You can consider the stamp duty value as on the date of conversion of the rural agricultural land to non-agricultural land and index accordingly .In case stamp duty value is not available you may get the valuation done by the Registered Valuer . (read more)

The Hon'ble ITAT - Mumbai bench in the case of Capgemini India (P.) Ltd. v. ACIT [2013] 33 taxmann.com 5 (Mumbai - Trib.) held that for the purpose of making a proper comparison of margin under the TNMM method one-time employees stock option plan (ESOP) cost incurred by an assessee on account of acquisition has… (read more)

: It is advisable that the will of the Mother be properly attested and get it registered . Let mother also give nomination in favour of the younger brother . One has to verify whether the elder son is showing the income from house property in his name or if mother is filing her income… (read more)

The PMLA has various aspects that need to be considered with respect to the proceedings contemplated. The three broad aspects are - 1. Attachment and confiscation of proceeds of crime 2. Criminal proceedings to punish the activity of money laundering 3. Compliance provisions regarding prevention of money laundering. The Circular of 3rd May, 2023, that… (read more)

The writ petition is filed before the Bombay High Court and the High Court has given interim stay. The matter may come for hearing after vacation. It ay be desirable for the assessee to file writ petition before High Court. (read more)

In the aforesaid situation, at the time of filling of the Return of Income, in the column of “Details of Tax Deducted at Source (TDS) on Income” in the sub-column “TDS credit being claimed this Year (only if corresponding income is being offered for tax this year), the assessee has to mention the correct TDS… (read more)

It is qua the payer. (read more)

Section 43CA will apply to the firm and the firm will have to consider the market value as sales proceeds. PMLA may not be applicable (read more)

This is a debatable issue and worth contesting. For example, in section 269UA of the Act, property rights are considered immovable. Therefore, the legislature in its wisdom used defined property separately for sections 56(2)(x) of the Act and section 269UA of the Act. Therefore, the right in the property cannot be considered as property for… (read more)

The assessee should be given an opportunity before using the evidence against the assessee. It is desirable for the assessee to ask for cross examination (read more)