Articles by FCS Deepak Pratap Singh

Transfer of property for less than stamp duty value - Some implications

FCS Deepak Pratap Singh 05 January 2022 at 10:45

Sections Involved: 43CA, 50C & 56(2)(x) of Income Tax Act, 1961. Sale /Transfer of land or building on consideration less than Stamp Duty Value

Writ jurisdiction of high court against repudiation of life insurance claim

FCS Deepak Pratap Singh 03 January 2022 at 08:33

The Hight Courts and the Apex Court of India has given vide power of supervisory role and to hear and decide cases based on some specific criteria. These courts generally do not interfere the normal proceedings of Quasi-Judicial Authorities and Tribunals or other forums.

Procedure of filing a delayed refund claim

FCS Deepak Pratap Singh 27 December 2021 at 08:43

In case of TDS/TCS for claiming refund you have to file your return of income within due date as prescribed under provisions of Section 139 of the IT Act, 1961...

Liability of directors of private company in liquidation

FCS Deepak Pratap Singh 27 December 2021 at 08:43

In this article we are going to discuss important aspects of provisions of section 179 of the Income Tax Act, 1961.

Some facts related to a cover note or interim receipt under insurance

FCS Deepak Pratap Singh 20 December 2021 at 08:37

The object of "Cover Note or Interim receipt" is to afford interim protection to the assured pending he decision of the insurance company to finally accept or reject the proposal for insurance.

Gift received from HUF is a capital receipt in the hand of member

FCS Deepak Pratap Singh 18 December 2021 at 06:46

On appeal the Tribunal held that the property of the 'HUF' neither can be said to belong to a third person nor can be said to be in 'corporate entity', rather, the same is the property of the members of the family.

Whether assessing officer has power to reject valuation report submitted by assessee and change method of valuation?

FCS Deepak Pratap Singh 18 December 2021 at 06:46

The Tribunal further held that primary onus to prove the correctness of the valuation report is on the assessee as he has special knowledge and he is privy to the facts of the company and only he has opted for this method

Consequence of non-filing of appeal in respect of cases where the tax effect is less than the prescribed monetary limit

FCS Deepak Pratap Singh 09 December 2021 at 09:33

As you are aware that the Commissioner may, of he objects to any order passed by the Commissioner (Appeal) under Section 154 or Section 250, direct the Assessing Officer to appeal to the Tribunal against the said order. However, such direction shall be given only in those cases only in those cases where Tax Effect exceeds the specified amount.

Will it be possible to re-open assessment only because of a change of opinion?

FCS Deepak Pratap Singh 05 December 2021 at 19:07

We know that provisions of sections 147 to 151 of the Income Tax Act,1961 deal with Reassessment and escaped assessment of income of an assessee. Income Tax Officer under these provisions reassess by reopening the cases assessed earlier on the believe that incomes or profits or gains chargeable to income tax has escaped assessment.