There will be no tax on conversion of agricultural land to non-agricultural land. However, the sale of non-agricultural, being a capital asset, would attract capital gains (business income if the assessee is engaged in real estate business). The fair market value of the agricultural land on the date of conversion and the cost incurred for… (read more)

Form 5 is the certificate of full and final settlement under the VSVA. Form 5 has to be issued by the Department on satisfaction of good compliance under VSVA. There is no time limit for issuance of Form 5. The Assessee may approach the Designated Authority for further clarification and expediting the issuance of Form… (read more)

Department may not issue Form No 5 . The assessee may have to file writ before High Court . (read more)

The burden is on the assessee to establish that the payment was made for services rendered. Mere deduction of TDS and giving PAN is not sufficient . Mere confirmation is not sufficient , the recipient of the commission has to respond to the summons . (read more)

Merely on the basis of data found in the excel sheet the addition cannot be made . On the facts of the case as the Excel sheet was found in the premises of third party no addition can be made on the assessment of the assessee. In CIT v. Vatika Landbase Pvt. Ltd. (2016) 383… (read more)

Merely because the other two cases have not been reopened, cannot be a ground for challenge. The Department is entitled to reopen files and enquire into transactions made by the assessee. The Assessee will have to demonstrate the purchase of land by furnishing a copy of bank statements and other documents. (read more)

As per section 10(1)(c) half percentage (total 1%) is payable of the กฎturnover in Stateกฏ. Explanation 2 to section10 excludes certain turnovers from กฎturnover in stateกฏ. The Explanation 2 reads as under: กฐExplanation 2.จCจCFor the purposes of determining the tax payable by a person under this section, the expression จDturnover in State or turnover in… (read more)

The Assessee is corporate entity, hence all the accounts has to be prepared as per the Companies Act, as well as Income -tax Act. Accordingly the income of the Appellant has to be declared on accrual basis for the year. Merely because some of the entries are not reflected in 26AS and the income was… (read more)