In M. Vishwanathan . v. CCIT ( 2020) 116 taxmann.com 894/ 274 Taxman 411 ( Ker) (HC) allowing the appeal of the assessee the Court held that compensation received from Corporation of Kochi for acquisition of non -Agricultural land is held to be not taxable . Referred circular No . 36/2016 dt 25 -10 -2016… (read more)

We presume that the property was sold in the month of August 2020 year ending 31 -3 -2021 and the assessee died in the month of March 2021 . Sections 159 160 and 161 of the Income -tax Act 1961 deals with provisions relating to assessment of Legal Representative. The legal heirs has to file… (read more)

The Ld. AO having charge over the jurisdiction can issue a Notice under section 148 of the Income-tax Act, 1961.The Ld. AO having charge over the jurisdiction can issue a Notice under section 148 of the Income-tax Act, 1961. (read more)

It needs to be checked in which financial year the return for FY 2019-20 is filed. With effect from AY 2021-22, Notice under section 143(2) of the Act can be issued within 3 months from the end of the Financial Year in which the return is filed. (read more)

As per the provision of the Act there is no bar for reopening the assessment more than once. However the revenue has to satisfy the conditions prescribed as per the provisions of the Act . In New Delhi Television Ltd v .DCIT ( 2020) 424 ITR 607 (SC) , the court as an obiter observed… (read more)

When the notice for reassessment is received, it is always desirable to file the return signed by the assessee who is authorised to sign the return u/s 140 of the Income-tax Act, 1961. Many a times it has been observed that the tax consultants file the letter with their letter head stating that, the return… (read more)

The judgment is available in the site of taxman publication 2003] 126TAXMAN104 (CHD.)(MAG.) ITAT CHANDIGARH BENCH ‘A’ DEPUTY COMMISSIONER OF INCOME-TAX V. SMITHKLINE BEECHAM CONSUMER BRANDS LTD. VIMAL GANDHI, VICE PRESIDENT AND P.K. BANSAL, ACCOUNTANT MEMBER IT APPEAL NO. 461 (CHD.) OF 1995 MAY 13, 2002 Section 147 of the Income-tax Act, 1961 - Income… (read more)

In Brothers Pharma (P.) Ltd. v. ITO (2016) 45 ITR 154/ [2017] 82 taxmann.com 234 (Jaipur)(Trib.) the Tribunal held that cash payment exceeding prescribed limits (Exceptional circumstances), where assessee paid salary in excess of Rs.20,000, in view of fact that employees insisted upon cash payments only and there was business expediency of assessee to pay… (read more)

Nitco Logistics Pvt. Ltd. v. JCIT (Amritsar)(Trib.) In CIT v. Sarjan Realities Ltd. (2014) 220 Taxman 112 (Mag.)(Guj.)(HC) The court held that the deeming fiction created by Section 50C applicable only to seller and not buyer.Also refer Nitco Logistics Pvt. Ltd. v. JCIT (Amritsar)(Trib.); www.itatonline.org (ITA No 437/ASR /2012 dt 5-9 -2014 However one has… (read more)

: Explanation to section 132 was inserted by the Finance Act , 2017 , w.e.f 1-4-1962 which reeds as under . Explanation – For the removal of doubts , it is hereby declared that the reason to believe , as recorded by the income -tax authority under this sub-section , shall not be disclosed to… (read more)