Depends on the facts of the case and clauses in the agreement . Capital gain is chargeable on handing over of possession . In PCIT v. Talwalkars Fitness Club. (2018) 409 ITR 37 (Bom.)(HC) the Court held that Vendor was in possession till total consideration was paid . Transfer is not complete though the agreement… (read more)

Refer PCIT v . Batliboi Environmental Engineering Ltd. (2022)446 ITR 238 (Bom) (HC) dismissing the appeal of the Revenue the Court held that debts barred by limitation do not cease to be debts . Not to be treated as income . referred , CIT v. Indian Rayon and Industries Ltd ( 2011) 336 ITR 479(… (read more)

Section 36(1)(va) is applicable to any sum received by the assessee from any of his employees too which the provisions of sub -clause (x)) of clause (24) of section 2 apply . Section S. 2(24)(x)) covers only contribution to any Provident fund or superannuation fund etc , however professional tax is not covered hence provision… (read more)

The Limited Liability Partnership Act, 2008 does provide for merger or restructuring of two LLPs through the National Company Law Tribunal’s approval process. However, the Income-tax Act, 1961 does not provide any specific exemption for demerger of LLPs as it does for demerger of companies. Then again, if the transaction is tax neutral, there would… (read more)

There will be no tax on conversion of agricultural land to non-agricultural land. However, the sale of non-agricultural, being a capital asset, would attract capital gains (business income if the assessee is engaged in real estate business). The fair market value of the agricultural land on the date of conversion and the cost incurred for… (read more)

Form 5 is the certificate of full and final settlement under the VSVA. Form 5 has to be issued by the Department on satisfaction of good compliance under VSVA. There is no time limit for issuance of Form 5. The Assessee may approach the Designated Authority for further clarification and expediting the issuance of Form… (read more)

Department may not issue Form No 5 . The assessee may have to file writ before High Court . (read more)

The burden is on the assessee to establish that the payment was made for services rendered. Mere deduction of TDS and giving PAN is not sufficient . Mere confirmation is not sufficient , the recipient of the commission has to respond to the summons . (read more)

Merely on the basis of data found in the excel sheet the addition cannot be made . On the facts of the case as the Excel sheet was found in the premises of third party no addition can be made on the assessment of the assessee. In CIT v. Vatika Landbase Pvt. Ltd. (2016) 383… (read more)