In such cases, assessments can be reopened only if an income assessable to tax has escaped on account of failure of the assessee to disclose all the material facts fully and truly. In other words, the AO has to demonstrate that income of the assessee has escaped assessment on account of its failure to disclose all material facts of the assessments in its income fully and truly.
Article explains Eligibility For Startups In India, Tax exemptions allowable to eligible startups which includes 3 year tax holiday in a block of seven years, Exemption from tax on Long-term capital gains, Tax exemption on investments above the fair market value, Tax exemption to Individual/HUF on investment of long-term capital gain in equity shares of […]
An IEC is necessary for Import or Export of goods. The first requirement before you start an Import or Export business in India is to obtain an IEC. IEC Code is unique 10 Digit code issued by DGFT – Director General of Foreign Trade, Ministry of Commerce, Government of India. The PAN based IEC Registration Certificate […]
Food standards have been always the main concern of the Indian government. To maintain all these standards for the security and safety of the health of the public they have established FSSAI registration for every type of food business operators in India. In this article, we will discuss all the important aspects of FSSAI license […]
Result of Chartered Accountants Final (Old & New scheme) Examination Held in November – 2019 and declared on 16th January 2020. RESULT OF CHARTERED ACCOUNTANTS FINAL (NEW SCHEME) EXAMINATION HELD IN NOVEMBER – 2019 The result of the Chartered Accountants Final (New Scheme) Examination was declared recently. The details of percentage of candidates passed in […]
Allahabad High Court held thaty there is no provision which empowers ROC to de-activate DIN, only on the ground that a Director has incurred disqualification under Section 164(2) (a) or his Office has become vacant under Section 167(1) (a). It also quashes List of disqualified directors published by ROC in public gazette.
Shri Shanmugam Senthilkumar Vs ITO (ITAT Chennai) ITAT, Chennai advice to CIT ( Appeals) to Complete the work and hearing in office hours except in occasionally Circumstances hearing the appeals and making the tax practitioners, advocates and Chartered Accountants to wait till 9 PM to 10 PM on daily basis has to be avoid. Late […]
DCIT Vs Asian Infra Projects Private Limited (ITAT Mumbai) It is quite evident that the business of the assessee was already set-up since the assessee had already reflected income from real estate business during AY 2008-09. The perusal of assessee’s financial statements for year under consideration would show that the assessee has obtained unsecured loans […]
Since AO had not carried out any exercise to rebut the contention of assessee that they have not received any sum higher than what has been reported in its books of account, therefore, no addition could be made based on the AIR and ledger of the payer
Petitioner is a Credit Cooperative, registered under the Karnataka Souharda Sahakari Act, 1997; petitioner is registered as the State Federal Cooperative, as provided under Section 33 of the said Act; they have knocked at the doors of writ court in substance for a prayer that they are entitled to seek deduction in respect of their income in terms of the scheme envisaged under section 80P of the Income Tax Act, 1961 , on the premises that they too are a Cooperative Society, on par with those registered under the provisions of Karnataka Co-operative Societies Act, 1959.
