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Income derived from rearing silkworms is not Agricultural Income: SC

June 8, 2021 5127 Views 0 comment Print

Rearing of the silk worms is not Agriculture Income as defined u/s 2(1A) of the Income Tax Act , 1961 . Sericulture is not Agricultural activity and hence income derived from rearing silkworms is not Agricultural Income as defined in section 2(1A) of the Income Tax Act, 1961. Let us understand what is Sericulture and […]

Regular Assessment means Section 143(3) & 144 Assessments only

June 4, 2021 11997 Views 0 comment Print

Modi Industries Limited vs CIT (Supreme Court) Having regard to the scheme of the Act and use of the phrase `regular assessment’ in various sections of the Act – we are of the view that in Section 214, `regular assessment’ has been used in no other sense than the first order of assessment passed under […]

Income shown as per section 44AE is independent of gross receipts from truck plying

June 3, 2021 2394 Views 0 comment Print

Taking into consideration the entire receipts of the assessee the return of the assessee has been filed u/s 44AE of the act as no books were required to be maintained by the assessee as per language of section 44AE of the Act. He has calculated his income according to the months of ownership of the trucks and applied presumptive taxation.

No prohibition on avoidance of tax liability by arranging commercial affairs

June 2, 2021 585 Views 0 comment Print

The law does not oblige a trader to make the maximum profit that he can out of his`trading transactions. Income which accrues to a trader is taxable in his hands: income which he could have, but has not earned is not made taxable as income accrued to him.

Draft submission against opening cash in hand treated as income of assessee

June 1, 2021 5586 Views 0 comment Print

The assessee is running the business of property consultancy and also sale purchase of properties on commission basis. From the last so many years, he was doing business of property consultancy. He is regular income tax assessee from the last many years. The assessee is not at all well versed with computer work and cannot access to the computer. He is unable to check his mails as well as his portal on the ITD Website.

Willful attempt in violation of section 269SS and Section 271D Penalty

May 29, 2021 4104 Views 0 comment Print

Respected Sir , My submissions are as under relying the provision of section 273B of the Act, 1961 as there is every reasonable cause with the assessee which is argued in writing detailed as under before you . Basically assessee is a farmer and in possession of sufficient agriculture lands . He is earning agriculture […]

Products of spontaneous growth are not agricultural products and income not agriculture income

May 29, 2021 8874 Views 2 comments Print

Products of spontaneous growth are not products of Agriculture and income derived from them is not agriculture income . Where human skill and labour on land is involved continuously are products of Agriculture and income derived can be considered as agriculture income . Demarcation pronounced by the Hon’ble SC in the judgment of The CIT […]

Absolute Rule of minimum four weeks gap between rejection of objection & further proceedings of section 147: Bombay HC

May 28, 2021 2661 Views 0 comment Print

Absolute Rule of minimum four weeks gap  between rejection of objection and further proceedings of section 147 , Bombay HC(296 ITR 90) Bombay High Court Asian Paints Ltd. vs Deputy Commissioner Of … on 29 January, 2007 Equivalent citations: 2008 296 ITR 90 Bom Bench: S Radhakrishnan, J Devadhar JUDGMENT 1. Heard learned Counsel for […]

Prima Facie some material is required not sufficiency or correctness for valid reopening u/s 147

May 25, 2021 3222 Views 0 comment Print

Prima Facie some material is required not sufficiency or correctness for valid reopening u/s 147 We have only to see whether there was prima facie some material on the basis of which the Department could reopen the case. The sufficiency or correctness of the material is not a thing to be considered at this stage. […]

Section 147 assessment based on specific, relevant & reliable information is valid: SC

May 24, 2021 2595 Views 0 comment Print

Phool Chand Bajrang Lal Vs. ITO (Supreme Court) The Hon’ble Supreme Court judgement in favour of the department makes it clear that when an information which is specific, relevant and reliable reassessment proceedings u/s 147 are valid, otherwise not. One of the purposes of Section 147, appears to us to be, to ensure that a […]

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