: The Hon’ble Gujarat High Court in the case of CIT v. Kutchi Dasa Oswal Moto Pariwar Ambama Trust [2014] 362 ITR 194 (Guj)(HC) held that Even though Commissioner has power to call for such documents or information from trust as he thinks necessary, yet it does not mean that if activities of trust have… (read more)

Rate Stamp duty is a state subject which differs from state to state. (read more)

Maintainability of appeal has nothing to do with tax liability. Yes, the stand of the assessee to claim it as revenue expense is correct. Although not necessary, the assessee may file a cross objection or an application under Rule 27 of the Income-tax Appellate Tribunal Rules, 1963. The Hon’ble Bombay High Court in the case… (read more)

The assessee should raise a ground before the Appellate Authority that the Assessing Officer has proceeded without procuring the valuation report. The valuation report should be filed before the Appellate Authority after which they will call for a remand report from the Assessing Officer. (read more)

The Hon’ble Income-tax Appellate Tribunal in the case of Juveria Begum and others vs ITO ITA 2224/Hyd/2018 dated September 04, 2020 (Hyd)(Trib) has held that renovation of house property can be considered as construction of house property for the purpose of section 54/54F of the Act. (read more)

The Ld. AO cannot rectify the order after the assessment year is settled under VSVA. In absence of alternate efficacious remedy, the assessee may file a Writ Petition challenging the act of the Ld. AO. (read more)

The impugned addition made by the Ld. AO cannot be considered to be revenue neutral merely because there is a timing difference in recognition of expenses, as the rate of tax can differ from year to year. If the Tribunal allows the appeal of the Department. The Assessee would be entitled depreciation of the capitalized… (read more)

ex abundanti cautela, it is advisable that, both the deductor and deductee procure a PAN & TAN and file their returns in India. The applicable withholding rate will be 20 percent plus Cess & Surcharge. (read more)

It is important to note whether the leave encashment is during service or at the time of retirement/resignation. Leave encashment during service is fully taxable under the heading “Income from salary”. For private sector employees, leave encashment is taxable and an exemption is provided as per the computation laid down under section 10(10AA) of the… (read more)

On reading section 194R of the Income-tax Act, 1961 with Question No. 4 of CBDT Circular No. 12 of 2022 dated June 16, 2022 it becomes clear that sales incentive in the nature of silver or gold coins will attract section 194R of the Act at the rate of 10 per cent. (read more)