As we understand, The assessee wishes to file objections to a Notice issued under section 148 of the Income-tax Act, 1961 issued on or after April 01, 2021. The issue pertains to whether the erstwhile scheme of reassessment is to be followed or the new regime which was Introduced vide Finance Act, 2021. Firstly, the… (read more)

The assessee has to ascertain the market value of the alternative accommodation allotted to the legal heir on surrender of tenancy rights .On the facts value adopted by the stamp authorities as on 26 -12 -2013 can be considered as value of Tenancy rights . Refer special judgement in Dr. D.A. Irani v. ITO (1994)… (read more)

When there is an alternative remedy writ is not maintainable . Exceptions as laid down by the Supreme Court governing the excise of writ jurisdiction by the High Court in the presence of alternative remedy has to be satisfied . Refer , Radha Krishan Industries v. State of Himachal Pradesh ( 2021 ) 88 GSTR… (read more)

In the case of tenanted property, while the buyer of property pays the owner of property for ownership rights, he may also have to pay, when he wants to have possession of the property and to remove the fetters of tenancy rights on the property so purchased, the tenants towards their surrendering the tenancy rights.… (read more)

Once the taxes are paid and accepted by the Designated Authority and also certificate is issued u/s 5(1)) of the Vivad se Vishwas Act , 2020 , revision of the said order is not permitted . As per section 6 of The Direct Tax Vivad Se Vishwas Act , 2020 ,gives immunity from initiation of… (read more)

It is a well settled position by the Hon’ble Supreme Court in the case of Dalmia Power Ltd. v. ACIT [2019] (2019) 112 taxmann.com 252/ (2020) 312 CTR 113/ 420 ITR 339 / 185 DTR 1 (SC) where it was held that where pursuant to scheme of amalgamation approved by NCLT, transferor companies had been… (read more)

There is no estoppel against the law . Article. 265 of the Constitution of India which provides that “No tax shall be levied or collected except by authority of law“. In Nirmala L. Mehta v. A. Balasubramanian (2004) 269 ITR 1 (Bom.)(HC) (11) the Court observed that, “There cannot be any estoppel against the statute,… (read more)

Make an representation before CBDT . In case no response is received file writ before High Court . (read more)

Section 253 (4), Rule 47(2) ,Form No 36A deals with filling cross objection . Cross objection has to be filed within 30 days on which receipt of notice of appeal communicated to the assessee or to the Principal Commissioner or Commissioner filed by the opposite party . There is no fees prescribed for filing of… (read more)

In Chhabria Trust v. ACIT ( 2003 ) 87 ITD 181 (SB)( Mum)(Trib) held that Assessee-trust, having ceased to carry on its business from assessment year 1985-8 Sold its factory premises and declared income as long-term gains . Assessing Officer brought it to tax as short-term capital gains on ground that assessee having availed depreciation… (read more)