The Assessee can file an updated return under section 139(8A) of the Act and pay the additional tax and applicable interest. Further, the assessee should file the updated return before initiation of assessment as a pending assessment is a bar from filing an updated return. Scrutiny assessment for AY 2021-22 will be initiated on or… (read more)

It would be important to check the objects of the Trust. As per section 11(1) of the Act, the amounts should be spent on the purpose for which the trust is created i.e., Objects of the Trust. Therefore, there is a possibility that repairs and maintenance of a building of another Trust may not fall… (read more)

The date of receipt of Order under section 143(1) of the Income-tax Act, 1961 is important. If the assesee has not received the said Order, the assessee can make an application for the same. The Assessee can file an Appeal along with a rectification application or a revision application along with a rectification application. The… (read more)

The cost of tenancy is Nil. The cost of the flat on the date of conversion of tenancy will be considered as the cost of acquisition of the Flat. On the sale of Flat after a period of two years, the same will be treated as Long term Capital Gain. The Hon’ble ITAT – Mumbai… (read more)

The assessee has to file two writ petitions though the issue is the same the Assessment years are different . In exceptional circumstances the Court may permit the assessee to file one writ petition , provided the Court fees are paid as applicable to two writ petitions . When common orders are passed by the… (read more)

If the second marriage is considered valid in law . Amount received on partition will not be taxable . Assuming the marriage is not considered valid , the children will still be considered as a relative and a part of the HUF. The Hon’ble Supreme Court in the case of Commissioner of Wealth-tax v. R.… (read more)

As per section 275 of the Act i.e., Bar of limitation for imposing penalties, no order imposing a penalty under this Chapter shall be passed, after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months… (read more)

The assessee has to file an application before the CIT(A) to withdraw the appeal . Along with the application the assessee should enclose the rectification order passed by the Assessing Officer and has to explain the reasons for withdrawal . In M.Loganathan v. ITO ( 2003) 350 ITR 373 ( Mad) (HC) ,the Court held… (read more)

In Vijay Corporation v. ITO (2012) 50 SOT 33(URO)(Mum.)(Trib) held that the assessment order without signature is not valid . on the facts the assessment order was passed in the name of legal heir , but only notice of demand in the dead person . Demand cannot be enforced unless the notice of demand is… (read more)

The assessee has to file reply stating that the assessee had no taxable income and there was loss hence the return was not filed . Notice under section 148A of the Income-tax Act, 1961 (Act) does not permit the assessee to file the return of Income. The assessee is required to file its objections against… (read more)