A perusal of the record shows that this allegation of the Ld. Pr. CIT is correct in so far as no query has been raised by the AO on these two issues and neither has the assessee made any submissions either before the AO or even before the Ld. PR. CIT on these two issues even when the said issues were duly mentioned in the show cause notice issued u/s 263 of the Act. Accordingly, we have no option but to uphold the impugned order u/s 263 of the Act on these two issues.
Kamla Retail Ltd. Vs ACIT (ITAT Chandigarh) It is no doubt true that it is incumbent upon the assessee to account for the expenses in respective financial year in which they are incurred or the liability towards such expenses has accrued which is in line with the mercantile system of accounting as well as concept […]
Budgets are announced by states and center to provide an idea as to from the money will come and where the money will go so far as government functioning is concerned. The budget is also an indicator with regard to the government’s vision as to where resources should be utilized for overall development of the […]
The Companies Act, 2013, introduced the concept of One Person Company (OPC) in India. Further, this was to support entrepreneurs desiring to start a business on their own. While a Private Limited Company or Limited Liability Partnership requires at least two members for incorporation, you can start an OPC with a single member. OPC or […]
Madrid Protocol is an international System for registration of Trademarks in multiple jurisdictions around the world. This system of registration of trademark internationally is based on multilateral treaty consisting of Madrid Agreement Concerning the International Registration of Mark of 1891, as well as the Protocol Relating to the Madrid Agreement (1989).
Understanding the concept of set off and carry forward of loss under the Income Tax Act, 1961. Learn how to adjust losses against profits and maximize tax benefits.
