"22 March 2020" Archive

Addition on mere presumption without corroborative evidence is not sustainable

Ajay Gupta Vs CIT Appeals (Allahabad High Court)

Additions of Undisclosed Income Can be made only on the basis of the entries made in the documents which give corroborative evidence and not just on presumption...

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Tribunal is not bestowed with powers to review its order: HC

Pr. CIT Vs Godrej Investment Ltd (Bombay High Court)

Pr. CIT Vs Godrej Investment Ltd (Bombay High Court) In this case The view taken by the Tribunal in its order dated 9 July 2018 in both the Assessment Years was on the basis of the record available before it and its understanding/appreciation of the evidence on record for the two Assessment Years. This is […]...

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ITAT remands Appeal back to CIT(A) for deciding the same on Merit

Parmanand Sharma Vs ITO (ITAT Delhi)

Parmanand Sharma Vs ITO (ITAT Delhi) ITAT said in their considered opinion once the assessee alleged that his income is not taxable during the provisions of the Act there cannot be any obligation upon the assessee to pay advance tax. ITAT’s view is fortified by the affidavit of the assessee filed before me. I find […]...

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Can RBI catch failing banks into a safety net?

Indian banking system was on fire owing to Non-performing assets and the onset of COVID 2019 would perhaps turn it into a fireball impact on the vulnerable financial services sector in India. It may become increasingly difficult for the RBI to regulate and provide emergency administrative action if large number of vulnerable banks in Indi...

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Posted Under: Income Tax |

No disallowance of depreciation if assets were not put to use because of Strike by workers

ITO Vs Ventura Textiles Ltd. (ITAT Mumbai)

Depreciation could not be disallowed due to assets were not in use as assessee had not close down the business but it was not going on because of illegal strike by the workers and therefore manufacturing had been stopped temporarily....

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How to Stay Positive in Adverse Situation

Currently COVID -19 is a Draconian Black Truth. Due to COVID 19 whole world is in lockdown situation. Its impact and experience urges everyone to remain at home. This is really a panic situation. Everyone here is under tremendous stress considering the economic and financial loss. But at the end “Loss of Life” is always […]...

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Posted Under: Income Tax |

Extend due dates for tax filings in view of Pandemic Corona (Covid-19)

Tax Bar Association, Jodhpur has requested Finance Minister to Kindly extend the date falling on 31.03.2020 to 30.06.2020. Meaning thereby that last date to file belated income tax return for the assessment year 2019-20 and to file revised return for the same assessment year be extended to 30.06.2020 from 31.03.2020. We understand this wi...

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Posted Under: Income Tax |

COVID-19 -Cancellation of all train Services by Indian Railways

Cancellation of all train Services by Indian Railways in the wake of COVID-19 1. In continuation of the measures taken in the wake of COVID-19, it has been decided that all passenger train services on Indian Railways including Premium trains, Mail/Express trains, Passenger trains, Suburban Trains, Kolkata Metro Rail, Konkan Railway etc sh...

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Posted Under: Income Tax |

Responsibility of an Enterprise Under Transfer Pricing

Section 92D provides that every person who has entered into an international transaction or specified domestic transaction, during a previous year, shall keep and maintain such information and documents, prescribed by the Board, as will assist the Assessing Officer/ Transfer Pricing Officer to compute the income arising from that transact...

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Posted Under: Income Tax |

FAQs on filing of Form CAR by Companies and LLPs

As all of you are aware that Ministry of Corporate Affairs (MCA) issued advisory on preventive measures to contain spread of COVID-19 to all Chairman, Managing Director and Chief Executive Officer. With respect of it, they will deploy “Company Affirmation of Readiness towards COVID-19 (CAR) web-based form on 23rd March, 2020 to ensure t...

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Posted Under: Income Tax |

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