Where assessee had offered business receipts amounting to Rs 41,81,800/- in his return of income which was sufficient to make business advances of Rs 8,05,000/- there was no justifiable reason to not accept the entries in the cash book corresponding to advances of Rs 8,05,000/- made out of said business receipts.
ITAT Amritsar held that provisions of section 68 of the Income Tax Act is inapplicable as assessee does not maintain any books of accounts. Mere possession of pass book cannot be treated as books of accounts. Accordingly, addition u/s 68 unsustainable.
ITAT Pune held that as receipts from business activity is more than 20% of the total receipts, character of charitable purpose as given in section 2(15) will be lost and accordingly, exemption under section 11 of the Income Tax Act not available.
Madras High Court held that initiation of coercive recovery proceedings, by exercising power under section 45 of the Tamil Nadu Value Added Tax Act, 2006, without passing of assessment order is invalid and unsustainable.
In absence of any incriminating documents seized during search, AO is not justified in making addition in non-abated assessment orders u/S 153-A r/W Sec 143(3) of Income Tax Act of 1961.
Panexcell Clinical Lab Pvt. Ltd. Vs ACIT (ITAT Mumbai) ITAT find that the assessee is in the business of drug analysis, clinical trials, and other research activities and as part of the said business, the assessee does lab study of various drugs before their launch in the market. As per the assessee, for the purpose […]
Zapsell Retail Vs Commissioner State Goods And Services Tax (Delhi High Court) In Jain Manufacturing (India) Pvt. Ltd. v. The Commissioner Value Added Tax & Anr. (W.P.(C) 1358 of 2016 decided on 06.2016) this Court had held that C-forms cannot be cancelled retrospectively. Further, this Court has disposed of several writ petitions involving the similar […]
During investigation huge property have been seized which were disproportionate to her known source of income, although, she was housewife and no tax return was filed. It is submitted that the petitioner had several joint bank accounts with her husband Tapas Kumar Dutta, 45 mutual fund investment and number of LIC policies.
HC held that provisional attachment under section 83 of CGST Act 2017 cannot be extended & also there is no order extending the same.
Assessee gets his accounts audited & furnished section 44AB audit report before finalization of assessment order, so section 271B Penalty deleted
