If the photographs or video is shot by a professional, the same would be considered to be art work and as a professional work. However, the same does not fall within the definition of “professional services under section 194J of the Income-tax Act, 1961 (Act). Therefore, the art work and photography would not come within… (read more)

From what we understand with the limited facts provided is that, an immovable property is settled in a trust. The settlor and beneficiaries are related as per section 56 of the Income-tax Act, 1961 (Act). This will not attract section 56(2)(x) of the Act. Now, the trust has created a company which holds the immovable… (read more)

The Notice has been issued both electronically and by post. The issuance is before the due date; therefore, the notices won’t be time barred. (read more)

As per section 45(5A) of the Income-tax Act, 1961, the capital gains shall be chargeable to income-tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority; and for the purposes of section 48 of the Act, the stamp… (read more)

Whether the subsidy is taxable or not depends upon the scheme . Unless one studies the scheme and order of Assessing Officer and CIT(A) one may not be in a position to answer the quarries raised . In LG Electronics v. PCIT (2022) 134 Taxmann.com 329 (SC ) the matter was set aside hence no… (read more)

It is pertinent to note that tenancy right is not a house property, Therefore, the assessee cannot get the benefit of section 54 of the Income-tax Act, 1961. However, tenancy right is still a capital asset, therefore, the asseessee can get the benefit of section 54F of the Act, subject to satisfying the other conditions. (read more)

The Action of the Ld. AO nor of the Ld. CIT(A) is justified. The issue is merely on account of timing which should have been rectified by the Ld. AO or CIT(A). The assessee should approach the Tribunal and seek appropriate relief. (read more)

With respect to the son, The Hon’ble Supreme Court in the case of CWT v. R. Sridharan [1976] 104 ITR 436 (SC)held that where a Son born out of this wedlock was brought up as Hindu and assessee had expressly declared that he and his son formed HUF. Therefore, the assessee's son was Hindu and… (read more)

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)