Nephew Gifts ₹1.65 Crore Property to Uncle: Tax-Free Gift or Tax Trouble?     One morning, over my usual cup of tea, I received a phone call from one of my relatives. The conversation began with a seemingly simple question about a gift of property-but, as often happens in taxation, one simple question soon opened several…

Delayed Form 10B Filing Cannot Deny Trust Exemption if Filed Before Processing: ITAT Bangalore     Filing the correct audit report before CPC processes the return is sufficient compliance; delay in filing Form 10B is procedural, not fatal For charitable and religious trusts, compliance requirements are often as important as the actual charitable activities carried…

Section 50C Addition Cannot Survive When AO Fails to Refer Valuation Dispute to DVO: ITAT   Assessee disputed stamp duty value and specifically requested DVO reference, but AO proceeded with assessment due to limitation – ITAT deletes ₹1.95 crore addition When an assessee sells an immovable property, the stamp duty value can sometimes become more…

TDR Received Against Surrender of Land Is Taxable as Capital Gains: ITAT Bangalore     When land is surrendered in exchange for TDR, the land itself becomes the cost of acquiring the TDR Transferable Development Rights (TDR) have repeatedly created interesting questions under the Income-tax Act. Is TDR a self-generated asset? Does it have a…

TDS Deducted but Not Deposited by Employer: Bombay High Court Protects the Deductee     Once deduction of tax at source is established on facts, the taxpayer cannot be made to suffer merely because the deductor failed to deposit the tax Imagine an employee receives a salary of ₹20 lakh. The employer deducts ₹4 lakh…