Section 159 applies only if reassessment notice is issued before Assessee’s death:
Section 159 applies only if reassessment notice is issued before Assessee’s death: Late Sh. Lal Chand Verma vs. Union of India (W.P.(C) 8184/2023 & CM APPL. 31377/2023) Facts: 1. In July 2021 the taxpayer passed away but the reassessment notice was furnished in his name only in March 2023. 2. The son of the… […]
Extension of house is also eligible for capital gain exemption.
Extension of house is also eligible for capital gain exemption. Recently ITAT Chennai in the case of Chandra Bhavani Sankar Vs. ITO, ITA No. 101/Chny/2024, has concluded that extension of house is also eligible for capital gain exemption. In this case, it was held that the assessee having constructed the first floor on the existing ground… […]
Can the Assessing Officer do rectification under Section 154 of the Income Tax Act beyond the 4-year under Section 154(7)?
Can the Assessing Officer do rectification under Section 154 of the Income Tax Act beyond the 4-year under Section 154(7)? In normal course, Income Tax Act typically allows rectifications to be made within four years from the end of the financial year in which the order was passed. However, there is one CBDT Circular which… […]
Extension for the due dates of GSTR-1 and GSTR-3B filings Notification (No. 01/2025 & 02/2025 – Central Tax)
Extension for the due dates of GSTR-1 and GSTR-3B filings Notification (No. 01/2025 & 02/2025 – Central Tax) Key Details: GSTR-1: The time limit for furnishing the details of outward supplies in FORM GSTR-1 for the tax period December 2024 has been extended to 13th January 2025. And for the quarterly filers due date… […]
Status of Public Interest Litigation on Section 87A before Bombay High Court
Status of Public Interest Litigation on Section 87A before Bombay High Court The Public Interest Litigation was filed by The Chamber of Tax Consultants in relation to Rebate u/s. 87A against Capital Gains, was originally heard on 20th December 2024. By way of interim relief, the Hon’ble Bombay High Court had directed the CBDT… […]
Assignment of leasehold rights is not liable to GST: Gujarat HC
Assignment of leasehold rights is not liable to GST: Gujarat HC Gujarat HC has recently delivered a landmark judgement by holding that assignment of leasehold rights is not liable to GST. The issue was otherwise full of controversy and litigation. The judgement has given a relief to the taxpayers who has purchased or purchasing the… […]
Whether payment of additional tax is a condition precedent for exercising option of filing Updated Return under section 139(8A)?
Whether payment of additional tax is a condition precedent for exercising option of filing Updated Return under section 139(8A)? As per the provisions of the Income-tax Act, 1961, an assessee shall be able to file an updated return to declare any additional income within the prescribed time period of one/two years from the end… […]
Ignoring procedural requirements violates the assessee’s right to a fair hearing
Ignoring procedural requirements violates the assessee’s right to a fair hearing The Himachal Pradesh High Court in M/s Deluxe Enterprises vs. Income Tax Officer and Others (ITA No. 23 of 2017 along with CWP No. 6575 of 2014) ruled on the jurisdiction and procedural requirements under Section 127 of the Income Tax Act, 1961. The… […]
Enhanced tax rate of 60% u/s. 115BBE not Applicable to cash deposits during demonetisation?
Enhanced tax rate of 60% u/s. 115BBE not Applicable to cash deposits during demonetisation? Recently got an occasion to represent an assessee before Hon’ble ITAT Ahmedabad where cash deposits made in bank account during demonetization were taxed at enhanced rate of 60% u/s. 115BBE (effectively 77.25% with surcharge & cess). It was submitted that… […]
FTC cannot be denied on the ground that corresponding income has not been offered for tax in the year under consideration.
FTC cannot be denied on the ground that corresponding income has not been offered for tax in the year under consideration. Recently, 𝗔𝗵𝗺𝗲𝗱𝗮𝗯𝗮𝗱 𝗧𝗿𝗶𝗯𝘂𝗻 𝗶𝗻 𝗗𝗖𝗜𝗧 𝘃. 𝗦𝘂𝘇𝗹𝗼𝗻 𝗘𝗻𝗲𝗿𝗴𝘆 𝗟𝘁𝗱 [𝗜𝗧𝗔 𝗡𝗼𝘀. 𝟭𝟱𝟭𝟳 & 𝟭𝟲𝟮𝟭/𝗔𝗵𝗱/𝟮𝟬𝟭𝟵], 𝗱𝗮𝘁𝗲𝗱 𝟮𝟵.𝟭𝟬.𝟮𝟬𝟮𝟰 has held that FTC cannot be denied on the ground that corresponding income has not been offered for tax in the year under consideration. Article 23 of India-China DTAA does not state that… […]
