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In the instant case, it is an undisputed fact that the assessee has not maintained any books of account and whatever credit entries are found by the Assessing Officer, it was from the bank accounts of the assessee in which deposits were made at different point of time.
Notification No. 56/2013 – Income Tax S.O. 2311(E) – In exercise of the powers conferred by the proviso to sub-section (2) of section 194LD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following rates of interest in respect of rupee denominated bond of an Indian company, namely
CA. Rajesh Condoor S. 44 AA 1. Who are the persons that are required to compulsorily maintain books of account ?Every person carrying on legal, medical, engineering or architectural profession, or profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the CBDT are mandatorily required to keep and […]
The provisions of the Income Tax Act relating to Tax Deduction at source (TDS) are of very important in the present scenario when TDS collections contribute almost 39% of total collection of Direct Taxes. The Income Tax Act also provides for penalty & prosecution for any default in respect of deduction of tax at source or deposit of the deducted amount in the Government account.
CA Rajesh Condoor Please find a brief presentation on important reporting requirements in Form 3CB and Form 3CD based upon New Guidance Note on Tax Audit u/s 44AB of Income Tax Act, 1961 issued by ICAI.
Kaushal Agrawal We are attaching herewith Notes on Income tax compiled by CS K. K. Agrawal as applicable for Assessment year 2013-14 which may be useful for students who are appearing for for CA IPCC (IPC) Nov 2013 exam | CMA (inter) Dec 2013 exam and for others too. The notes are good for last […]
Facts apropos are that assessee, a firm of Chartered Accountants, filed its return for impugned assessment year on 30th September, 2008, declaring a total income of ~ 17,70,69,972/-. The assessment was completed on 31st December, 2010 under Section 143(3) of the Act
Contention of the Assessee :- The alleged Pen drive is not an admissible evidence, therefore the recording of reasons and consequent 148 proceedings based on the reasons of such unreliable evidence are bad in law.
As part of its ongoing initiative, the Income Tax Department has, on 22nd July, 2013 sent letters to another batch of 35,000 non filers. These persons were part of the around 12 lakh non-filers identified as a result of data matching exercise. With this latest batch, the Department has now issued letters in 2,10,000 high priority cases.
Issue – Whether in the facts and in the circumstances of the case and in law, the ITAT was right in holding that the wrong claim made by the assessee is not filing of inaccurate particulars, ignoring the fact that the assessee has knowingly claimed the setting off of loss against other source
