Income Tax Department conducted searches on 23rd July, 2019 in a group covering 13 premises across 3 States (Delhi, Haryana & Himachal Pradesh). The group, controlled by persons who have significant political presence in a neighbouring State for decades and are occupying responsible political positions, has been generating large amounts of undisclosed income over several […]
An instance of Examination books being in illegal possession by an unauthorised person has recently been reported at Kolkata involving around 500 copies. It is clarified that ICAI examination system is totally robust and this instance is an aberration.
Deposit of TDS deducted to the credit of the Central Government with delay of 12 months without having reasonable cause was punishable with rigorous imprisonment of 3 months and fine of Rs.5,000/ (Rs. Five Thousand only) each for having committed offence..
Notice under section 143(2) was issued prior to the filing of the return of income which was invalid and the assessment order passed would also be invalid.
When assessee itself had filed separate TDS statements in respect of the tax deducted at source relating to the respective flats, while processing such statements under section 200A, AO had to levy fee under section 234E taking into account the delay in filing each of the statements and the levy of fee prescribed under section 234E could not be restricted to one challan–cum–statement filed in Form no.26QB.
Assessee was entitled to exemption under section 54 even if he had not taken possession nor the purchase deed had been executed within the period of three years because the delay in obtaining possession and getting purchase deed executed was on account of the developer and was by reason beyond the control of assessee.
Addition under section 69B of unaccounted money invested in purchase of land by assessee by paying in cash to sellers of land was justified as assessee-purchaser had no evidence to controvert the same.
Extension of timeline for completion of assessments in OCM cases where no return has been filed in response to notice u/s.142(1) of the Income-tax Act,1961(‘Act’) and the assessments have to be completed u/s.144 of the Act
Penalty under section 271AAB was justified as the surrender had been made on account of discrepancy /shortage in stock which had not been accounted for by assessee and the same was therefore rightly been held to qualify as “ undisclosed income” as per the definition in section 271AAB.
ITAT held that CIT(A) rightly directed Assessing Officer to allow the assessee’s claim of depreciation @ 25% treating the toll way rights as an intangible asset under section 32(1)(ii) of the Income Tax Act, 1961.
