Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with their profile available with the Income-tax Department (‘ITO’)
The online verification has been enabled on e-filing portal (for taxpayers) which will be synchronized with the internal verification portal (AIMS module of ITBA) of ITD. The salient features of online verification mechanism are as under:
Andhra Bank invites applications from practicing Firms of Chartered Accountants, who are willing to have their Firm empanelled as Concurrent auditor of the bank. Period of the assignment is from April 2017 to March 2018 and the last date for submission of application online is 28.02.2017 .
Indian food processing sector has potential to attract US$ 33 billion of investment and generate employment of 9 million persons days by FY 2024, said an ASSOCHAM-Grant Thorton Research paper.
Aassessment order itself reveals that the Revenue has placed reliance on the proceedings initiated against the appellant for imposition of penalty under Section 67 of the KVAT Act based on an inspection held on 17.08.2006. It is seen that the Revenue relied on letter dated 18.09.2007 issued by V. Ahammed to the Assistant Director of […]
It’s been almost eight months since the equalisation levy was imposed on payment for specified service which includes online advertisement, any provision for digital advertising space or any other facility or service for the purpose of online advertisement and includes any other service as may be notified later, provided by a Non-resident who doesn’t have a permanent establishment (PE) in India.
This appeal of Revenue for Asst. Year 2009-10 is directed against the order of ld. CIT(A)-XV, Ahmedabad, dated 2nd July, 2012 vide appeal No.CIT(A)-XV/406/ITO-9(1 )/1 1-12 arising out of the order u/s 143(3) of the IT Act, 1961 (in short the Act), framed on 23/12/2011 by ITO, 9(1), Ahmedabad. Following grounds have been raised by the Revenue
High Courts in all these cases have dismissed the writ petitions preferred by the appellant/assessee herein challenging the issuance of notice under Section 148 of the Income Tax Act, 1961 and the reasons which were recorded by the Assessing Officer for reopening the assessment.
First ground of the assessee for claiming the deduction under section 80IB was that it had started production in Asstt.Year 2004-05. Asstt.Year 2006-07 is the third year. Deduction under section 80IB was granted in Asstt.Year 2005-06 in a scrutiny assessment.
ITAT held that when purchase and sale of shares were supported by proper contract notes , deliveries of shares were received through demat accounts maintained with various agencies, the shares were purchased and sold through recognized broker and the sale considerations were received by account payee cheques, the transactions cannot be treated as bogus and the income so disclosed was assessable as LTCG.
