the original property was a tenancy right which is now converted into a ownership property. The date of registration is to be considered as the date of acquisition and the stamp duty value of the property will be the cost of acquisition. Therefore, section 54 and section 54EC of the Income-tax… (read more)