In '3CD Data entry' window Clause 30C & 44 of Form 3CD were kept in abeyance till 31st March 2022. As these are applicable from AY 2022-23, related tables are unhidden. • 30C - Details of Impermissible avoidance arrangement u/s 96 • 44 - Break-up of expenditure under GST Refer Circular No 5 of 2021… (read more)

As we understand, the Charitable Trust is not satisfying the conditions as per section 2(15) of the Income Tax Act, 1961 (Act), and hence wishes to forfeit its exemption under section 11 of the Act. The Income would be business income and the taxability would be on net basis at Maximum Marginal Rate. (read more)

Refer the show cause notice and find out whether any specific charge is mentioned in the show cause notice. If the notice is not accordance with the law ,the penalty can be deleted on technical grounds . Refer Mohd. Farhan A. Shaikh v. ACIT ( 2021 ) 434 ITR 1/ 200 DTR 65/ 320 CTR… (read more)

The last date for filing a belated return under section 139(4) of the Income-tax Act, 1961 (Act) for AY 2020-21 is over. Further, the assessee cannot file an updated return under section 139(8A) of the Act as there is no tax liability. Therefore, the only recourse available to the assessee is to file an application… (read more)

The cost of acquisition shall be the Stamp Duty Value of the property as on December 31, 2010 i.e., Rs. 7,97,500/- and the period of holding shall commence from December 31, 2010. (read more)

As we infer, there is a dissolution of a Partnership, pursuant to which a capital asset will be transferred to a partner which will attract section 9B of the Income-tax Act, 1961 (Act). On a plain reading of the statute, Deduction under section 54EC of the Act should be allowed to the Specified entity (provided… (read more)

As per section 159(1) of the Act, where a person dies, his legal representative shall be liable to pay any sum which the deceased would have been liable to pay if he had not died, in the like manner and to the same extent as the deceased. (read more)

The assessee has only settled the issue of unexplained share premium under the Vivad se Vishwas Scheme. Any transfer of shares will be a new transaction which will attract Capital Gains. (read more)

: Section 50 specifically refers that where the capital asset is an asset forming part of block of assets in respect of which the depreciation has been allowed . On the facts the depreciation is not allowed as per the Income -tax Act , hence the claim of the assessee is justified . In Divine… (read more)

This seems to be a pecuniary case of miscommunication between the jurisdictional AO and the NFAC. Once the reassessment proceedings are dropped the assessment order is illegal and bad in law. (read more)