The Hon’ble Mumbai ITAT in the case of Joseph Mudaliar v. DCIT [2021] 130 taxmann.com 250 (Mumbai - Trib.) has held that Amendment made in section 50C(1) of the Act by inserting third proviso by Finance Act, 2018, with effect from April 01, 2019 is curative in nature and same would apply retrospectively. Therefore, the… (read more)

The assesssee is advised to file an appeal before the CIT(A) . The assessee should take the ground of natural justice .In appeal proceedings the assessee can try to get the conformation from the parties and produce the details . The assesssee can make an application under rule 46A for producing additional evidence . If… (read more)

The query appears to have been raised on doubt as to whether refund is eligible in respect of eligible goods in stock in tax period for which the application is being filed. In my opinion, one has to go by formula given in Rule 89(5) for inverted duty structure refund. As per said formula no… (read more)

There is no bar on the surviving partner entering into a partnership with the legal heirs of the deceased partner. Where there are two partners and one dies, it is deemed to be dissolution of the Partnership Firm. The Hon’ble Supreme Court in the case of Mohd. Laiquiddin v. Kamala Devi Misra (Dead) by L.Rs.… (read more)

When no incriminating material is found assessment u/s 153 A is bad in law . In PCIT (Central ) v. Jaypee Financial Services Ltd. (2021) 282 Taxman 475 (Delhi) (HC) the Court held that as no incriminating documents were found in the course of search and the assessment was not pending on the date of… (read more)

The legal heir is under an obligation to intimate the death of the assessee to the jurisdictional Assessing Officer. The same can be done manually or through the portal. Since a Notice under section 148A of the Income-tax Act (Act) is issued in the name of the deceased assessee. The legal heir should object to… (read more)

As per section 143(2) read with section 153 of the Income-tax Act, 1961, the last date for passing of the Order for AY 2020-21 is March 31,2022. Any order passed after the last date will be Time barred. (read more)

The Assessee received an amount from sale of residential house and he desires to claim exemption against said sale proceeds in his Return of Income,. For claiming exemption he has to invest i.e. capital gain amount in to 54 EC Capital Gains Tax Exemption bonds at any time within the period of six months after… (read more)

The assesseee can file an appeal before the CIT(A) may challenge the reassessment proceedings . If it is search related matter , the provisions of section 153A or 153C is applicable and not provisions of section 147 or 148 of the Act . Refer Shri Mohan Thakur v .ACIT (ITANo. 7413 /Mum/ 2017 dt 9… (read more)

As per section 143(2) read with section 153 of the Income-tax Act, 1961, the last date for passing of the Order for AY 2020-21 is March 31,2022. Any order passed after the last date will be time barred. As per section 143(2) read with section 153 of the Income-tax Act, 1961, the last date for… (read more)