Reassessment under section 147 on the basis of report of Investigation Wing without conducting further enquiry on the same was invalid and liable to be set aside.
Since CIT(A) had admitted additional evidences without complying with rule 46A which was fatal to sustaining of appellate order passed by CIT(A), therefore, the matter was restored to CIT(A) for fresh adjudication.
The issue under consideration is whether the addition u/s 69 for Cash deposited in assessee’s bank account being Power of Attorney holder for sale of property belong to her father is justified in law?
Penalty under Section 271B was justified as assessee had not produced audit report in the prescribed format before AO and no explanation regarding the reasonable cause for not filing the audit report within the prescribed time limit was given.
Where the documents on record conclusively establish that the receipt did not give rise to any taxable income, it would not be open for AO to reopen the assessment referring only to the non disclosure of the receipt in the return of income.
Investment advisors often make grand statements that the basics of investment haven’t changed in centuries. This thought might stand true regarding tips like ‘one should buy low and sell high,’ but when it comes to all other aspects, investing has changed a great deal with time. Possibly, the most intimidating challenge which modern-day investors struggle […]
Where assessee placed sufficient documentary evidences before A.O. to prove genuineness of the transaction of sale of shares such as copies of bank statement, Demat account, share purchase documents and share certificate., etc., and no material had been brought on record against assessee to disprove the claim of assessee, addition made under section 68 on account of bogus long-term capital gain on sale of shares could not be sustained.
Results of the Common Proficiency Test (CPT) held in June 2019 are likely to be declared on Thursday, the 18th July 2019. – (11-07-2019) THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA [Set up by an Act of Parliament] July 11, 2019 IMPORTANT ANNOUNCEMENT The results of the Common Proficiency Test (CPT) held in June 2019 […]
Where amount received by assessee in excess of advance was on account of compensation for extinction of its right to sue the owner, the receipt was a Capital receipt not chargeable to tax.
Bank guarantee commission was not in the nature of commission paid to an agent but it was in the nature of bank charges for providing one of the banking service, therefore, the charge collected by bank for such service did not amount to commission within the meaning of section 194H and such commission could not be disallowed under section 40(a)(ia).
