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)

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)