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This is an appeal filed by assessee against the order of Ld. CIT (A) dated 18/11/2013 for the assessment year 2003-2004.The grounds of assessee was that CIT (A) did not afford the assessee sufficient time and opportunity to make necessary submission and to adduce relevant details and documents
In his first fold of submission, he contended that assessee has sufficient interest free funds available which were used for the purpose of giving interest free advances, therefore, ld. Assessing Officer ought to have not disallowed any amount out of the interest expenses claimed on the borrowed funds.
Assessing officer has made few additions in his assessment order which were later on deleted by the CIT (A) on merits. Revenue preferred an appeal to the Tribunal against an order of CIT(A). However in this case the tax effect was less than Rs 4 lacs.
Brief Facts:Assessee, an individual,proprietor of M/s. Hydro Pure System,is engaged in the business of installation,erection and servicing of water purifying systems.He is deriving income from business and other sources. He filed his return of income on 28.9.10,declaring total income of Rs.18.40 lacs .
The assessee submitted that the retention money which was payable after expiry of plant performance guarantee period is over, did not accrue to it on the supply of plant / equipment, hence the same cannot be considered as income of the assessee as the amount did not accrue or become due at that time.
This section applies to all types of assesses whether resident or non-resident who are engaged in the business of plying , Hiring or leasing of goods carriages and owns not more than 10 goods carriages at any time during the financial year. Here the important point that is to be noted Is that the ownership of the good carriages should be of the assessees.
Background-: a) Like any other country, India has a sovereign right to levy tax on income in terms of aspect / nexus theory with India. b) It has been codified by the Income Tax Act, 1961 [1 of 1961] and to be specific, section 4, 5, 6 and 9 of the Act. c) It is […]
So the new Income Tax forms have been notified by the government after the forms notified earlier in April were withdrawn due to huge protest by the tax payers. Let us now understand the latest requirements as to the forms which you are required to file. I also intend to discuss other relevant matters relating to additional disclosure on bank accounts and foreign travels as originally proposed and modified as per these modified ITR forms.
Ankit Gupta Recently introduced ITR-1 Sahaj, ITR2, ITR 2A & ITR 4S Sugam for A.Y. 2015-16 vide Notification No. 49/2015-Income Tax, Dated: June 22, 2015 contains many changes as compared to ITR for A.Y. 2014-15. I have compiled all the changes in Excel file for your ready reference. Download Changes in ITR 1 and ITR 2 for A.Y. […]
ITR-1 SAHAJ- WHO CAN USE THIS RETURN FORM- This Return Form is to be used by an individual whose total income for the assessment year 2015-16 includes:- (a) Income from Salary/ Pension; or (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or (c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
