Nature of income which had been rental earning from the house property would not change just because it had been received by assessee-company formed with the object of carrying out business as builder and developer, therefore, AO had, rightly assessed the rental receipts under the head Income from house property.
Assessee was entitled to claim long term capital gain exemption under section 54 on sale of property and the same could not be denied on the ground that income tax return was not filed declaring such income.
Reassessment after period of four years on the ground that assessee had claimed excess deduction under Section 80IB(10) was not valid where assessee had made true and full disclosure and had consciously made only a proportionate claim under Section 80IB(10), which was rightly allowed by AO at the time of original assessment proceedings under Section 143(3).
The benefit under the SEIS is admissible on Mode 1 and Mode 2 services. Major services covered would include Legal, Accounting, Architectural, Engineering, Educational, Hospital services, Hotels and restaurants and other business services.
Recently in the DCIT vs. Compass Group (India) Support Services P. Ltd. ITAT Chennai decided on 12.06.2019, one of the ground taken by Revenue in the appeal was that the Learned CIT(A) has erred in providing relief to the assessee by holding that the appellant was entitled to depreciation on non compete fee as an intangible asset under Section 32( l)(ii) of the Income Tax Act, 1961 (hereinafter referred in short as the Act).
Issuing of show cause notice in a template-like manner cannot be challenged on basis that it was not clear as to whether the same had been issued for concealing particulars of income’ or furnishing of inaccurate particulars’ of such income merely by reason of mistake or defect i.e., mistake or defect of issuing it in a template and not scoring of the relevant ground and leaving out the applicable ground.
Though the matter of pre-arrest bail is pending before the Hon’ble Supreme Court in Union of India Vs Sapna Jain & Ors and has been discussed in detail in our previous article Jail Over Bail Under GST: Dilemma?. This article discuses the various requirements of the law to be considered while resorting to arrest the head of the Company. The authors try to analyse the criminal liability under various laws vis-à-vis Companies Act, 2013 the parent law for evolving corporate criminal jurisprudence.
The Income Tax Department conducted search and seizure operations today on a prominent business group based in Srinagar, covering 8 premises in Srinagar and 1 each at Bangalore and Delhi. The assessee group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir Arts & Crafts etc.
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Where AO was of the view that a shareholder of assessee-company had no means to make the subscription of share capital, AO could have asked the source of investment from the shareholder and if the source was not properly explained, addition could have been made in the hands of shareholder as unexplained income but no addition could be made u/s 68 in the hands of assessee-company since it had discharged the initial onus cast upon it by virtue of provisions of section 68.
