Application of mind & availability of material must for Reasons To Believe under section 147 of The Income Tax Act, 1961 Wef 01.04.1989. Article compares Section 34 of Income Tax Act, 1922 with Section 147 of Income Tax Act, 1961 and also compare Section 147 of Income Tax Act, 1961 with Amendment made vide Amendment […]
Understanding the role of a tribunal as a fact-finding body and the circumstances under which its findings can be challenged.
Understanding the implications of not maintaining books of accounts under section 271B of the Income Tax Act. Learn about the penalties and favorable judgments.
Understanding the penalty provisions under section 271(1)(c) of the income tax Act, 1961 when income is determined by AO through estimation.
The nature of business of the assessee can not be challenged by any authority whether assessee is competent of doing the business or not competent. It is the assessee who has to decide how to earn the Income. It is the choice of the assessee what type and of what nature he/she does the business […]
Work in progress is never a part of the turnover. Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 and penalty issue u/s 271B of the Income Tax Act ,1961 During the assessment year 2011-12 the turnover of the assessee was Rs. 639706.00 and work in progress was Rs. 16559480.00. Work […]
Holding legitimate refund due to the assessee assigning the reason that Miscellaneous Application is filed before the Income Tax Appellate Tribunal is not as per Sections 240 and section 241 of Income Tax Act, 1961. Section 240 covers the refund in case of Appeal effect. Punjab and Haryana High Court: Naurata Ram v. CIT [1998] 100 Taxman 266 […]
Draft submission regarding applicability of section 194C , 195 and disallowance u/s 40(a)(ia) with regard to payment made to Non resident shipping companies Addition of Rs.4,61,811/- u/s 40(a)(ia) of the Income Tax Act for failure to deduct tax at source. This relates to AY 2007-08 The facts are that during the course of assessment proceedings, […]
Deduction u/s 54 of the Act. Can be claimed as per law even construction of the house has not been completed and not occupied by the assessee Addition of Rs. 300000.00 on account of disallowance of deduction u/s 54 The assessee has shown income from Long Term capital gain from sale of property at Ambala […]
Explore the implications of Section 68 of the Act regarding cash credits and the treatment of creditors as not genuine in our draft submission.
