As assessee received salary in cash, his claim that investments were made from such salary could not be brushed aside and keeping in view the overall facts and capacity of the assessee, addition under section 69 was deleted.
It is not disputed that section 40(a)(ia), Second proviso is for the benefit of the assessee and when a provision has been made in fiscal statute for benefit of assessee, in the absence of any express provision or a provision which by necessary implication gives a different impression, such provision which is beneficial to the assessee must be read and given effect to retroactively.
Where revenue itself failed to enquire from assessee as regards the manner in which undisclosed income admitted under section 132(4) was derived, the assessee could not be held guilty of not substantiating the manner of deriving of such undisclosed income, therefore, no penalty under section 271AAA could be levied.
Historic tax reform, the Goods and Service Tax (GST), has resulted in formalization of economy and consequently information flow would eventually augment not only the Indirect Tax collections but also Direct Tax collections. In the past, the Centre had little data on small manufacturers and consumption because the excise was imposed only at the manufacturing […]
Where assessee having received share capital furnished evidences, i.e. addresses, PAN No., copies of returns and bank statements of subscribers, etc., AO was not justified in treating share application money as unexplained without rebutting such evidences.
e regulations require that goods arriving at the warehouse from a customs station shall be affixed with a one-time-lock with its serial number endorsed upon the bill of entry for warehousing and the transport document.
Assessee clearly failed to specify as to how she derived undisclosed income and under what head it fell in (rent, capital gains, professional or business income out of money lending source of the income, etc. Unless such facts were mentioned with some specificity, it could not be said that conditions in section 271AAA(2) were satisfied by the assessee.
Central Information Commission instructs University of Delhi to allow inspection of his own answer sheet to the Appellant Mr. Mohit Kumar Gupta as sought in the RTI application within a period of 15 days from the date of receipt of this order.
Whether the reinvestment made by the assessee in 3 residential houses having common amenities, kitchen, common entrance, common house name, common electrical, common storage, common water, common garden, common boundary wall, common guard room, etc would give eligibility to claim exemption u/s 54 of the Act by construing all the three units as a single residential house ?
Complaints are being received from taxpayers that the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process. They are now not sharing the user credentials with the taxpayer on whose behalf they had done the registration in the first place and the taxpayer is at their mercy.
