Yes, the Assesee has to pay Capital Gains on the exchange of four flats for four new flats. The Fair Market Value of the original 4 flats as of 2001 is to be ascertained and considered as the cost of acquisition. The benefit of indexation shall be available to the assessee. The Stamp Duty Value… (read more)

An appeal filed before the CIT(A) cannot be withdrawn as a matter of right as the Income-tax Act,1961 (Act) has conferred upon the CIT(A) the power of enhancement of additions. It is the discretion of the CIT(A) to allow permission to withdraw the appeal . Where the assessee seeks to withdraw appeal , he has… (read more)

An appeal filed before the CIT(A) cannot be withdrawn as a matter of right as the Income-tax Act,1961 (Act) has conferred upon the CIT(A) the power of enhancement of additions. It is the discretion of the CIT(A) to allow permission to withdraw the appeal . Where the assessee seeks to withdraw appeal , he has… (read more)

In CIT v. Gopal Das Estates & Housing (P) Ltd. (2019) 308 CTR 201 (Delhi)(HC) , property was sold, rent passed on the respective owner-on such passing TDS also deducted by assessee. Held, credit of TDS deducted by original tenant can be claimed by the assessee. In CIT v. Ganesh Narayan Brijlal Ltd. (2017) 244… (read more)

Sections , 2(15) 11, 12 , 13 is code by itself ,the Judgement of the Supreme Court in New Noble Educational Society v. CCIT (2022)448 ITR 594/ 219 DTR 89 / 329 CTR 137 (SC), the Honourable Court has declared the law on the subject and it will operate prospectively . The judgement to be… (read more)

Assuming the mother is a Hindu, as she died intestate, her property shall devolve as per the Hindu Succession Act, 1956. In this case, her assets will be distributed amongst her husband and her two children. However, as the property in question was purchased with the consideration provided by her Husband, he will have rights… (read more)

The Computation of MAT is as per section 115JB of the Act which is a code in itself. (read more)

The provisions of set off and carry forward are qua income/gains and not qua the asset. As we understand, Long Term Capital Gains can be set off against Long term Capital loss. (read more)

There is a codified law under section 115JB of the Act to compute Minimum Alternate Tax. Book profits have to be worked out as per the methods prescribed under the Companies Act, 2013 and not ICDS. (read more)

The Scheme and the award would have to be studied for a better understanding. Prima facie, appears to be in the nature of hardship compensation which is a capital receipt not exigible for tax. (read more)