Questions & Answers On: Income Tax

Is there a time limit for holding an assessee in default for default of Tax Collection at source?
Subject: Is there a time limit for holding an assessee in default for default of Tax Collection at source?
Category:  Income Tax
Asked by: CA Raghavendra
Answered by:
Tags: ,
Date: September 14, 2018
Excerpt of answer:

The consistent view has been taken by the various Hon’ble High Courts on this issue that when no limitation is provided in the statute then a period of four years is considered as reasonable for passing the order U/s 201(1)/201(1A) of the Act. The provisions of Section 206C of the Act are analogous and a measure for compliance of collection of tax at source as a similar measure for compliance of deduction of tax at source is provided U/s 201 of the Act

Is section 54 benefit available for property bought by unregistered deed?
Subject: Is section 54 benefit available for property bought by unregistered deed?
Category:  Income Tax
Asked by: Mukeshbhai
Answered by:
Tags:
Date: September 14, 2018
Excerpt of answer:

The Hon’ble Supreme Court has opined that when an unregistered document is tendered in evidence, not as evidence of a completed sale, but as proof of an agreement of sale, the deed can be received in evidence making an endorsement that it is received only as evidence of an oral agreement of sale under the proviso to Section 49 of the Act of 1908