Section 148 of the Income-tax Act, 1961 is a powerful weapon used by Income-tax department to reopen the case of past years. The basis for reopening of case u/s 147 is that Assessing Officer has reasons to believe that income of assessee has escaped assessment.
DGFT clarified that the export which are made/have been made directly from SEZ/EOU unit to Foreign Consumer on whose behalf of DTA unit wherein export documents are prepared and field at the customs office of the concerned SEZ/EOU unit, mentioning the name of SEZ/EOU unit along with the name of DTA unit on whose behalf export are made, would be eligible for MEIS.
MCA wef 25.07.2019 has brought changes in Companies (Appointment and Qualifications of Directors) Rules, 2014 by amending it for the third time in year 2019. The salient features of the amendment are: 1. A new E-form DIR-3 KYC WEB is been introduced which needs to be filled in by every Director who has already filed […]
All About Form No. BEN-2 To identify the real acting person behind the curtains As we all the aware that the Amendment to Section 89 and insertion of Section 90 are the key amendments made by the Companies (Amendment) Act, 2017 (‘Amendment Act’). Enforced w.e.f. June 14, 2018 and Companies (Significant Beneficial Owners) Rules, 2018 […]
Permanent Account Number (‘PAN’) is a 10-digit unique identification number issued by the Income Tax department to all judicial persons identifiable under the Income Tax Act, 1961 (‘the Act’). The primary objective of the PAN is to bring a universal tax identification to all the financial transactions and prevent tax evasion by keeping a track of all the monetary transactions.
A. Applicability The Working Journalists (Conditions of Service) and Miscellaneous Provisions Act, 1955 lays downs an elaborate scheme applicable to Working Journalists. “Working Journalist” means a person whose principal avocation is that of a journalist and includes an leader-writer, news editor, sub-editor, feature-writer, copy-tester, reporter, correspondent, cartoonist, news- photographer, proof-reader, but does not include persons […]
Prior to the introduction of section 194-IA, the transaction of immovable property was usually undervalued and under-reported. With a view to improve reporting of such transaction and to curb the black money transactions to some extent, section 194-IA of the Income Tax Act was inserted. Provisions of section 194-IA of the Income Tax Act, 1961 were made […]
The present article is based on the appellate order passed by me as Commissioner (Appeals). Relevant extracts from my order have been reproduced. However, the name of the assessee has been muted. This order was widely appreciated and the author was awarded the title of ‘BEST INNOVATOR’ in the charge of Pr. CCIT, Gujarat for the exceptional ideas utilized in the appellate proceedings.
Ajay Kumar Srivastava Principal Commissioner of Income Tax (Central), Lucknow taxalogue@incometax.gov.in Sh. Ajay Kumar Srivastava is an IRS officer of 1988 batch currently posted as Principal Commissioner of Income Tax (Central), Lucknow. He has done M.Sc(Biochemistry) and has worked in I.T Deptt at various levels dealing with assessment, administration, I&CI, Investigation, ITAT, Intl. Tax, and […]
Many a time reassessment proceedings are quashed or additions made in such proceedings are deleted by the Appellate Authorities much to the dismay of the Assessing Officers. One prime reason for such adverse appellate orders are on the ground of ‘borrowed satisfaction’ in much as the drafting of recorded reason to initiate the proceedings does not bring out satisfaction of the Assessing Officer himself .
