Notice U/S 143(2) Not Valid if Return Filed in Response to Notice U/S 148 Not Recognized by AO. Draft Written Submissions Written submission before the Hon’ble CIT(Appeals), XXXX bad in the case of Sh. XXXXXXXXXXX, XXXXXXX for the A.Yr. 2011-12. The assesse is an individual. He is doing business of trading of building material during […]
Improvement of owner’s title to asset is different from improving asset itself | Section 48, 49, and 55 of the Income Tax Act, 1961 Cost of improvement which is liable to be deducted , should be an improvement to the asset itself , not an improvement of the owner’s title to the asset . Meaning […]
Summary of the judgement About the assessee The assessee is a limited liability company engaged in the business of manufacture and sale of paints. It contended before the authorities that it had been its consistent practice to value the goods in process and finished products exclusively at cost of raw materials and totally excluding overhead […]
Addition to income cannot be made merely based on Valuation Report if no defect found in books of assessee If books of accounts are realistic , reliable and without any fault, then and not rejected by the AO then there comes no requirement to call for valuation report from registered Valuer in the case when […]
No transfer of the capital asset within the meaning of section 2(47) of the Income Tax Act , 1961 when a transfer is made by book entries only without a registered sale deed executed in favour of the transferee. as held in CIT vs Kedarnath Poddar & Co., in the Calcutta High Court (1993) 201 […]
The entries in the account books of the vendor and the vendee are not relevant for the purpose of determining whether a sale of immovable property had taken place. Its was too well settled that the litle to lands and buildings could not pass till a conveyance deed was executed and duly registered. The assessee […]
“Section 194C(1) :Scope of any work , explanation as income tax on income comprised therein , and total value of the work contract,TDS on reimbursement part explained by the Hon’ble SC in Associated Cement Company Ltd vs Commissioner Of Income-Tax … on 23 March, 1993 ‘194C(1). Any person responsible for paying any sum to any […]
No immunity from tax to the right person if revenue taxed wrong person contrary to law. SC in the case of Income Tax Officer vs Ch. Atchaiah on 11 December, 1995 There are no words in the present Act (The Income Tax Act , 1961) which empower the Income Tax Officer or give him an […]
Understanding Section 194C amendments and important court judgments on section 40(a)(ia) of the Income Tax Act.
The evil consequence of tax evasion or avoidance are manifold which are short listed as under 1. There is substantial loss of much needed public revenue particularly in a welfare State like ours as India which is a developing Country day by day. 2. There is the serious disturbance caused to the economy of the […]
