In the absence of a valid order u/s 120(4)(b) as well as section 127(1) of the Act the Additional Commissioner of Income Tax could not have exercised powers of an Assessing Officer to pass the impugned assessment order.
Section 194 H was applicable on on the discount allowed by assessee to the prepaid card distributors in respect of supply of SIM card/Recharge vouchers (SIM/RV).
Conclusion: Exemption under Section 54 was available to assessee for properties purchased in foreign countries as there was no condition in the provision that the property must be purchased in India prior to amendment in the provision in 2015.
ITAT held that Stock- in-trade can be considered as transferred only in the year in which the assessee has executed the sale deed transferring the stock-in-trade and not when the assessee has given stock-in-trade for joint development to the builder. As already held in the above cases, the provisions of section 2(47)(v) would apply only to the capital asset and not to stock-in-trade.
The amount reimbursed to the assessee (service provider) by the ONGC (service recipient), representing the service tax paid earlier by the assessee to the Government of India, would not form part of the aggregate amount referred to in clauses (a) and (b) of sub-section(2) of Section 44BB of the Act.
Central Government hereby establishes a Tribunal consisting of the following persons to decide disputes arising under section 10A of the said Act in the matter of election to the Council of the Institute of Chartered Accountants of India held in December, 2018, namely:-
Insolvency Professional to pay to IBBI, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Second Schedule;”
Further deferral of SA 701 cannot be permitted and it remains applicable for audits of financial statements for periods beginning on or after 1st April, 2018:‑(i) SA 701 was issued in May, 2016 with applicability for all audits of the year 2017-18 onwards. On the grounds of lack of adequate time for preparedness the said applicability date of SA 701 was postponed to the financial year 2018-19 onwards. Effectively, a period of almost two years was available for awareness building and training of the Auditors and any practical difficulties can be addressed only after implementation of the SA 701.
The Income Tax Department conducted search on 9th April, 2019 in Vijaywada at the premises of Sri Gurappa Naidu, a cost accountant. An information had been received on toll-free-number that cash was kept at the residence of Shri Gurappa Naidu which was to be used in General Election.
CBDT circular dated 29.02.2016 which requires 20% deposit of tax pending appeal is not rigid and cannot be implemented in all the cases. Based on the facts of the case, the deposit percentage can be increased or decreased.
