File a belated return and claim a refund. In case the refund is not granted move an application to CBDT. If the application is rejected file a writ before High Court. (read more)

It is desirable to file a revision application with a condonation of delay. The Commissioner has the power to condone the delay. In case the delay is not condoned the assessee can file a writ before High Court. Refer , Interglobe Enterprises Pvt Ltd v. PCIT ( 2023) [2023] 148 taxmann.com 121 ( Delhi) (… (read more)

Is the Notice issued pursuant to the decision of the Hon'ble Supreme Court in the case of Ashish Agarwal. Mostly, it should be so. The Hon'ble Allahabad High Court and Gujarat High Court have held the same as time-barred whereas the Hon'ble Delhi High Court has held it within time. (read more)

yes, section 50C of the Act will apply, it is advisable to show part of the house transferred as a gift and another part as sales. This is subject to the provisions of the Transfer of Property Act. (read more)

Registration as a legal heir is mandatory on behalf of the deceased person. The PAN of both the deceased person and legal heir should be registered, however, if the deceased person’s PAN is not registered, then the legal heir can register on behalf of the deceased. The Applicant who is a Legal heir has to… (read more)

On the facts and circumstances of the case, the Appellant can file an appeal against the intimation passed u/s.143(1) with the application for condonation of delay as the assessee was pursuing rectification proceedings or alternatively the assessee can file a revision application before the Commissioner. (read more)

In case you have missed disclosing it in Schedule FA, there is a chance that they may initiate penalty proceedings under section 43 of the Black Money Act, 2015. Make an effective response to the penalty notice. The penalty is not automatic and it can be dropped if the assessee demonstrates a reasonable cause, bona… (read more)

Trust can make an application under Form 9A (Rule 17 of Income-tax Rules, 1962) stating that the income is not received as per section 11(1)(2) (i) of the Act and the same will be treated as applied income. (read more)

With the limited facts provided in the query a holistic answer is not possible. The assessee would have also received a notice under section 148 of the Act asking the assessee to file the return of income. The assessee should file its return of income and participate in the reassessment proceedings. (read more)

As per section 92E of the Act, the accountant who prepares the TP report should sign the same. Yes, it is mandatory compliance. Not preparing the same can attract penal consequences. (read more)