Answers to queries on legal issues
5oC | |
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Subject: | 5oC |
Category: | Income-Tax |
Asked by: | bks |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | flat sold to relative, stamp value |
Date: | April 30, 2023 |
Excerpt of answer: |
Section 50C will apply to a flat sold to a relative below SDV. (read more)
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Surchage on AOP | |
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Subject: | Surchage on AOP |
Category: | Income-Tax |
Asked by: | Dilip Gandhi |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Surcharge on AOP |
Date: | April 30, 2023 |
Excerpt of answer: |
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)
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148A vs 148 | |
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Subject: | 148A vs 148 |
Category: | Income-Tax |
Asked by: | bks |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | related party, search |
Date: | April 30, 2023 |
Excerpt of answer: |
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)
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271AAD | |
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Subject: | 271AAD |
Category: | Income-Tax |
Asked by: | bs |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Black money Act political donation |
Date: | April 30, 2023 |
Excerpt of answer: |
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)
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Sec. 37 | |
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Subject: | Sec. 37 |
Category: | Income-Tax |
Asked by: | Prakash |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Business expenditure, business loss |
Date: | April 30, 2023 |
Excerpt of answer: |
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)
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under/mis- reporting | |
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Subject: | under/mis- reporting |
Category: | Income-Tax |
Asked by: | BKS |
Answered by: | Research Team |
Tags: | mis reporting, penalty, under reporting |
Date: | April 30, 2023 |
Excerpt of answer: |
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)
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Questions about order passed without and search conducted as a case of mistaken identity as detailed below | |
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Subject: | Questions about order passed without and search conducted as a case of mistaken identity as detailed below |
Category: | Income-Tax |
Asked by: | Suresh Goyal |
Answered by: | Research Team |
Tags: | DIN, Search validity |
Date: | April 30, 2023 |
Excerpt of answer: |
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)
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section 56(2)(vii). Difference between actual consideration and stamp duty value | |
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Subject: | section 56(2)(vii). Difference between actual consideration and stamp duty value |
Category: | Income-Tax |
Asked by: | neha |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | actual consideration stamp value |
Date: | April 30, 2023 |
Excerpt of answer: |
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)
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sale cum gift | |
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Subject: | sale cum gift |
Category: | Income-Tax |
Asked by: | bs |
Answered by: | Research Team |
Tags: | Gift, sale deed |
Date: | April 30, 2023 |
Excerpt of answer: |
Depends upon the terms of agreement . It can be contended that it being conditional gift the gift deed is valid . (read more)
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political donations | |
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Subject: | political donations |
Category: | Income-Tax |
Asked by: | bks |
Answered by: | Research Team |
Tags: | Political donations |
Date: | April 30, 2023 |
Excerpt of answer: |
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)
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