The Central Board of Direct Taxes vide Order under sub-section (2) of Section 144B of the Act for specifying the scope/cases to be done under the Act, F.No. 187/3/2020-ITA-I dated 31st March, 2021 (the Order) specified that all the assessment proceedings pending as on 31.03.2021 and the assessment proceedings initiated on or after 01.04.2021 (other… (read more)

As the receipt of shares is without adequate consideration, the same can trigger section 56(2)(x) of the Act in the hands of the recipient. (read more)

As the shareholder receives a consideration higher than the FMV of the shares. Therefore, there is no inadequate consideration or indirect gift. Therefore, section 56(2)(x) of the Act will not apply. (read more)

Mr. A should furnish a copy of the return of income of Mrs. A and demonstrate that the income has already been taxed in her hands. File rectification application and thereafter Revision application . If no action is taken the assessee can file writ before High Court. (read more)

As the days of grace is statutorily provided in the specified labour law, the same should be allowed. (read more)

The assessee has to file writ before the High Court . In Parappurathu Varghese Mathai and Sarakutty Mathai v. PCIT (2020) 428 ITR 79 / 193 DTR 337 / 316 CTR 833 (Bom.)(HC) the court held that the opportunity must be given to the assessee. If the assessment is over the Court may not entertain… (read more)

Jurisdictional issue is not curable defects . The assessee should have filed the writ before the High Court challenging the notice . If the notice is not challenged the assessee must take objections before the Assessing Officer in the course of assessment proceedings . In Bal Chand Jain & Sons v. DCIT (2014) 221 Taxman… (read more)

The assesseee can file an application under section 154 of the Act . In case the said application is rejected the assessee may have to file writ before the High Court . (read more)

Depends on the facts of the case and clauses in the agreement . Capital gain is chargeable on handing over of possession . In PCIT v. Talwalkars Fitness Club. (2018) 409 ITR 37 (Bom.)(HC) the Court held that Vendor was in possession till total consideration was paid . Transfer is not complete though the agreement… (read more)

Refer PCIT v . Batliboi Environmental Engineering Ltd. (2022)446 ITR 238 (Bom) (HC) dismissing the appeal of the Revenue the Court held that debts barred by limitation do not cease to be debts . Not to be treated as income . referred , CIT v. Indian Rayon and Industries Ltd ( 2011) 336 ITR 479(… (read more)