The assessee has duly discharged its initial onus by submitting sufficient proof substantiating purchase and the payment is also routed through banking channel, simply because of non-existence of parties at the given address, the transaction cannot be treated as bogus and no addition can be made accordingly.
In view of section 92CA(4) as substituted by Finance Act, 2007 w.e.f. 1-6-2007, AO was bound by the order passed by TPO as he is required to compute total income in conformity with the ALP determined by TPO.
Assessee was not entitled to capital gain exemption under section 54 for purchase of houseboat as the same could not be equated with the residential house which was immovable property.
Gypsum boards would be taxable at 4 percent as per amended Entry 56 of Schedule IV instead of residuary Entry 1 of Schedule V at 12.5% Under the Rajasthan Value Added Tax Act, 2003.
Reassessment made by AO was valid as assessee was unable to explain the source of income from which investments had been made by furnishing her bank statements and AO clearly had reason to believe that income of assessee with reference to these three investments had escaped assessment.
Employees contribution towards EPF and ESI was rightly disallowed by AO as payment was made beyond the due date stipulated under the relevant enactment for making such payment u/s 36(1)(va)
Transaction of purchase of loan from HDFC ltd. would not cover within the meaning of Specified Domestic Transactions (SDTs) as the shareholding of HDFC Ltd. of 16.39% could not be clubbed with the shareholding of the HDFC Investments Ltd. of 6.25% to cross the threshold limit of substantial interest of 20%.
Addition made by AO merely on the ground that assessee made frequent withdrawal and deposit of his own money was not justified as the same was not prohibited under any law.
eForm INC-22A: Active Company Tagging Identities and Verification (ACTIVE)- Article explains Law Governing the e-Form INC-22A, Purpose of the e-Form INC-22A, Specific Instructions to fill the eForm INC-22A, Fee For filing of eForm INC-22A, Processing Type of eForm INC-22A, SRN Generation On successful submission of eForm INC-22A and Email on Submission of eForm INC-22. A. […]
Brahm Datt Vs ACIT (Delhi High Court) CONCLUSION – Re-assessment not tenable in law in as much as the same is barred by limitation. Any subsequent amendment in the re-assessment provisions, if not specifically mentioned, are presumed to be prospective and hence not applicable in the present case. FACTS – Petitioner, a senior citizen, was […]
