A Miscellaneous Application under section 254(2) of the Income-tax Act, 1961 can be filed within 6 months from the end of the month in which the order of the Tribunal was received. There is no statutory remedy for condonation of delay in filing a Miscellaneous Application. In some states, the applicant would have to file… (read more)

It is important to understand that prior to introduction of 56(2)(x) of the Income-tax Act, 1961 there was section 56(2)(vii) of the Act which covered the issue of variance in consideration for immovable property from the Stamp Duty value of the said property. (read more)

The transaction is an exchange and hence a "transfer" as per section 2(47) of the Income-tax Act, 1961 (Act). The assessee gets deduction under section 54 of the Act and thus there is no tax liability. If the assessee has transferred tenancy rights or a commercial property, he may not get deduction under section 54… (read more)

The queriest may have to write to CBDT and get the clarification . Answer has been given to the best of ability and understanding (read more)

This query is about administrative procedure. In my opinion paying pre-payment from partner account is correct as firm is not operative. In appeal or subsequently a letter should be written informing authority that since the firm is dissolved the amount of part-payment is made on partner’s account bearing no. ________. Further, it should be clarified… (read more)

Your understanding is not incorrect. However, there is no judicial precedent to buttress your contention. The argument will be tested before the Courts in the next few years. (read more)

Penalty under section 271(1)(b) of the Income-tax Act, 1961 (Act) is Rs. 10,000/-. As per section 273B of the Act, no penalty can be levied under section 271(1)(b) of the Act, where the assessee proves that there is a reasonable cause for such failure. Therefore, the onus is on the assessee to establish that there… (read more)

As per section 17 of the Registration Act, the registration has to be done in the district office where the property is situated. Certain State stamp laws have the requirement of stamping an instrument executed outside the state, within 3 months of it being brought within the state. Therefore, it would be imperative to check… (read more)

The assessee may have to explain the reasons for not attending before the Assessing Officer . If required the assessee may have to file an affidavit in support of the reasons . The assessee may have to file additional evidence before the CIT(A) by making an application under Rule 46A of the Act . The… (read more)

1. The subsequent notice is valid. The First reassessment order will be set aside and the appeal before CIT(A) is infructuous. 2. The AO has to provide all the information. The assessee should raise this point during the assessment proceedings. 3. The Assessee has to file the return of income and participate in the reassessment… (read more)