Section 54 of the Income-tax Act, 1961 (Act) was inserted vide Finance Act, 1982 (1982) 135 ITR 25 with a view to encourage house construction. Further, the proviso to section 54(1) of the Income-tax Act, 1961 was amended vide Finance Act, 2000 (2000) 243 ITR 65. According to the Memorandum explaining the Finance Bill, 2000… (read more)

The Hon’ble Supreme Court in the case of Mohd Laiquiddin v. Kamala Devi Misra (Dead) by L.Rs. and Ors. (2010) 2 SCC 407 placed its reliance on the decision of the Hon’ble Madras High Court in the case of S. Parvathammal (Smt. ) v. CIT [1987] 163 ITR 161 (Mad) (HC) and held that when… (read more)

The grant of franchise will amount to ‘service’ under GST as per clause (f) in para 5 of Schedule II. In case of service the time of supply is to be decided as per Section 13. Section 13(2)(a) reads as under : “13. Time of Supply of Services.— (2) The time of supply of services… (read more)

There seems to be technical issues in the portal of the Income tax Department . The assessee may contact the Designated Authority or may write to the Chairman CBDT . The assessee may also write to Shri S.R Wadhwa Advocate ,Chairman Representation committee of the AIFTP ,who is interacting with the CBDT on day to… (read more)

The royalty falls in service category and therefore ITC on same will be ITC on input service. Though there are four queries, the sum and substance is that whether refund is possible on input services under inverted duty structure? As mentioned in the query, the Hon. Supreme Court in case of Union of India vs.… (read more)

Section 55 and the head of capital gains refers to the transfer of a capital asset. A rural agricultural land is not a capital asset under the scheme of Income-tax Act, 1961. Therefore, FMV of NA on the date of conversion may be taken into consideration, also the period of holding will be considered from… (read more)

Penalty u/s 271D cannot be levied . Refer following case laws ; CIT v. Standard Brands Ltd. (2006) 204 CTR 48 / 285 ITR 295 / 155 Taxman 383 (Delhi)(HC) -Held that penalty is not leviable when in a case the Revenue takes the stand that the alleged deposit was undisclosed income of the assessee.… (read more)

From what we understand, the querist wishes to challenge the territorial jurisdiction of the Ld. Assessing Officer after passing the Assessment Order. As per section 124 (3)(b) of the Income-tax Act, 1961 (Act), No person shall be entitled to call in question the jurisdiction of an Assessing Officer after the expiry of one month from… (read more)

The sale of land is outside scope of GST as per entry 5 in Schedule III of CGST Act. The said entry reads as under: “5. Sale of land and, subject to clause (b) of paragraph 5 Schedule II, sale of building.” Rs.30 lakhs are being received for relinquishing right and as rightly stated in… (read more)

It is correctly stated that Notification No.34/2021 will not apply. However, the querist can file appeal against cancellation order. The cancellation order is dated 30.12.2019. The appeal could have been filed till 30.3.2020. Hon. Supreme Court has extended limitation for due date falling after 15.3.2020. By last order date 27.4.2021, the extension still continues till… (read more)