A Notice signed with an expired digital signature should be construed as unsigned. As per Section 282A (2) of the Act, every notice or other document to be issued, served or given for the purposes of this Act by any income-tax authority, shall be deemed to be authenticated if the name and office of a… (read more)

The Trust deed would have to be read and understood. There might be a clause for a nomination or a clause for consequences on death of trustees. As per section 73 of Indian Trust Act, 1882, the Nomination in the trust deed would be appointed or else the legal representatives of the last surviving and… (read more)

: Please write to the Designated Authority. In case no reply is received within reasonable time , the assessee may write to the Chairman CBDT . If no response is received from the CBDT the assessee may have to file writ before the High Court . (read more)

The Last date for filling of VSV- Form and for payment has expired. As per Form 3, in case of non-payment of amount payable within the said period, the declaration under Form-1 shall be treated as void and shall be deemed never to have been made. (read more)

As per section 10(10D) of the Income Tax Act, 1961 (Act), the returns on Unit Linked Insurance Plan (ULIP) on maturity are tax-free. This is applicable only if the annual premium is less than 10 per cent of the capital sum assured for the plans purchased after April 1, 2012. As the assessee received the… (read more)

Issuance of Notice under section 148A(b) of the Act on March 26, 2022 is not time barred. Issuance of Notice under section 148 of the Act has to be evaluated on a case-to-case basis i.e., Information contained in the Notice under section 148A(b) of the Act, the response of the assessee and the Order passed… (read more)

The long-term Capital Gains will be taxable in the hands of each beneficiary according to their share of interest. Reference can be drawn to the erstwhile provisions of section 80L of the Income-tax Act, 1961. The Hon’ble ITAT - Madras in the case of Miss S. Radhika v. ITO [1991] 39 ITD 213 (Mad)(Trib) held… (read more)

It is advisable to discuss the matter with a local lawyer who will be well versed with the prevailing practice in that region. Further, for the purpose of obtaining a NOC, one can make a statement under oath by an affidavit stating that the other beneficiaries will be reimbursed. (read more)

It is a well settled position that section 269SS of the Income-tax Act, 1961 cannot be attracted for undisclosed income. The Hon’ble Delhi High Court in the case of CIT v. Standard Brands Ltd. [2006] 285 ITR 295 (Delhi)(HC) held that when revenue had taken stand that income was undisclosed income in hands of assessee,… (read more)

No, the discretionary trust will not be granted exemption from provisions of section 56(2)(x) of the Income-tax Act, 1961 (Act), as the share of the beneficiaries are discretionary and beneficiaries include individuals who aren’t “relatives” as per the Act. Reference can be drawn to the decision of the Hon’ble ITAT Rajkot Bench in the case… (read more)