Various ITAT Benches have taken the view that the CBDT Notification No. 31/2023 dated May 24, 2023 by which the limit was enhanced to ₹25 lakhs, effective from April 1, 2023, has retrospective application as it is beneficial. To benefit from this, you should file a rectification application. If this is denied, you should file… (read more)

The query is not clear. Generally, gifting the new residential houses (purchased/constructed for claiming exemption) to the wife would generally not disqualify the deduction under Section 54F if the investment was made from the sale proceeds and other conditions are met. Judicial precedents (e.g., ITAT rulings and Delhi High Court in CIT vs. Ravinder Kumar… (read more)

It appears the entire LTCG loss of Rs. 3,09,91,067 has been treated as "under-reported income". This appears to be a miscomputation because under-reporting u/s 270A(2) is defined as the difference between assessed income and returned income and not the gross loss amount. Moreover, LTCG computation involves factual verification of costs. A disallowances based on gaps… (read more)

There is no specific threshold in Section 139(1) that makes ITR compulsory solely based on purchasing assets like immovable property (land/building). However, if the purchase involves TDS deduction (e.g., u/s 194-IA for non-agricultural immovable property more than ₹50 lakhs), there could arise an obligation to file a return. In the present case, as agricultural land… (read more)

(i) The redevelopment is itself a transfer taxable in the year in which the possession of the redeveloped flat is given. It will be a LTCG as the old flat was held for more than 24 months. The stamp duty value of the new flat will be deemed to be the consideration for the transfer.… (read more)

Non-filing of annual returns (AOC-4 for financial statements and MGT-7 for annual return) for three years will incurs late fees. There is also a risk of the company being strike-off under Section 248. You should convene a Board meeting and file the requisite documents immediately. You should file a petition to the RD u/s 460… (read more)

High Court case duration depends on the complexity of the matter, filings, and court schedule, usually taking a few months to over a year. Urgent cases may move faster if interim orders are requested. (read more)

A notice u/s 131(1A) is a pre-assessment enquiry to verify suspicion before launching a full proceeding. It is not scrutiny yet, but can lead to scrutiny/reopening if explanations are not satisfactory. The assessee has to respond promptly with proper documents and explanations through the e-filing portal. (read more)

Section 129 penalty has been quashed/ reduced in cases where authorities imposed harsh fines for procedural lapses without proving intent to evade tax. In Sandip Kumar Singhal v. Deputy Commissioner WPA 321 of 2023, goods were seized from godown (not in transit). The Calcutta High Court vide judgement dated 10.03.2023 quashed penalty & held S.… (read more)

The issue is not free from doubt. The better view is that the GST portion is never claimed as expense & is only a statutory liability. Therefore, there is no “amount payable” forming part of purchase/expense that remains unpaid which can be hit by 43B(h). (read more)