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Reassessment u/s 148 quashed, on issue of notice without valid jurisdiction

Income Tax : The reliance has been placed on the decision of Hon’ble Allahabad High Court in the case of CIT Vs. M/s MT Builders Pvt. Ltd., (...

June 23, 2015 5843 Views 0 comment Print

Cash advance not claimed as deduction cannot be disallowed u/s 40A (3)

Income Tax : The assessee company is engaged in real estate business. It paid cash advance for purchasing a plot and reflected it in balance sh...

June 19, 2015 4119 Views 0 comment Print


Latest Posts in CA Amit Handa

Disallowance u/s 40A(2) of Commission paid to relatives cannot be made without proper enquiry

July 22, 2015 6556 Views 0 comment Print

AO made the disallowance by invoking the provisions of section 40A(2) of the Act, however nothing was brought on record on the basis of the comparative analysis to substantiate that the commission paid to the related parties was higher than the commission paid to unrelated parties.

Validity of Reassessment based on Audit Report/Balance Sheet Submitted during Original Assessment

July 22, 2015 2035 Views 0 comment Print

The reopening has basically been done for two reasons – the first one being the alleged difference between Unsecured Loans from Directors in the Balance Sheet and Unsecured Loans from Directors in Audit Report under Form 3CD; and the second one

Assessment initiated and framed in name of deceased is void

July 11, 2015 6071 Views 0 comment Print

In the present case also the notice u/s 148 of the Act was issued on 31.03.2010 in the name of the deceased assessee and claimed to have been served upon the deceased assessee who had already expired on 06.12.2002.

Services of development of agricultural land for housing project not covered in agricultural services

July 11, 2015 2333 Views 1 comment Print

Tribunal held that the service provided by appellant was not in relation to agriculture. Further appellant’s claim that service provided by it are eligible for exemption under notification no. 17/2005-ST, dated 07.06.2005

Service tax SCN, that fails to identify specific taxable service is liable to be Quashed

June 27, 2015 5714 Views 0 comment Print

In the entirety of the show cause notice there is not a single assertion proposing to levy and collect service tax on the basis of any specified taxable services allegedly rendered by the appellant except the several alternative taxable services speculated to have been provided.

Penalty cannot be imposed on preponderance of probabilities

June 26, 2015 2717 Views 0 comment Print

It is well settled that the parameters of judging the justification for addition made in the assessment case of the assessee is different from the penalty imposed on account of concealment of income or filing of inaccurate particulars of income and that certain disallowance/addition could legally be made in the assessment

Revenue can’t file appeal to ITAT, if tax not exceeds Rs 4,00,000/-

June 26, 2015 2074 Views 0 comment Print

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.

Loan foreclosure charges are eligible for deduction u/s 24(b)

June 25, 2015 10798 Views 0 comment Print

1. The assessee is an individual, who earned rental income from certain properties and claimed deduction for interest on loan paid by the assessee as interest u/s 24(b)of the Income Tax Act, 1961. 2. The A.O., on perusal of interest certificate given by the bank, noticed that out the total interest of Rs. 29,89,223/-

Reassessment u/s 148 quashed, on issue of notice without valid jurisdiction

June 23, 2015 5843 Views 0 comment Print

The reliance has been placed on the decision of Hon’ble Allahabad High Court in the case of CIT Vs. M/s MT Builders Pvt. Ltd., (2012) 349 R 271 (All.) that the notice issued by an Officer who had no valid jurisdiction over the assessee is invalid. Accordingly, The notice under Section 148 of the Act issued by the Income Tax Officer

Marketing & liasoning services can’t be equated with advisory services for ALP adjustment

June 23, 2015 415 Views 0 comment Print

The Tribunal, in assessment year 2006-07, in the assessee’s own case and on identical facts/ circumstances, has given a clear finding that the fee received by the assessee for providing marketing and liasioning services cannot be equated with the advisory services given to an investment manager.

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