The term relative, inter alia includes any lineal ascendant/descendant. The assessee is a lineal descendant of his father, thus a relative for the purpose of section 56 of the Income-tax Act, 1961(Act). Further, the property received can also be said to be an inheritance or in contemplation of death. Therefore, the said properties cannot be… (read more)

DIN i.e. Document Identification Number is generated on computer system. Unless there is some technical glitch same number can’t be generated for two different assesses. You can bring it to knowledge of concerned officer , higher authority and CBIC etc. However, in my view , such wrong happening cannot invalidate any , otherwise , legal… (read more)

In Kolli Rajesh Chowdary vs. State of Andhra Pradesh and Ors. AIR 2019ANDHRA PRADESH40 the Court held that cancellation of registered gift deed requires mutual consent of both the parties and their participation . Gift deed cancellation not valid . On the facts of the query if the cancellation is valid in law there would… (read more)

The receipt of the said compensation is not taxable under the Income tax by virtue of section 96 of RFCTLARRA, 2013. Further, the Central Board of Direct taxes vide CBDT Circular No. 36 of 2016 dated October 25, 2016 [2016] 388 ITR (Stat) 48 has expressly made it clear that that compensation received in respect… (read more)

: The Hon’ble Gujarat High Court in the case of CIT v. Kutchi Dasa Oswal Moto Pariwar Ambama Trust [2014] 362 ITR 194 (Guj)(HC) held that Even though Commissioner has power to call for such documents or information from trust as he thinks necessary, yet it does not mean that if activities of trust have… (read more)

Rate Stamp duty is a state subject which differs from state to state. (read more)

Maintainability of appeal has nothing to do with tax liability. Yes, the stand of the assessee to claim it as revenue expense is correct. Although not necessary, the assessee may file a cross objection or an application under Rule 27 of the Income-tax Appellate Tribunal Rules, 1963. The Hon’ble Bombay High Court in the case… (read more)

The assessee should raise a ground before the Appellate Authority that the Assessing Officer has proceeded without procuring the valuation report. The valuation report should be filed before the Appellate Authority after which they will call for a remand report from the Assessing Officer. (read more)

The Hon’ble Income-tax Appellate Tribunal in the case of Juveria Begum and others vs ITO ITA 2224/Hyd/2018 dated September 04, 2020 (Hyd)(Trib) has held that renovation of house property can be considered as construction of house property for the purpose of section 54/54F of the Act. (read more)

The Ld. AO cannot rectify the order after the assessment year is settled under VSVA. In absence of alternate efficacious remedy, the assessee may file a Writ Petition challenging the act of the Ld. AO. (read more)