ITAT held that as per specific provision of Section 28(v) of the Income Tax any interest, salary etc. earned by a partner from a partnership firm is taxable under the head profit and gains of business or profession and there is no question of categorizing it under the head income from other sources.
Final order passed by AO is beyond limitation period provided u/s 144C of Income Tax Act, hence, same is liable to be declared as null & void
Assessee contended that he was not the owner of the property sold and he executed sale deed on behalf of owner Shri Ashok Kumar Garg and, therefore, fasting tax liability on account of short term or long term capital gain on the shoulders of the assessee is not valid.
In tax invoice the amount has been mentioned as Rs.1,97,047.86 whereas in e-Way Bill it has been mentioned as Rs.197047086.00. There is palpable error in e-way bill, which may be construed to be an human error
Assessee through bills established co-relation between sales and purchase and merely not producing original bills cannot make purchase bogus
India’s digital aspirations are rapidly transforming the country’s economic landscape and labor market. With a population of over 1.3 billion people and a growing middle class, India has emerged as a global leader in the digital domain, with ambitious goals to leverage technology for economic growth and social development.
Section 148 Income Tax notice issued in the name of company which has already been amalgamated so HC quashed it
limitation for appeal before GSTAT start only after date on which President, or State President of Tribunal after its constitution under Section 109 of GST enters office.
Lapses relate to the EP’s failure to identify and report material mistatements in the financial statements, standard of audit work performed falling way below the mandatory standards prescribed under the Act and required of an auditor of a PIE.
There are certain cases where the transaction in its entirety starting from the sale of the original asset till the purchase or construction of the new assets is called into question as a colourable transaction done with the sole purpose of evasion of capital gain tax.
