It is a well-settled position in law that once the sales are accepted as genuine the purchases cannot be doubted. In the case of PCIT v. Batliboi Environmental Engineering Ltd. (2022) 446 ITR 238 (Bom) (HC) when sales are accepted purchases cannot be disallowed. (read more)

Yes, the same is a capital asset and an immovable property. Provisions of section 50C of the Act would be atf the assessee is able to show that the sale value was less than stamp valutaion due to various circumstances , the Revenue cannot make addition merely on the basis of stamp valuation . (read more)

The Hon'ble MahaRERA in the case of Nikhil Chopra v. JVPD Properties Pvt. Ltd. Complaint number CC005000000001348 held that in the absence of a builder buyer agreement, the allotment letter will serve as a valid Contract. (read more)

The following questions would have to be addressed.1. Whether the deed of retirement was registered? 2. Whether the deed of retirement was acted upon? 3. Whether the accounts of the partners were settled? 4. Whether the firm can demonstrate through its books that the partners ceased to continue as a partner since April 01, 2017?… (read more)

Advance received against the sales cannot be treated as cash credit u/s. 68. As sale were shown in books of account. If the Assessee has explained the source of cash deposits as well as genuineness of the transaction , addition cannot be made as cash credit. In the case of PCIT v. Montage Enterprises (P.)… (read more)

In CIT v. Debbie Alrmao (2011) 196 Taxman 230/ 331 ITR 59 / 239 CTR 326 (Bpm)( HC) the Court held that if an agricultural operation does not result in generation of surplus , that cannot be a ground to say that the land was not used for agricultural purpose . In CIT v. Kalathingal… (read more)

please request your Chartered Accountant to study and brief you or you may send to taxman for pubishing they may prepare the and may publish in their website (read more)

On vesting the FMV of the share would be considered as perq. and the employee would have to pay tax on the same. On the subsequent sale of the share, if the Sales consideration is less than the FMV, there would be a Capital loss. The provisions relating to set off and carry forward of… (read more)

There is no straight-jacket answer to this question. It is possible for a member/non-member of the HUF to receive gifts from the HUF without attracting section 56(2) of the Income-tax Act, 1961, However, the constitution, nature of the gift and facts of the case have to be examined. A reasonable amount paid for the education… (read more)

There are certain assets like intangible assets or any sort of right for which no consideration has been paid for the acquisition. The cost of acquisition of such assets is not clearly defined as ‘nil’ in the present provision. This has led to many legal disputes and the courts have held that for taxability under… (read more)