Once the order is passed unless it is set aside the demand can be enforced . The assesee can file writ petition before the High Court to quash the assessment order and give an opportunity to file return . The High Court may stay the demand and further proceedings . In case High Court dismisses… (read more)

Merely because CUP is not available doesn't mean the transaction cannot be benchmarked. There are other methods such as TNMM which can be adopted by the Indian Company. (read more)

The research team cannot answer the questions without having complete details . It may be desirable to consult the Tax Consultant with all relevant facts . (read more)

The son cannot claim any deduction under section 24(b) of the Act as the son doesn't own the said property. The mother cannot claim the deduction as she is not making the payments. (read more)

The issuance of a Notice under section 143(2) of the Act is mandatory irrespective of when the return of income is filed. The Hon'ble Gujarat High Court in the case of PCIT v. Marck Biosciences Ltd [2019] 106 taxmann.com 399 (Gujarat) held that an assessment order passed without the issuance of valid notice under section… (read more)

The write-off of the debit capital balance cannot be claimed as business expenditure. 2. Section 9B or section 45(4) of the Income-tax Act, 1961 (Act) are not attracted in the hands of the firm. 3. Sections 56(2)(x), 28(iv) or 41(1) of the Act are not attracted in the hands of the Partner. (read more)

According to us, you must not have filed Form 10B/10BB within the prescribed timeframe. You have to file an application for condonation of delay before the CIT(E)/CBDT according to the period of delay [Refer CBDT Circular 19 of 2020 dated November 03, 2020 and Circular 6 of 2021 dated March 26, 2021] With respect to… (read more)

You are advised to file an appeal before the National Faceless Appeal Centre within 30 days of the receipt intimation under section 143(1) of the Act and raise the grounds there. (read more)

As we understand, the assessee purchased the Land and Building in 2002, demolished the building in 2011 and is now selling the land. The Assessee will get the cost of the land and can index the said cost. (read more)

The Hon'ble Supreme Court in the case of Escorts Ltd. v. Union of India [1993] 199 ITR 43 (SC) held that depreciation on assets whose cost has been allowed as an application of income to the charitable purpose under section 11(1)(a) of the Act, has to be allowed while computing the income of the trust.… (read more)