In this case an application for rectification may be submitted along with condonation of delay application narrating all the facts, the tribunal will normally condone the delay. The wording in section 254(2) for limitation is “within six months from the date of receipt of order” therefore it is advisable to file appeal before the high… (read more)

In Elvis Zepherin Crasto v. ITO [ITA No. 1921/M/2022] dated August 23,2023 for assessment year 2018/19 the facts were as under: An assessee was a Non-Resident of individual based in Dubai, UAE with his family. Assessee filed his return of income for the A.Y. 2018- 19 on 28.08.2018 declaring total income of Rs. 2,20,630/-. The… (read more)

The querist has not mentioned the assessment year; from assessment year 2017-18 no penalty can be imposed under this section. Refer clause (7) of section 271. In the case of [2022] 139 taxmann.com 54 (Delhi)HIGH COURT OF DELHI in the case of Mrs. Jayanti Dalmia v. Deputy Commissioner of Income-tax has confirmed the penalty under… (read more)

The contention of AO is correct, however, he has to calculate tax as per paragraph A of Part 1 of the First Schedule : Then tax payable on non agricultural income and agricultural income will not exceed the non agricultural income. (read more)

The cash payment more then Rs20000/- is not permissible under section 269SS explanation (iv) either as advance or payment for purchase of property. This provision is applicable from 01-06-2015. The contravention entails penalty under section 271D equal to the amount. This case is to be contested on facts by filing chart of withdrawal from the… (read more)

If the judgement of the jurisdictional High Court is brought to the notice of the bench and not followed it certainly is a mistake apparent from the record rectifiable under section 154 of the IT Act. (i) COMMISSIONER OF INCOME TAX vs. MALI RAM VERMA (2003) 185 CTR (Raj) 539 : (2003) 131 TAXMAN 518… (read more)

Section 271DA reads as under: “(1) If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt: Provided that no penalty shall be imposable if such person proves that there were good and… (read more)

The Madras High Court in C. Aryama Sundaram vs. CIT [407 ITR 1] has observed that: “The cost of new residential house would necessarily include the cost of land, materials used in the construction, labour and any other cost relatable to the acquisition or construction of the residential house” Thus GST and Stamp Duty paid… (read more)