The foreign account compliance tax account (FATCA) is the tax mechanism that compels U.S. citizens at home or abroad to disclose all their foreign account holdings while filing their annual reports. This act was enforced in 2010 in the U.S.A as a part of the Hiring Incentives to Restore Employment ACT. (HIRE). FATCA was enforced […]
With the effect of 1. 07.2021 Finance Act, 2021 had inserted section 194Q in Income Tax Act, 1961 to provide a deduction of tax on certain purchases. Section 194Q of the Income-tax Act states that any person who buys goods of an amount exceeding 50 lakhs rupees from a resident seller in any previous year […]
Major amendment pertaining to Due date of Filing of Belated return or Revised return Rationalisation for Reducing time to file belated return and to revise original return and its effect on other provision of Income Tax With the massive technological upgrade in the Department where the processes under the Act are moving towards becoming faceless […]
Since he confiscated gold was not of Foreign origin and smuggled into India and the confiscated Indian Currency which had been claimed by assessee was not established or proved to be the sale proceeds of smuggled Gold, therefore, the order was passed to release the 6 pcs confiscated gold bars and Indian Currency to assessee being the rightful owner of the goods.
CIT to at least record a prima facie finding that certain amount claimed by assessee as deduction in its computation of income de facto related to earning of dividend income. Thus, it was held that in the absence of any such prima facie finding, the reassessment was erroneous and no addition could be made under section 14A.
The onus to prove the identity, the creditworthiness and genuineness of the transaction was solely on assessee under section 68 and merely because statutory approvals had been obtained by assessee, viz., FIPB and RBI did not sanctify the transaction especially when according to AO they were all unexplained investment.
