Section 176 of the Income - tax Act, deals with the provision relating to discontinues business, where any business or profession is discontinued in any assessment year, the income of the previous year up to the date of discontinued may, discretion of the Assessing officer be charged tax in that Assessment Year. Sub section (3)… (read more)

By virtue of first proviso to section 149 of the Income-tax Act, 1961 (Act), No notice under section 148 of the Act shall be issued if such notice could not have been issued at that time on account of being beyond the time limit specified under the erstwhile provisions, as they stood immediately before the… (read more)

Providing corporate guarantee per-se will not be providing of any service. However when against giving guarantee consideration is received, such amount will be for supply and liable to GST subject to other provisions. If no such consideration is received there is no taxable ‘supply’. However, as per query it appears that the entities are related… (read more)

a. The procedure for pending assessments has been laid down by the Hon’ble Supreme Court in the case of UOI v. Ashish Agarwal [2022] 138 taxmann.com 64 (SC) at para 8 of the Judgement. b. The Hon’ble Bombay High Court in the case of Sai Cylinders Private Limited v. ACIT WP No. 3555 of 2021… (read more)

For purpose of registration, section 22(1) provides as under:- “(1) Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds twenty… (read more)

It would be important to see the Trust deed and the clauses therein. Further, it would be necessary to see whether the same is a revocable trust or an irrevocable trust. The settlor may not be able to dissolve the trust if the same is of irrevocable nature. (read more)

Yes, the plea is valid. The Notice under section 148A(b) of the Act and order passed under section 148A(d) of the Act has to be challenged for not following the procedure laid down in the statute. The same can also be raised in appeal. (read more)

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)