Preeti Mohan Vs Union of India (Madras High Court) The petitioner before this Court is a practicing advocate and she has filed this writ petition praying for a direction to the ITO to allow her to file income tax returns for the assessment year 2017-18 either manually or through e-filing facility without insisting for production […]
On reading the provisions of section 221 conjointly with the definition of “tax” as detailed under section 2(43), the irresistible conclusion that can be drawn is that the phraseology tax in arrears as envisaged in section 221 of the Act would not take within its realm the interest component.
section 2(11) of the Indian Income Tax Act, 1961 specifies as only two class of assets i.e., tangible and intangible assets and within these two classes of assets, assets having same rate of depreciation are prescribed and they fall within the same block.
A co-operative society registered under the Karnataka Co-operative Societies Act, which is not having a banking license from the RBI to carry on the business of banking, cannot be deemed to be a co-operative bank coming within the ambit of section 80P(4) of the Act.
If the gift is invalid then the assessee is not even owner of any property and therefore, no question arises for making addition in the hands of the assessee in respect of that property which is not even owned by the assessee and in that case also, addition if any may be made in the hands of the donor if the donor is not able to explain the source of investment.
Around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of two (2) years or more;. Around 3.09 lakh Directors disqualified who were on the Board of Companies that have failed to file Financial Statements and/or Annual Returns for a continuous period of three (3) financial years during 2013-14 to […]
52 Important Services available on GST Portal Includes GST REG-01, Form GST REG-29, Form GST CMP-01,Form GST CMP-02, Intimation to pay tax under composition levy, Form GST CMP-03, Intimation of details of stock on date of opting for composition levy, Form GST CMP-04, Withdrawal from composition levy, Form GST ITC-01, Form GST ITC-03, Stock Statement, Application for filing clarification, FORM GST REG-14, FORM GST REG-14, Track Application status, PMT-03, PMT-02, PMT-01, GSTR-3B, GSTR-1, GSTR-1A, Table 6A of Form GSTR-1, GSTR-2, GSTR-2A, GSTR-3, GSTR-4, GST ITC-04 and Form GST Trans-1
GSTR-4 offline utility has been put into Public Domain. Now It can be downloading from GST portal by following below link. https://www.gst.gov.in/downloads
Where assessee’s broker share transaction was bone fide in all respect, merely because share broker was tainted violating SEBI regulations, would not make assessee’s share transactions bogus.
Assessee’s contention that adding the entire amount of bogus purchases would give a completely distorted figure and the gross profit would be higher than the total turnover. Such bogus purchases were for off-setting the purchases from producers and agriculturists directly who would not have the billing facility. Only question seriously paused before us was, was the Tribunal justified in adopting the gross profit rate of 8% as against 25% adopted by the Commissioner (Appeals)?
