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Amendment to section 269SS wef 1.6.2015 vis a vis penalty u/s 271D 

May 13, 2022 6582 Views 0 comment Print

Explore the amendment to section 269SS of the Income Tax Act, 1961, effective from 1.6.2015, regarding penalties under section 271D. Learn about reasonable causes, legal defenses, and key judgments, as this article provides insights for individuals dealing with cash transactions related to the sale of agricultural land post the mentioned amendment. Understand how the law impacts individuals, especially those with a rural background, and discover significant cases supporting the assessee’s position.

Circumstance where Income is Agriculture Income and related judgements

February 15, 2022 4662 Views 0 comment Print

There remains confusion among the people that this income is agriculture income or not. Professionals are also confused. But there are certain judgments and on reading them in detail we can remove our confusion for Agriculture Income. [CIT v. Rana Gurjit Singh (2012) 340 ITR 108 75 DTR 376 (P&H)] Seeds – Conversion of raw […]

No section 68 addition for amount explained by assessee as derived from sale of agricultural produce

January 13, 2022 4092 Views 0 comment Print

No addition under section 68 for cash amount explained by assessee as derived from sale of agricultural produce (Assessment Year: 2009-10) – [Naresh Kumar v. ITO Date of Judgement : 08.03.2019 (ITAT Delhi)] Assessee has explained source of the cash deposit in the bank account. Copies of the bills of sale of agricultural produce are […]

Expenses allowable against Agriculture Income

January 12, 2022 25851 Views 1 comment Print

All expenses incurred in acquiring or maintaining agricultural income are deductible, inter alia: (i) cash wages paid to those who work on the farm: power for use on the farm; (ii) expenses for acquisition of seeds, fertilizers, soil improvement and plant, protection compounds, fodder, fuels and lubricants as well as electrical power for use on […]

Verification of Claims Relating to Agricultural Income

December 18, 2021 24162 Views 0 comment Print

The assessing officers and professionals preparing ITR of the assessee are required to satisfy themselves that the assessees were eligible for allowance of the exemption claimed under section 10(1) read with section 2(1A) of the act. Section 2(1A)(B) provides that the agricultural income includes, inter alia, any income derived from land in India by agricultural […]

Deduction under Section 54F – Judicial Views

November 20, 2021 3306 Views 0 comment Print

The intention of the legislature has been watched and smelled by the Court & Tribunals. Benefit of section 54F is entitled to the legitimate assessee. Wide interpretation of the language of the section has been made and benefit has been allowed by the Tribunals. Deduction u/s  54F  fully allowable despite property purchase in joint names. […]

Section 54F(1) of Income Tax Act, 1961 with amendment from AY 2015-16

November 17, 2021 7830 Views 0 comment Print

Subject to the provisions of sub-section (4), where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereafter in this section referred to as the original asset), and the assessee has, within a […]

Most Frequently used Computer related terms

October 6, 2021 3033 Views 0 comment Print

Every Income Tax, GST and any other work related to taxation is done through computer device. Some tax consultants are well versed with their subjects and also known  to do the work using computer technology. We all should be  known some related terms of Computer language in daily usage. Pen Drive The definition of a […]

Most Commonly Used Legal terms in Income Tax Judgments

September 26, 2021 5865 Views 0 comment Print

Sometimes we go through the entire judgement but there we find many legal words and we do not know the meaning of those legal words and terms. But we should know the meaning of such words which are used in a judgement to understand a Judgment properly. I have tried here to compile most common […]

Addition for Cash deposited in Bank out of Business receipts: Draft Submission

September 25, 2021 16035 Views 0 comment Print

The case of the assessee was decided ex-parte u/s 144 of the Income Tax Act, 1961 in which a demand of Rs. 2320480/- has been created which is quite huge, illegal, baseless and not justified. A very small trader cannot earn so much income that he has to pay tax liability of Rs. 2320480/-. Comparison can be made with the returns filed earlier.

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