In Premchand Jain v.ACIT ( 2020) 183 ITD 372 ( Jaipur ) ( Trib) dealing with section 56(2) (vii) (b ) of the Act has held that if the agricultural land does not fall in definition of capital asset , difference between district level value and sales consideration cannot be brought to tax . The… (read more)

Please refer Kamal Kumar Kalia v. UOI (2020) 268 Taxman 398 / 187 DTR 433 / 313 CTR 779 (Delhi) (HC) the Court held that retired employees of PSUs and nationalised bank cannot be treated as Government employees. Not entitled to get full tax exemption on leave encashment after retirement/superannuation. In KPTCL v. ITO (2018)… (read more)

Allahabad High Court in Ashok Kumar Agarwal & Ors v. UOI ( All ) ( HC) .www.itatonline .org , has held that The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute… (read more)

31 -10 -2021 was Last date for beneficial payment under the VSV Act, 2020 extended by CBDT, vide Notification No.75 of 2021 dated June 25, 2021(2021) 435 ITR (St) 25 Please refer CBDT Circular No. 18 of 2020 dated October 28, 2020 428 ITR (St) 104 relaxing the period of 15 days from the date… (read more)

The assessee may have to file writ before the High Court. There is no other remedy (read more)

Motor Vehicles Act, 1988 does not recognise the HUF as the owner . As per section 2.(30) the owner means a person in whose name a motor vehicle stands registered ----- Section 50 of the Act deals with Transfer of ownership when the person on whose name a Motor vehicle stands registered dies . The… (read more)

If the amount is given as Loan neither the provision of section 56(2) (viii) is applicable nor provision of section 64 (1)(iv) of the Income -tax Act. Treatment in the books of the account and in the books of account of the wife is relevant factor to decide whether it is gift or loan .… (read more)

The assessee has to fulfil the conditions prescribed and has to be approved by the prescribed authority .The assessee should make an application and should specify that company may be approved for the year 2020 -21 , with effect from a particular date . The Prescribed Authority may approve the application retrospectively , if all… (read more)

Issue of notice u/s 153C cannot be challenged . In CIT v. Vijaybhai N. Chandrani (2013) 357 ITR 713/217 Taxman 138/91 DTR 202/261 CTR 225 (SC) the Honourable Supreme Court held that Show-cause notices issued u/s. 153C the assessee should file appropriate reply to said notices and cannot file writ petition. In CIT v. Sinhgad… (read more)

Please refer Circular No 25 of 2016 dt 30 -6 2016 ( 2016) 385 ITR 19( St) , wherein the CBDT clarified as under Q. NO. 4. Whether credit for tax deducted , if any in respect of income declared shall be allowed ? Answer: Yes ; credit for tax deducted shall be allowed only… (read more)