Every year, the land has been shown in the books of the firm as its own property. Therefore, the land is duly recorded as the property of the Firm. Registration of an immovable property is a mere formality and does not amount to purchase of the immovable property. The actual year of purchase of property… (read more)

The action is not justified. When there is such difference then authorities are required to take action as per section 42(3) of CGST Act, which reads as under as applicable at relevant period. “(3) Where the input tax credit claimed by a recipient in respect of an inward supply is in excess of the tax… (read more)

As we understand, the assessee has received a fresh Notice under section 148A of the Income-tax Act, 1961 (Act) for AY 2014-15. By virtue of first proviso to section 149 of the Act, the same is time barred. The Assessee would have to explain the same in its response to the notice issued under section… (read more)

The assessee can file writ petition before the High Court at the earliest . The High Court may condone the delay . In Vijay Vishin Meghani v. DCIT ( 2017) 398 ITR 250 /160 DTR 33 / 251 Taxman 270 / 299 CTR 463 ( Bom)(HC) , the delay of 2984 days in filing the… (read more)

The Hon’ble ITAT Gauhati Bench in the case of Shri Abdul Hannan v. ITO ITA 46/Gau/2019 dated July 17, 2020 held that where the assessing officer has applied his mind and treated the undisclosed amount in bank account as undisclosed business receipt or turnover of the assessee, therefore provisions of section 115BBE of the Act… (read more)

: This is a debatable issue. The intention of the legislature while enacting section 54 and 54F of the Income-tax Act, 1961(Act) is to ensure that the capital of the assessee is not eroded. Expecting an assessee to invest under section 54 and 54F of the Act, albeit the Capital Gain accrues at a much… (read more)

Yes . Karta can authorise by giving Power of Attorney to Co -Parcener of HUF to be signatory in Bank Account on behalf of HUF (read more)

It is desirable to file an application for condonation of delay along with affidavit explaining the facts which will help the Tribunal or Appellate Authority to pass the order for condonation of delay . (read more)

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)