Contribution of Leasehold Rights to LLP Against Profit-Sharing is a Taxable Supply Facts The Asset: The applicant, Aryapride Hotel and Convention Private Limited, holds leasehold rights to one acre of land (leased from IDCO) intended for a Hotel-cum-Restaurant project. The Proposal: Upon completion of the construction, the applicant intends to form a Limited Liability Partnership… Read More »
SBI For transfer of funds from NRO to NRE account SBI For transfer of funds from NRO to NRE account Based on the document provided, here are the key points regarding the SBI Request for transfer of funds from NRO to NRE (Form NRI-10.2): Purpose and Basic Requirements Transaction: This form is used to… Read More »
Important Income Tax Case Laws 29.04.2026 Relevant Act Section Case Law Title Citation Brief Summary Income Tax Sec 2(1A) Bombay Super Hybrid Seeds Ltd. v. DCIT/ACIT Click Here Seed Production: Income from hybrid seeds produced on leased land under company supervision is “Agricultural Income,” not business income. Income Tax Sec 2(22)(e) Ashwinikumar Ramkumar Poddar v.… Read More »
SBI Change in existing Nomination in the account (Form DA -3) SBI Change in existing Nomination in the account (Form DA -3) Based on the document provided, here are the key points regarding the SBI Request for change in Nomination (Form DA-3) for NRE, NRO, and FCNR (B) accounts: Purpose and Legal Authority Objective:… Read More »
SBI Cancellation of existing Nomination in the account (Form DA -2) SBI Cancellation of existing Nomination in the account (Form DA -2) Based on the document provided, here are the key points regarding the SBI Request for cancellation of Nomination (Form DA-2) for NRE, NRO, and FCNR(B) accounts: Purpose and Legal Authority Objective: This form… Read More »
TDS on Immovable Property: Liability Arises on Total Consideration, Regardless of Payment Status Facts The Transaction: During AY 2018-19, the assessee purchased land for a total consideration of ₹4.81 crores. The Default: The assessee deducted TDS (under Section 194-IA) at 1% only on ₹1.43 crores, leaving a balance of ₹3.38 crores without tax deduction. Assessee’s… Read More »
SBI Request for Nomination in the account (Form DA -1) SBI Request for Nomination in the account (Form DA -1) Based on the document provided, here are the key points regarding the SBI Request for Nomination (Form DA – 1) for NRE, NRO, and FCNR (B) accounts: Purpose and Legal Framework Legal Basis: The… Read More »
SBI For closure or premature closure of an existing NRE / NRO / FCNR (B) deposit SBI For closure or premature closure of an existing NRE / NRO / FCNR (B) deposit The Form NRI-6 is a formal request used by State Bank of India (SBI) customers to terminate their non-resident deposit accounts, either at… Read More »
Merger of Original Assessment into Search Assessment: Original Disallowances Become Inoperative Facts Original Assessment: For AY 2006-07, an assessment was completed under Section 143(3), where the Assessing Officer (AO) disallowed a claim for short-term capital loss. Search Proceedings: Subsequently, a search was conducted on the assessee’s premises, triggering the block assessment regime under Section 153A.… Read More »
Benchmarking Interest on AE Loans: Consistency and Credit for Suo Motu Income Facts The Transaction: The assessee, a power generation company, advanced loans to its Associated Enterprise (AE). Assessee’s Benchmarking: The company offered interest income based on LIBOR plus a spread, which it reported suo motu in its return of income. The Dispute: The Transfer… Read More »