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Income Tax : Advocate Amardeep Soni & Advocate Harsha Soni Gemplus India Pvt. Ltd. Vs ACIT (ITAT Bangalore) A Case Study of ITAT BANGALORE...
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Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
DIC Fine Chemicals Pvt. Ltd. Vs DCIT (ITAT Kolkata) It was a case where on account of the disallowance made by the AO, the loss returned by the assessee stood converted into positive sum and made the appellant eligible to claim deduction u/s 10AA of the Act. We thus find that as per the position […]
The Income Tax Department conducted search and seizure operations today on a prominent business group based in Srinagar, covering 8 premises in Srinagar and 1 each at Bangalore and Delhi. The assessee group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir Arts & Crafts etc.
Cash payments in excess of Rs. 20,000 made on bank/public holidays towards purchase of construction materials in the activity of real estate development could not be subjected to disallowance under section 40A(3) in view of rule 6DD(J).
Where AO was of the view that a shareholder of assessee-company had no means to make the subscription of share capital, AO could have asked the source of investment from the shareholder and if the source was not properly explained, addition could have been made in the hands of shareholder as unexplained income but no addition could be made u/s 68 in the hands of assessee-company since it had discharged the initial onus cast upon it by virtue of provisions of section 68.
Loss on the transactions in castor oil and castor seeds entered between sister concerns could not be allowed to be set-off against business income and LTCG on sale of land as these were speculative transactions as assessee had not obtained the delivery of goods of alleged trading since the purchased item was sold on the same day in the same quantity and also that there was no transportation expenses claimed by assessee.
NEWS DIRECT TAX 1. CBDT notifies TIEA between India-Marshall Islands. [Notification no 40/2019/F.No. 503/1/2018-FT & TR– IV] 2. Form 15H can be furnished if no tax payable on income after sec. 87A rebate. [Notification No. 41/2019/F. No. 370142/5/2019-TPL] 3. CBDT releases draft notification proposing new audit report Form for Trust/Institution. [NOTIFICATION F.NO. 370142/6/2019-TPL, DATED 21-5-2019] 4. […]
Shri Harish Chand Narang Vs ACIT (ITAT Jaipur) The sum and substance of above decision is that the nature of specification of charge by the A.O. at the stage of initiation of penalty proceedings at the time of issue of notice U/s 274 read with Section 271(1)(c) of the Act and at the time of […]
Ms. Sandvik Tooling Sverige AB Vs DCIT (ITAT Pune) The assessee is non-resident and was providing software services to Sandvik Asia Ltd. and also was providing IT support services to the said concern. The question which arises in the present appeal is whether the consideration received by assessee from the payer i.e. Sandvik Asia Pvt. […]
New Regime of Taxation of Long Term Capital Gains on sale of equity share, unit of equity oriented funds and unit of the business trust u/s 112A of the Income Tax Act, 1961 with effect from 01.04.2018 The Finance Act, 2018 has withdrawn the exemption under section 10(38) of the Income-tax Act, 1961 and has […]
Section 44AA, talks about the various provisions related to maintenance of books of accounts, which books are required to maintain and the period for which such books to maintained. So we will analyse the provisions of section 44AA, in details – Sub-section (1) of section 44AA, says, all persons, which are carrying on specified profession […]
