Shri Kamal H. Shah Vs ITO (ITAT Mumbai) Undisputedly, the assessee has failed to prove genuineness of purchases and the authenticity of the dealers in both the impugned assessment years. The notices sent to the dealers under section 133(6) of the Act on the addresses furnished by the assessee by the Assessing Officer were received […]
M/s. Vaghasiya Exports Vs Pr. CIT (ITAT Mumbai) Ld. AO was clinched with the issue of suspicious purchases made by the assessee from various entities of tainted group. In fact, it is the only addition made in the assessment order. Specific queries were raised requiring the assessee to substantiate the purchases under suspicion. The assessee […]
Pardesi Developers Private Limited Vs National Faceless Assessment Centre (Delhi High Court) Assessment—Faceless assessment—Draft assessment order passed without issue of show-cause notice—In the present case no prior show-cause notice as well as draft assessment order had been issued, there is a violation of principles of natural justice as well as mandatory procedure prescribed under “Faceless […]
Important GST related points To be addressed by 30th September For Finance professionals in India, Financial Year ends on 31st March, but for people working in GST, it ends on 30th September. The following points must be noted with respect to year end activity related to GST and documentary evidence that should be kept ready […]
It is settled law that the first appellate authority has all the powers of the AO and may, therefore, admit evidence which was not made available to the Assessing Officer, except where the assessee had ample opportunity but such evidence was willfully withheld. Where such fresh evidence is offered by either party the other party […]
Exposure Draft of revised AS 105, Non-current Assets Held for Sale and Discontinued Operations, has been issued by the ASB for comments with the last date being September 14, 2021
New Income Tax Regime, Section – 115BAC, Income-tax Act, 1961 Tax on income of individuals and Hindu undivided family under new Income Tax Regime: Below is quoted the section 115BAC of Income Tax Act 1961 115BAC. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect […]
There are few transactions which are tracked by the Income tax departments. I have just made a short snippet of it for the views to understand it without any technicality. ____ ___ ____ Transactions monitored by Income tax department 1. Cash deposit/withdrawal in financial year in one or more accounts Rs 10 Lakhs: Savings Account […]
The Tamil Nadu AAR (AAR) has passed a very important decision on idli, dosa, bajra, jowar, ragi, and other ready-to-cook mix powders. The AAR has passed a ruling in case of an application filed by the Krishna Bhavan Foods and Sweets
In M.M. Aqua Technologies Ltd. Vs. CIT [CIVIL APPEAL NOS.4742-4743 OF 2021 dated August 11, 2021], the issue raised in the appeal is with respect to Section 43B Explanation 3C of the Income Tax Act, 1961 (IT Act) when a claim of deduction filed by M.M. Aqua Technologies Limited (Appellant) under Section 43B, which was […]
