Any ancestral property received on death or partition would be HUF property . Refer CIT v. Nanndlal Agarwal ( 1966 ) 59 ITR 758 ( SC ) . In Adiveppa & Ors. v. Bhimappa & Anr. CIVIL APPEAL No. 11220 OF 2017 SUPREME COURT (www.itatonline.org) the Court held that ancestral property deemed to be HUF… (read more)

In the portal details of tax assessment is available . Chartered Accountant of the seller can give a certificate after verifying the details and assessment records . If it is a flat in the Society , the society can give certificate stating that there is no attachment or recovery notice against the said flat by… (read more)

As per section 55(2)(a) cost of tenancy rights will be taken as nil. Indexation is not available . If the assessee has paid the amount for acquiring the tenancy the indexation is available . If the assessee received an alternative accommodation the assessee may get the benefit of section 54F subject to other conditions .… (read more)

In CIT v. Hiralal Doshi (2016) 383 ITR 19 (Bom.)(HC) held that a mere change of head of income from capital gains to business income does not attract penalty. In PCIT v. Yamunaji Corporation (2020) 424 ITR 369 (Guj.)(HC) held that if the amount disclosed in the return is accepted , penalty cannot be levied… (read more)

It depends on facts of the case . If the assessee discloses the income and pays the tax ae per returned income and income return and assessed is the same , the Assessing officer can not levy the penalty . If the assessing Officer the changes the head of income from business to other heads… (read more)

: CBDT has issued Circular No 11 of 2020 dt . 8-5 -2020 - Clarification in respect of residency under section 6 of the Income -ta At , 1961 ( 2020 ) 423 ITR 40 ( St ). . Taxation and other laws ( Relaxation of Certain Provisions ) Ordinance , 2020 -COVID -19 (… (read more)

If the assessee satisfies all the conditions of the section 10 the assessing officer cannot deny the exemption . There is no estoppel against the law the assessment has to be done as per the law . In CIT v. Shelly Products (2003) 261 ITR 367 (SC) (382 ) the Court held that , “If… (read more)

The assessee has to file the return under protest and ask for recorded reasons . After getting the recorded reasons the assessee may have to file an objection for the recorded reasons . Follow the law and procedure laid down by GKN Driveshafts ( India ) Ltd v. ITO ( 2003 ) 259 ITR 18… (read more)

You may visit the site under the heading “upload your articles and judgements” . The judgements are up loaded up to 15 -11 -2021 . In the digest Colum the gist of case laws are uploaded regular basis . Till date 9005 case laws are digested the gist are available in the site for reference… (read more)

As we understand, there are three buyers and all of them are contributing towards the purchase of the immovable property. Each buyer has to deduct tax on their share of payments. It is advisable to deduct tax once on the first payment as compared to deducting tax on each instalment as it significantly reduces the… (read more)