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Shri Ramesh Salecha HUF Vs. ITO (ITAT Mumbai) Revenue could not produce before us any evidence to show that notice under sections 143(2) has been issued or served to the assessee the re-assessment made under sections 143(3) read with section 147 is void ab-initio in view of the above decisions of the Honorable Allahabad High Court in […]
Where assessee had not earned any tax-free income, then, corresponding expenditure also could not be worked out for dis allowance.
Process of generation of electricity is akin to manufacture or production of an article or ‘thing’, therefore, assessee was entitled to claim additional depreciation under section 32(1)(iia) on windmill even prior to amendment of section 32(1)(iia) by Finance Act, 2012 as said amendment is only clarificatory in nature.
Rajkot bench of Income Tax Appellate Tribunal (ITAT) recently held that the notebooks and diaries found from assessee’s wife cannot be treated as Books of Accounts for the purpose of making addition under the Income Tax Act, 1961.
M/s. Essel Pro pack Ltd. Vs. DCIT (ITAT Mumbai) Assesses has incurred expenses on behalf of certain foreign subsidiaries and Indian subsidiary and shown them under the head Advances Recoverable. The assessee has not made any non business advance to the these companies, but these amount represents various debits in the nature of sale of […]
Where assessee had failed in establishing the creditworthiness of the donors, occasion for making the gifts and why the donors who were strangers and not men of means gifted such huge amounts to the assessee- HUF out of love and affection, therefore, addition made by AO was justified.
Pr. CIT Vs. National Informatics Center Services Inc. (Delhi High Court) Date of filing of the return of income is 25-09-2009. Therefore, the notice served on the taxpayer u/s 143(2) on 26-08-2011 is beyond the period of six months from the end of the financial year in which the return was furnished. Therefore, the notice […]
In this second part, we deal with the legalities & the policy provisions regarding the clubbing & redemption. The latest policy provision made Vide Public Notice No. 32/2015-2020 dtd. 18.10.2017 reads as under:
Ever since the Internet was created there have been criminals who want to take advantage of it. Therefore, offenses against individuals or companies in order to cause harm or loss to the victim with the use of modern telecommunication networks are defined as cybercrimes. Basic precautions like firewall, antivirus, and regular security checks must become […]
The Companies (Amendment) Bill, 2017, introduced in Lok Sabha on 16 March, 2016 as The Companies (Amendment) Bill, 2016 was referred to the Standing Committee on Finance on 12 April, 2016.
