The issue under consideration is whether Non-furnishing of reasons recorded for reopening of assessment made the entire assessment u/s 147 invalid in law?
Shri Kailash Chand Soni Vs ACIT (ITAT Jaipur) The issue under consideration is whether the addition on account of disallowance of interest expenses which are in accordance the provisions of section 57(iii) of the Income Tax Act, 1961 is justified in law? In the present case, the assessee has taken unsecured loans from various parties […]
Representations have been received from the stakeholders seeking clarification on following issues relating to exercise of option under section 115BAA: (a) Allowability of brought forward loss on account of additional depreciation; and (b) Allowability of brought forward MAT credit.
In month of september, 2019, CBIC issued various notifications which have been effective from 01.10.2019. Here, we summarised the major changes which are going to effective from 01.10.2019. All below notifications shall be effective from 0.10.2019 Extension of Exemption List Entry No. Earlier Now New Notification Principal Notification 7 Service provided by CG/SG/UT to a […]
The term ‘Royalty’ defines the income received by the innovator against the usage of the patented innovation. The individual receiving such income can claim deduction under section 80RRB if they satisfy all the requisite conditions. The present article explains all the provisions attached with deduction available under section 80RRB of the Income Tax Act. Eligibility […]
Refund under GST is dealt under Section 54 of CGST and SGST Act. GST refund is eligible for following cases 1) IGST paid on Zero rated supplies 2) Tax paid on inputs for Zero rated supplies (Export supplies) 3) Inverted Duty Structure 4) If taxable person has paid excess tax by mistake 5) Excess balance […]
Understand the implications of the new tax sections, 115BAA and 115BAB. Learn about the restrictions on availing benefits and incentives for companies.
WHAT IS TRADEMARK? In general, trademark refers to ‘Brand’ or ‘Logo’. Trademark gives protection to your business name, symbol, phrase, design, tag line, brand name or logo which you are using for your business. It differentiates your product or service from others as it makes your customer recognize your product or service rendered. Trademark is […]
Since AO had purported to assume the jurisdiction for reopening of assessment, without having first disposed of assessees objections to the reasons by passing a speaking order, therefore, failure to follow the procedure renders the assumption of jurisdiction by AO ultra vires in law.
All communication from Income Tax Department must have a computer generated DIN w.e.f. Oct 01, 2019 With effect from October 01, 2019, any communication from Income Tax Department without a computer-generated DIN i.e. Documentation Identification Number, be it a notice, letter, order & summon or any other correspondence,would be treated as invalid & shall be non […]
