CA, CS, CMA : Explore the implications of the inclusion of practicing professionals like CAs, CSs, and CWAs under the Prevention of Money-Launde...
Income Tax : Discover the FAQs on issues in filing Tax Audit Report Form 3CA-CD/3CB-CD. Learn about prerequisites, process, and more....
Goods and Services Tax : Hon’ble SC has in the case of UNION OF INDIA & ORS v/s M/S VISHNU AROMA POUCHING PVT. LTD. & ANR in SPECIAL LEAVE PETITI...
Income Tax : How much Vivad would be closed and how much Vishwas the Vivad se Vishwas scheme will be able to achieve that in coming months woul...
Income Tax : As mark of celebration of 159th Income Tax Day on 24th July,2019, CBDT in a mega event to be held in Delhi to be graced by Hon’b...
Income Tax : Addressing glitches in ITD portal, the Association of Tax Lawyers requests an extension for the ITR filing deadline due to signifi...
CA, CS, CMA : Members & Students Services (Grievances Handling and e-Sahaayataa) Directorate The Institute of Chartered Accountants of India...
Income Tax : We are drawing your kind attention towards Proposed Amendment in Section 43B of The Income Tax Act, 1961, which is detrimental to ...
Income Tax : CBDT proposes to introduce a common ITR by merging all the existing returns of income except ITR-7. However, the current ITR-1 and...
Goods and Services Tax : Clarification regarding time limit for certain compliances pursuant to issuance of Notification No. 18/2022-Central Tax dated 28.0...
Goods and Services Tax : Gujarat HC rules no GST on transfer of leasehold rights as it constitutes immovable property transfer; ITC inapplicable. Key relie...
Income Tax : Explore the detailed analysis of the ITAT Bangalore decision in Goworamma Lingappa Manjula Vs ITO. Understand the implications and...
Income Tax : Explore the ITAT Bangalore's decision in Lakshmi Multipurpose Co-operative Vs ITO regarding income threshold limits under Section ...
Corporate Law : Explore Delhi High Court's landmark verdict in Union of India vs. Kiran Kanojia. Insights into National Litigation Policy, its im...
Income Tax : Allahabad High Court quashes Section 263 order and imposes cost of Rs 10,000 on PCIT for lack of proper opportunity. Analysis of t...
Income Tax : CBDT removes anomaly in Vivad se Vishwas Scheme, allowing appeals filed after 22nd July 2024 within the prescribed time to be elig...
Income Tax : Understand CBDT's recent clarifications on trust audit reports. Learn about substantial contributions, relatives, and concerns in...
CA, CS, CMA : Government notifies that following transactions done by CA, CS & CMA on behalf of their client will be covered under Preventio...
Company Law : NFRA's investigations inter-alia revealed that CDGL's Auditors for FY 2018-19 failed to meet relevant requirements of Standards on...
Company Law : Instances of non-compliance with Indian Accounting Standards (Ind ASs) on Accounting Policies for measurement of Revenue from Cont...
The Assessing Officer has though power to re–assess but no power to review and if the concept of change of opinion is removed, then in the garb of the re–assessment, review of earlier orders would take place.
Hon’ble Delhi ITAT has in the case of DCIT v/s Heminder Kumari in ITA No. 4210-4213/Del/2013 has held that the information received by the Assessing officer from his investigation Wing, at best, be regarded as a prima-facie material, but could not be construed as conclusive for use against the assessee to fasten any tax liability, because the same was required to be corroborated by credible and independent evidence.
We have found that the G.P. rate in this year has been on lower side. However, the decrease in G.P. rate stands explained by the undeniable reasons that there is heavy increase in purchase price, freight cost and export cost.
Hon’ble Hyderabad ITAT has in the case of Dr. G. Premalatha v/s DCIT has categorically held that the CIT(A) had no jurisdiction in appeal proceedings to call for a valuation report, which is the exclusive prerogative of the AO.
Once loss is determined, the same should be set off against the income determined under any other head of income including undisclosed income. Hon’ble ITAT Ahemdabad Bench in the case of M/s. K.R. Automobiles v/s ACIT in ITA No.1972/Ahd/2012 has held that business loss can be set off against the addition u/s.68 of the Act by observing as follows:-
Hon’ble Cochin ITAT has in the case of M/s Sree Anjaneya Medical Trust while disposing off the appellant’s plea for registration u/s 12A has held that collection of money for admission of students in the professional colleges is not only inhuman but also against the scheme of the Constitution of sec 12A.
The assessee is engaged in agricultural and allied activity. This company is one of the group companies constituted by Shri B.Ramalinga Raju and his family members. During the course of scrutiny proceedings, the Assessing Officer called for the books of account of the assessee
Sec 153A cannot be used to re-agitate concluded assessment in the absence of any incriminating material. Hon’ble Agra ITAT Bench has in the order of DCIT V/S Kalyani Chaturvedi has held that assessments that have attained finality don’t abate at the time of search and they cannot be done de-novo u/s 153A of the Income Tax Act, 1961 in the absence of any fresh incriminating material found during the course of search by observing as under :-
Brief Facts of the case are that the assessee is engaged in the business of foodgrains. During the course of the assessment proceedings, the Assessing Officer noticed that the assessee has shown unsecured creditors amounting to Rs 80,27,616 but, as certain payments made to these persons
SC approves HC ruling – Disallowance u/s. 40(a)(ia) applies only to amounts ‘payable‘ as of 31st March and not to amounts already ‘paid‘ during the year
