Nature of the transaction made by the Petitioner with its tenant clearly amounts to renting of an immovable property for the purpose of business or commerce and is, therefore, clearly covered by Section 65(90a) of the Finance Act, 1994 and service tax is clearly livable thereon
Under section 145 of the Act, rejection of books of accounts is pre-requisite, where books of accounts have been maintained by the assessee, for making additions by the AO on account of estimation of profit.
What they believe to be information is a post circulated on WhatsApp platform or an alleged translation in a website. The alleged information is not claimed to be true to their knowledge. It is not even stated in the petition as to how the petitioners have formed a reasonable belief that the alleged post or the translation could be true or have any basis.
The Government of India Ministry of Finance Department of Revenue vide Circular No. 6 of 2016 of the Central Board of Direct Taxes 29th February, 2016 referring to the earlier circular No. 4 of 2009 dated 15th June, 2007 has laid down that in order to reduce litigation, the sale of listed shares would be treated as capital gain if they are held by the assessee for a period of more than 12 months immediately preceding the date of these transfers.
Tribunal formed an opinion where once the account books are expected to be maintained in the prescribed accounting standard, the assessing officer could not have made any additions towards the sale of rice treating it to be outside the books of accounts or towards investing in stock of rice and wheat outside the books of accounts.
This Reference, under Section 21 (5) of Chartered Accountants Act, 1949 (hereinafter referred to as “Act, 1949”), has been received in this Court, sent by Council of Institute of Chartered Accountants of India (hereinafter referred to as “ICAI”) in the matter of D.K.Agrawal, FCA of M/s Dinesh K. Agrawal & Co., Chartered Accountants, 46A, Madhav Kunj, Pratap Nagar, Agra.
Talaq by a Muslim husband to his wife cannot be made in a manner which may infringe her fundamental rights guaranteed under Article 14 and 21 of part III of the Constitution.
CIT (E), while considering an application for registration under Section 12AA, is not supposed to examine whether applicant is entitled for certain exemptions under Section 11 or 12 or not since that is within the jurisdiction of Assessing Authority and not CIT (E).
No disallowance can be made under Section 40A(2) (b) read with Section 36 of the Income Tax Act of interest paid on borrowed funds for trade advance given out of commercial expediency to sister concerns.
While scrapping an order transferring a case from Delhi to Noida, the division bench of the Allahabad High Court held that the holding of the office of a director by the petitioner and his admission to the undisclosed income are not sufficient grounds for transferring a case under section 127 of the Income Tax Act.
