ICAI announces timetable, Examination Centre, Fees, Forms and Last date of Form submission for next Common Proficiency Test which will be held on Sunday, 16th December, 2018 in two sessions.
Bogus Capital gains- Order is against the principle of natural justice in as much as the order has been passed taking the statement of person as base, the copy of which is not made available to the assessee. Further, opportunity to cross examine the concerned person was also not provided to the assessee.
The issue under consideration is whether under block of assets, the depreciation allowed even for those assets which have not been used during the year under consideration?
Income earned corresponding to the expenditure alleged to be bogus is not question and hence the entire expenditure incurred which is duly supported by the income cannot be disallowed. Genuineness of the transaction has been proved by the documentary evidence. Addition restricted to the difference in the gross profit declared as compared to the average gross profit rate of earlier five years.
Transaction is duly recorded in the books of accounts, statutory returns are duly filed with regard to allotment of shares. Documentary evidence proving identity, creditworthiness and genuineness of the transaction is provided. Addition under section 68 not possible.
Where assessee was given an opportunity to make the disclosure with regard to foreign bank accounts and the amount lying thereat however assessee failed to avail the opportunity to make disclosure with regard thereto while submitting his return in the proceedings under search and seizure and also before Settlement Commission, the authorities was justified to initiate prosecution as per the provisions of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
Aadhaar-PAN linking is mandatory now which has to be completed till 31.3.2019 by the PAN holders requiring filing of Income Tax Return. Constitutional validity of Aadhaar has been upheld by the Hon’ble Supreme Court of India in September 2018. Consequently, in terms of Section 139AA of Income Tax Act., 1961 and order dated 30.6.2018 of […]
Fraudulent transactions using the UPI platform are increasing. We have issued advisory no.1 dated January 10, 2019 in this regard. Recently, a new modus operandi has been brought to our notice through which fraudster can easily take remote access of a victim’s mobile device and carry out transactions. Stepwise details are as under:
Tribunal had passed order u/s 254 (1) beyond one day beyond 90 days prescribed under the Rule 34(5)(c) from the date of conclusions of its hearing and the delay had resulted in prejudice to assessee hence, the order being not sustainable and restored for fresh consideration.
Addition made by AO was justified with regard to introduction of bogus share capital in the form of accommodation entries as the transactions done were clearly sham with excellent paper work to camouflage their bogus nature.
