The assessee cannot escape himself for non-filing quarterly TDS merely stating that the PAN of the employees are not available. The penalty is provided in the Income Tax provisions u/s.272A(2)(k) of the Act is mandatory in nature except in case of reasonable cause proved by the assessee, which is lack in this case.
The appeal has been filed against the addition of Rs. 11,12,211/- made by the learned AO and confirmed by the learned CIT(Appeals) treating the said amount as not commission but as salary income without allowing deduction u/s. 37 of the IT. Act, 1961, the expenses incurred to earn the said commission. But in fact, the entire receipt is commission and not salary as it would be clear going though the fact of the case.
ITAT held that As there was part non-compliance by assessee with first notice under section 142(1) and complete non-compliance with subsequent notice under section 142(1), the AO was right in framing assessment order under section 144 and in denying allowance of interest and salary paid to partners by taking support of provisions of section 184(5).
Assessment under section 153A could not be made for making addition of unexplained income if assessment was unabated which had attained finality on the date of search and no incriminating material was found as per record.
The provisions of section 68 cannot be applied to sundry creditors and the assessee cannot be applied to sundry creditors and the assessee cannot be asked to prove the 3 ingredients of cash credits in respect of sundry creditors.
Das & Sons Infracon Pvt. Ltd. Vs DCIT (ITAT Cuttack) amount claimed on payment of PF and ESI having been deposited on or before due date of filing of returns, same could not be disallowed under section 43B or under section 36(1)(va). FULL TEXT OF THE ITAT JUDGMENT This is an appeal filed by the […]
M/s. Sree Alankar Vs PCIT (ITAT Cuttack) In the instant case, we find that it is not in dispute that the assessee is consistently following the same method of valuation of closing stock which was also followed in the year under consideration. The profit was deduced in accordance with the method adopted by the assessee. […]
When amendment made U/s. 200A of Income Tax Act which has come into effect on 1.6.2015 is held to be having prospective effect, no computation of fee for the demand or the intimation for the fee under Section 234E could be made for the TDS deducted for the respective assessment year prior to 1.6.2015.
Panda Fuels Vs ITO (ITAT Cuttack) We have heard the rival submissions, perused the orders of lower authorities and materials available on record. In the instant case the Assessing Officer disallowed deduction for remuneration paid to partners of Rs.6,64,923/- on the ground that the partnership deed does not provide for remuneration to partners. The same […]
Penalty u/s.271E was not leviable as the belief of assessee that return of advance from customers was not prohibited by section 269T was a bonafide belief.
