The assessee has to file reply stating that the assessee had no taxable income and there was loss hence the return was not filed . Notice under section 148A of the Income-tax Act, 1961 (Act) does not permit the assessee to file the return of Income. The assessee is required to file its objections against… (read more)

Vide Finance Act, 2022, section 153 of the Income-tax Act, 1961 was amended. Thus, inter alia, the time period for assessments for assessments post April 01, 2020 has been extended to 18 months. Therefore, the last date for assessment for AY 2020-21 will be September 30, 2022. (read more)

Yes, the stamp duty value of the property cannot exceed Rs. 45 lakhs. No, the safe harbour limit under Section 43CA and section 50C of the Income-tax Act, 1961 (Act) will not be applicable to section 80IBA of the Act. The Hon’ble Supreme Court in the case of P.R. Prabhakar v. CIT [2006] 284 ITR… (read more)

As the Fourth letter is “G”, it means it is a Government Agency. However, that is not conclusive for the purpose of application of the provisions of the Income-tax Act, 1961 (Act). The books of accounts and the nature of transactions would have to be understood. If the fuel pump is merely allotted by the… (read more)

The Assessment order is valid in law . If the assessee is aggrieved by the said order the assessee may have to file an appeal or writ to quash the said order. Tax department can recover the tax based on the said order . (read more)

Where there are two Partners and one of them dies, the Partnership stands dissolved. Where the Legal Heirs of the deceased partner is paid in Cash, on account of dissolution of the Firm, neither section 9B nor section 45(4) of the Income-tax Act, 1961(Act) is attracted. However, where the Partnership Firm is dissolved and the… (read more)

Yes, it is a valid Notice, since the reassessment is within 3 years from the end of the AY i.e., AY 18-19, the pecuniary limit of Rs. 50 lakhs will not apply. (read more)

As per proviso to section 54(2) of the Income-tax Act, 1961, that if the amount deposited under the scheme is not utilised wholly or partly for the purchase or construction of the new asset within the period the stipulated period, the amount not so utilised shall be charged under section 45 of the Act as… (read more)