The action of the AO is not in accordance with law . In K.N.Agarwal v.CIT( 1991 ) 189 ITR 769( All)(HC) , ITO v .Siemens India Ltd (1983) 156 ITR 11 ( Bom)( HC), Bank of Baroda v. H.C .Srivastava ( 2002) 256 ITR 385 ( Bom)(HC) , Rajendra Mills Ltd v Jt CIT (1971)… (read more)

This is a common issue faced by a lot of assessees. Filing an appeal will not condone the delay in filing Form 10B. The CBDT had issued a Circular No. 2 of 2020 dated January 3, 2020, wherein it empowered the Ld. CIT(E) to condone a delay in filing of Form 10B up to a… (read more)

The Hon'ble Supreme Court in Re: Cognizance for Extension of Limitation Suo Motu Writ Petition (Civil) No(s).3 of 2020 dated January 10, 2022 (SC) on account of the situation posed by COVID 19, The Hon’ble Supreme Court has suo motu held that to ease the difficulties faced by the litigants and their lawyers across the… (read more)

Stamp duty will have to be paid as per the circle rate (ready reckoner value). Further, deeming provisions such as section 43CA, 50C and 56(2)(x) of the Income-tax Act, 1961 (Act) will not apply where section 45(3) of the Act is applicable. In the case of ACIT v. Amartara (P.) Ltd. [2021] 128 taxmann.com 125… (read more)

This being an issue which requires explanation and application of mind of the Departmental Officer, the same will have to be adjudicated by the Ld. Assessing Officer. There can be no way to bypass the due process of law. (read more)

The Hon'ble Calcutta High Court in the case of Ved Prakash Mittal v. UOI & Ors WPO/2450 of 2022 dated August 26, 2022 (Cal)(HC) have held reassessment for AY 2014-15 under the new regime of reassessment to be time barred and has quashed the same. Other High Courts such as Punjab & Haryana, Bombay and… (read more)

As we understand XYZ is not acting on behalf of an enterprise and has, and does not habitually exercise, in India, an authority to conclude contracts in the name of the ABCD, then there is no risk of Agency PE in India. Dividends received from a foreign company will be included in the total income… (read more)

Please refer earlier answer on then subject (read more)

No, such transfer does not attract any Capital Gains on the continuing Partners as neither section 9B nor section 45(4) of the Income-tax Act, 1961 (Act) is attracted. Property” for the purpose of section 56(2)(x) of the Act is specifically defined under clause (d) of the Explanation to clause (vii) of section 56 (2) of… (read more)

There is a twin condition to be satisfied for a land to not be recognized as a capital asset i.e., 1. It has to be agricultural land. 2. It has to be situated in a rural area. Now, As the conditions for not treating land as rural agricultural land under section 2(14)(iii) of the Income-tax… (read more)