Legal representative of deceased assessee not having waived the requirement of notice under section 148 and not having submitted to jurisdiction of AO pursuant to the impugned notice issued in the name of deceased, provisions of section 292B would not get attracted and hence, notice under section 148 had to be treated as invalid.
Relevant Part of Union Budget 2019 Speech on Levy TDS of 2% on cash withdrawal under Section 194N The Finance Minister made a statement in the House of Parliament that to continue to provide momentum to the buoyancy in direct taxes through deepening and widening of the tax base, promoting less cash economy, proposed. 126. […]
Where land was stock in trade in the books of account, but, there was a complete bar on assessee as per the Notification of the Ministry of Defence to raise any construction or to do any business activity therein, the land in question could not not be treated as stock in trade but as a capital asset in nature determining holding period from the date of acquisition.
It is raining discounts not just on consumer goods but also on taxes. The Finance Minister on 05th July, 2019 in her maiden budget introduced Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 in order to curb the pending litigations under the erstwhile Indirect Tax Enactments. The scheme provides relief from tax, penalty, interest, immunity from […]
Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 Before the introduction of GST India was a curious mix of taxation laws, some aligned to global standards, and some not. Traditionally having had a reputation of a difficult tax regime, efforts are being taken to showcase India’s progress in improved ranking in Ease of Doing Business (EoDB). […]
SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019 (Chapter V of the Finance Bill, 2019) Our Finance Minister placed the finance budget on 5th of July 2019, which was the 1st Finance budget of this new Government. In this, she introduced a new amnesty scheme in the name of ‘Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019’. In a way […]
