Aggregation of Income. CA Venkatesan Murali
|
|
- Stephanie Daniels
- 5 years ago
- Views:
Transcription
1 Aggregation of Income CA Venkatesan Murali
2 Overview of Act Section Number Particulars 68 Unexplained Cash Credits 69 Unexplained Investments 69A 69C 69B 69D Unexplained Money, Jewellery, etc., Unexplained Expenditure Investments Not Fully Disclosed Hundi Loan Borrowed or Repaid otherwise than by Account payee cheque or draft
3 Sec.68 Unexplained Cash Credit Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year :
4 Sec.68 Unexplained Cash Credit (Corp) Provided that where the assesse is a company (not being a company in which the public are substantially interested), and the sum so credited consists of share application money, share capital, share premium or any such amount by whatever name called, any explanation offered by such assessee-company shall be deemed to be not satisfactory, unless (a) the person, being a resident in whose name such credit is recorded in the books of such company also offers an explanation about the nature and source of such sum so credited; and (b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory: Provided further that nothing contained in the first proviso shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause (23FB) of section 10.
5 Sec 69 - Unexplained investments. Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year.
6 Sec 69A- Unexplained money, etc. Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year.
7 Sec 69B - Amount of investments, etc., not fully disclosed in books of account. Where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, and the Assessing Officer finds that the amount expended on making such investments or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded in this behalf in the books of account maintained by the assessee for any source of income, and the assessee offers no explanation about such excess amount or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the excess amount may be deemed to be the income of the assessee for such financial year.
8 Sec.69C - Unexplained expenditure, etc. Where in any financial year an assessee has incurred any expenditure and he offers no explanation about the source of such expenditure or part thereof, or the explanation, if any, offered by him is not, in the opinion of the Assessing Officer, satisfactory, the amount covered by such expenditure or part thereof, as the case may be, may be deemed to be the income of the assessee for such financial year : Provided that, notwithstanding anything contained in any other provision of this Act, such unexplained expenditure which is deemed to be the income of the assessee shall not be allowed as a deduction under any head of income
9 Sec. 69D Amount borrowed or repaid on hundi. Where any amount is borrowed on a hundi from, or any amount due thereon is repaid to, any person otherwise than through an account payee cheque drawn on a bank, the amount so borrowed or repaid shall be deemed to be the income of the person borrowing or repaying the amount aforesaid for the previous year in which the amount was borrowed or repaid, as the case may be : Provided that, if in any case any amount borrowed on a hundi has been deemed under the provisions of this section to be the income of any person, such person shall not be liable to be assessed again in respect of such amount under the provisions of this section on repayment of such amount. Explanation. For the purposes of this section, the amount repaid shall include the amount of interest paid on the amount borrowed.
10 Sec 68 Features * Only Cash Transactions or Any Credits A bare reading of section 68 shows that the expression used in the section 68 is any sum and it does not say that credit should be only in the nature of cash receipt. The credit shall also include both loans and trade creditors and also other receipts, be that of cash or kind. Davinder Singh v/s ACIT 101 TTJ (Asr-ITAT) 505 * Where amounts not credited in books of accounts? Held that amount not credited in books of accounts cannot be brought to tax u/s 68. Baladin Ram vs. CIT (71 ITR 427) (SC)
11 Sec 68 Features Credits of earlier years, not surfacing in current year, are outside the scope of section 68. Credits on first day of the previous year, can well be examined u/s 68. Credits on first day of new business of firm, can only be examined in the hands of the partners. Credits in pass book provided by bank.pass book is not books of account.cit vs. Bhaichand H Gandhi (141 ITR 67)(Bom)-adverse view of ITAT Delhi in 314 ITR [AT]001 Maintenance of books of account is a condition precedent for application of section ITD 626 (Del.Trib) DCIT v/s Finlay Corporation Ltd
12 Sec 68 - Features In case of firm, once a partner having accepted that he advanced certain sum to the firm: No addition in hands of firm (investment can be examined in hands of partner as per section 69 etc): a) P&HHC in 208 CTR 459;224 ITR 180 b) Mad HC in Taj Browellers 291 ITR 232 c) SC in Lovely Exports (supra) d) All HC in 141 ITR 706; (- 272 ITR 136 first day partner s money credited in firm s books)
13 Sec 68 Features Theory of Onus Shifting Onus or Static Onus.? Onus U/s 68, is a shifting onus Primary Onus on whom? Primarily on assessee to prove: - Identity Genuineness Credit-worthiness Primary Onus when Discharged Secondary Onus on Revenue
14 Sec 68 Features AMOUNT RECEIVED BY REAL ESTATE DELVELOPER: In case subsequently offered to taxation as sale price or refunded to flat bookers DHC in Tulip Finance can be applied No taxation u/s 68 Otherwise, prima facie- SC Lovely Exports can be Applied and by proving the identity (names and Addresses of flat bookers)
15 Extent of onus on assessee Assessee should prove identity, capacity of lenders as well as genuineness of transaction Where lender is assessed to tax, assessee can avoid addition by filing confirmation with particulars of PAN
16 Extent of onus on assessee Precautions to be taken while furnishing confirmation of unsecured loans: Mode of payment Cash/DD/ Cheque Particulars of Bank, if available Whether interest-bearing loan Immediate source If possible Date of Signing of confirmation Confirmation of fact of transaction of giving the amount by the creditor PAN and place of assessment of creditor
17 When primary onus is discharged by assessee onus shifts to revenue Independent evidence adduced by revenue calling for information u/s 133(6) or issuing summons u/s 131 Mandatory that the assessee is confronted with the said evidence and an opportunity of cross examination afforded However cross-examination to be conducted within a reasonable time by assessee Failure to avail of opportunity may prove counter productive CA ANIL SATHE
18 Human Probability Test The Human Probability Tests were laid down for the first time in the case of CIT vs. Durga Prasad More (1971) 82 ITR 540 (SC) as: The Tribunal disbelieved the story, which is prima facie, a fantastic story. It is a story that does not accord with human probabilities. It is strange that the High Court found fault with the Tribunal for not swallowing that story. If that story is found to be unbelievable as the Tribunal has found, and in our opinion rightly, then the position remains that the consideration for the sale proceeded from the assessee and, therefore, it must be assumed to be his money.
19 Role of affidavit from lender Affidavit is only an assertion by the lender and needs to be corroborated by independent additional evidence Such evidence may be documentary or oral by way of examination of the deponent CA ANIL SATHE
20 Unexplained Share Application Money Treated as Cash Credit u/s 68 Initial burden on assessee to explain nature & source of credit Prove identity of shareholder by way of physical presence, registered address, PAN, etc. Prove Genuineness Confirmation letter, bank statements, shareholder register, share application form, share transfer register, etc. Prove Creditworthiness Creditor s IT return, Balance Sheet Profit & loss A/c
21 Section 68:Unsecured Loans Assessee should prove identity, capacity of lenders as well as genuineness of transaction. Where lender is assessed to tax, assessee can avoid addition by filing confirmation with particulars of PAN. Case Laws: CIT Vs. Orissa Corporation (P) Ltd. (159 ITR 78) (SC) CIT Vs. Rohini Builders (256 ITR 360) (Guj.) Metachem 245 ITR 360 (MPHC) Nem Chand Kothari 264 ITR 254 (Gau) DHC in ITAC (ITA 1194/2007) and Rajokri Farms Pvt Ltd (ITA 1410/2008); Real Time Marketing 221 CTR 716; Diamond Products 177 Taxman 331 Raj HC in 219 CTR 571 & 220 CTR 622; P&HHC in 180 Taxman 185; Guj HC in 177 Taxman 35
22 Section 68:Unsecured Loans Assessee is not required to prove source of the source of credit. Case Laws: Hastimal V. CIT (49 ITR 273)(Mad.)
23 Sec 68 Charitable Trust DHC in Keshav Social Charitable 278 ITR 152 (applied by Jodhpur ITAT in Geetanjali Education Society 114 TTJ 697 affirmed by Raj HC in 174 Taxman 440) In the present case, assessee has not only disclosed its donations, but has submitted a list of Donors. The fact the complete list of donors were not filed or the donors were not produced, does not necessarily lead to an inference that assessee was trying to introduce unaccounted money by way of donation receipts. This is more particularly when assessee has applied more than 75% of its donations for charitable purposes
24 Section 68 versus Section 145 In K.M.N.Naidu 221 ITR 451 : There is no objection to the proposition that ITO can rely upon rejected books for purpose of making addition towards unexplained cash as also held by APHC in 120 ITR 294 (also see Kale Khan SC in 50 ITR 1) that is, on facts, AO can both estimate. Enhanced Profits and tax unexplained cash credits- However benefit of Telescoping (that is tracing/covering unexplained cash credits by Profits Addition) is possible Raj HC in 165 ITR 453; Mad HC in 149 ITR 127; BHC in 151 ITR 353
25 Distinction between 68 and 69 to 69C Section 68 requires the assessee to explain credit in books of accounts Section 69 to 69 B require establishing of sources of investments, money, bullion jewellery or other valuable article, not recorded in books of account. In section 68 onus is only on assessee to explain the source of the entry In section 69 to 69B the revenue is to establish that the investment has been made by the assessee Or the assessee is found to be the owner of money bullion jewellery or any other valuable article In section 69 C it is essential to establish that the assessee has incurred the expenditure - before the provisions can be invoked
26 Issues w.r.t Section 69 to 69C Inflated stock to bank Investment by one person in the name of another person A husband made investment in units of Mutual FUNDS from joint bank account in the name of Him and his wife and wife being second holder, on AIR information in name of assessee s wife, AO made assessment in hands of wife as unexplained investment u/s 69 : Whether Valid NO (Delhi ITAT Kanta Dua AIR based case)
27 Issues w.r.t Section 69 to 69C Ø Understatement of purchase consideration Ø Unexplained household expenditure Ø Unaccounted marriage expenses Ø Unverifiable purchases
28 Issues w.r.t Section 69 to 69C Ø Whether addition u/s 69/69B for understatement of purchase consideration of property, can be made only on basis of DVO report collected u/s 142A? No. Del ITAT in 102 TTJ 964 Fav, 89 ITD 586; Ahd ITAT (Third Member) in Amit Estate 113 ITD 255 Ø Deeming Fiction of section 69/69B requiring factum of investment may not be discharged by solitary reference to DVO report u/s 142A Fav : Sandeep Intermediates P Ltd,... vs Assessee AHD ITAT Adv : Del ITAT in Haneamp 101 ITD 19
29 Insertion of New Charging Section 115BBE -Special rate of taxes in regard to income referred to in Sec 68 to 69D Where total income of an assessee includes income referred to in sections 68 to 69D amount of income taxable shall be aggregate of amount of income tax calculated on income referred to in 68 to 69D at the rate of 30% and the amount of income tax with which assessee would have been chargeable had his total income been reduced by the aforementioned sums No deduction in respect of any expenditure to be allowed in computing income referred to in 68 to 69D
30 Issues Earlier section 68 only a Rule of Evidence general principle to charge as Income from Business or Income from Other Sources Now section 115BBE Charging Section tax income referred to in section 68
31 Issues w.r.t. section 115BBE Whether provision applicable irrespective of slab rates or basic exemptions No deduction of expenses but whether set-off of losses allowed Total income includes Income referred to in sec 68 Income different concept than sum to be treated as income Whether Chapter VI-A deduction allowed or income taxable under similar lines as winning from lottery, puzzles u/s 115BB
32 Recent Judgements Principal Commissioner of Income-tax v. Delco India (P.) Ltd.- [2016] 67 taxmann.com 357 (Delhi) IT: No addition could be made under section 68 on basis of loose papers found during search in assessee's case indicating assessee's transaction with a company when assessee not only clearly denied having any dealing with said company but also produced all necessary details for Assessing Officer to make necessary inquiries and a letter from director of that company conforming that said company did not have any transaction with assessee Whether since assessee on its part had made necessary enquiry and also provided final account of SSL; confirmation of director of SSL: details of bank account; final accounts; directors report; PA number, etc., burden cast on assessee was sufficiently discharged
33 Recent Judgements Olwin Tiles (India) (P.) Ltd. v. Deputy Commissioner of Income-tax [2016] 66 taxmann.com 8 (Gujarat) I47 & 68 On the basis of such working out, he recorded his reason to believe that income to the extent of Rs crores had escaped assessment. The reasons are not perverse or so untenable as to terminate the assessment at instant stage on the ground that the Assessing Officer could not be stated to have any reason to believe that income chargeable to tax had escaped assessment. Prima facie, the facts appear to be glaring. Whether the assessee will be able to discharge the minimal burden of establishing identity, source and creditworthiness of the depositors is a question not possible to answer without scrutiny. Whether the assessee had started its manufacturing activity and consequently its business operations so as to earn income or not are the issues which cannot be gone into at this stage and must be made part of the reopened assessment to be judged on the basis of evidence which may be brought on record.
34
35 Questions? CA Venkatesan Murali
CASH CREDITS- Section 68 of the I. Tax Act BY SIDHARTH JAIN
CASH CREDITS- Section 68 of the I. Tax Act BY SIDHARTH JAIN B.Com, FCA, LLB +91 9810418700 sidhjasso@yahoo.com SCOPE Section 68 of the Act provisions substantive Features of Section 68 Theory of Onus Emphasis
More informationCA Mahendra Sanghvi CA MAHENDRA SANGHVI
-By CA Mahendra Sanghvi 1 Reasons for amendment: After demonetization, some officials said in news that penalty @ 200% shall be levied on unreasonable & disproportionate Income of cash deposited. Having
More informationAll about Section 269SS & 269T of Income Tax Act,1961
All about Section 269SS & 269T of Income Tax Act,1961 Section 269SS No Person shall, take or accept from any other person (herein after called depositor)any loans or deposits otherwise than by an account
More informationWe have to depend upon the judicial development of law for its proper understanding.
Section 68 Where any sum is found credited in the books of an assessee maintained for any previous years and the assessee offers no explanations about nature and source thereof or the explanation offered
More informationSection 68 of Income Tax Act, 1961
Section 68 of Income Tax Act, 1961 By A. Ravi Shankar, Trainee, SAPR Advocates Mr. Dhiraj Raman, Jr. Advocate, SAPR Advocates Mr. Vikram Vijayaraghavan, Associate, SAPR Advocates Table of Contents S.No
More informationIN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT Decided on: ITA 31/2013
IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT Decided on: 13.02.2014 ITA 31/2013 ONASSIS AXLES PRIVATE LIMITED... Appellant Through: Sh. Salil Aggarwal and Sh. Prakash Kumar, Advocates.
More informationIN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT, 1961 Date of decision: ITA 232/2012
IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT, 1961 Date of decision: 22.11.2012 ITA 232/2012 COMMISSIONER OF INCOME TAX IV Through Mr. Kamal Sawhney, Sr. Standing Counsel... Appellant
More informationDividend General Meaning Dividend, in its ordinary connotation, means the sum paid to or received by a shareholder proportionate to his shareholding
Deemed Dividend Presentation By : - CA Agarwal Sanjay Voice of CA CA Sidharth Jain Team Voice of CA www.taxguru.in Dividend General Meaning Dividend, in its ordinary connotation, means the sum paid to
More informationIN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT DECIDED ON: ITA 176/2014
IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT DECIDED ON: 25.04.2014 ITA 176/2014 COMMISSIONER OF INCOME TAX DELHI I... Appellant Through: Mr. Rohit Madan, Sr. Standing Counsel with
More informationOverview of provisions of s. 68, 69, 69A,
Overview of provisions of s. 68, 69, 69A, 115BBE and 271AAC General Background of Sections 68 to 69D Chapter VI of the Income-tax Act, 1961 ( the Act ) titled Aggregation of Income has sections 68 to 69D
More information(hereinafter referred to as the "CIT (Appeals)") deleting the addition of Rs.34,50,000/- made under Section 68 of the Act with respect to the share ap
*IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 23 rd August, 2013 Judgment pronounced on: 28 th November, 2013 + ITA 2080/2010 COMMISSIONER OF INCOME TAX... Appellant Through: Mr. Abhishek
More informationIN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH A
IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH A Before Shri G. D. AGARWAL, HON BLE VICE PRESIDENT and Shri D. K. TYAGI, JUDICIAL MEMBER I.T.A. No. 2004/ Ahd/2008 (Assessment year 1996-97 ) ITO Ward
More informationPayment of Export commission to Non-Resident Agent :-
Common Disputes:- Payment of Export commission to Non-Resident Agent :- Relevant Bare Act, Rules & Circulars:- Other Sums 195. [(1) Any person responsible for paying to a non-resident, not being a company,
More informationRECOVERY PROCEEDINGS UNDER INCOME TAX ACT, 1961
RECOVERY PROCEEDINGS UNDER INCOME TAX ACT, 1961 By Shri Jitendra Singh, Advocate M-3, Mezzanine Floor, Court Chambers, 35, New Marine Lines, Mumbai 400020 Telephone No: (022) 49737379 Mobile No.: +91 9975750130
More informationNo reassessment on basis of info of DDIT (Investigation) that cash seized from director belonged to him
No reassessment on basis of info of DDIT (Investigation) that cash seized from director belonged to him Krown Agro Foods (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 5(1), New Delhi Judgement:
More informationIN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH F : NEW DELHI) BEFORE SHRI B.C. MEENA, ACCOUNTANT MEMBER and SHRI C.M. GARG, JUDICIAL MEMBER
IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH F : NEW DELHI) BEFORE SHRI B.C. MEENA, ACCOUNTANT MEMBER and SHRI C.M. GARG, JUDICIAL MEMBER ITA No.2821/Del./2011 (Assessment Year : 2003-04) ITO, Ward
More informationSection 44AD of The Income Tax Act,1961
Section 44AD of The Income Tax Act,1961 Special provision for computing profits and gains of business on presumptive basis By: CA Sanjay Kumar Agarwal CA Sidharth Jain Assisted By : CA Neha khurana Applicability
More informationIN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: E : NEW DELHI BEFORE SMT. DIVA SINGH, JUDICIAL MEMBER AND SH. O.P. KANT, ACCOUNTANT MEMBER
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: E : NEW DELHI BEFORE SMT. DIVA SINGH, JUDICIAL MEMBER AND SH. O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2006-07 M/s. Ujagar Holdings Pvt. Ltd., 8-D,
More informationISSUES IN CAPITAL GAIN. NIHAR JAMBUSARIA 25 July, 2010
ISSUES IN CAPITAL GAIN NIHAR JAMBUSARIA 25 July, 2010 BUSINESS INCOME VS. CAPITAL GAINS Whether the assessee whose substantial income comprises long term capital gain can be said to be a trader of shares
More informationIN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT. Decided on : ITA 195/2012, C.M. APPL.5434/2012
IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT Decided on : 27.07.2012 ITA 195/2012, C.M. APPL.5434/2012 ITA 196/2012, C.M. APPL. 5436/2012 ITA 197/2012, C.M. APPL.5437/2012 ITA 198/2012,
More informationTDS under section 195 of the Income-tax Act. CA Vishal Palwe 16 December 2017 Seminar on International Taxation at WIRC
TDS under section 195 of the Income-tax Act CA Vishal Palwe 16 December 2017 Seminar on International Taxation at WIRC Overview of section 195 Overview of section 195 195(1) Any person paying to non-resident
More informationIN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH A : NEW DELHI BEFORE SHRI G.D. AGRAWAL, VICE PRESIDENT AND SHRI H.S. SIDHU, JUDICIAL MEMBER ITA No.49
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH A : NEW DELHI BEFORE SHRI G.D. AGRAWAL, VICE PRESIDENT AND SHRI H.S. SIDHU, JUDICIAL MEMBER ITA No.4980/Del/2013 Assessment Year : 2008-09 09 Assistant
More informationTHE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: ITA 232/2014 COMMISSIONER OF INCOME TAX-VI
THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: 21.05.2014 + ITA 232/2014 COMMISSIONER OF INCOME TAX-VI... Appellant versus WORLDWIDE TOWNSHIP PROJECTS LTD... Respondent Advocates who appeared
More informationIN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION. WRIT PETITION No OF 2004
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION No. 3314 OF 2004 wp-3314-2004.sxw M/s. Eskay K'n' IT (India) Ltd... Petitioner. V/s. Dy. Commissioner of Income
More informationIN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCHE A, PUNE BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI R.S. PADVEKAR, JUDICIAL MEMBER
IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCHE A, PUNE BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI R.S. PADVEKAR, JUDICIAL MEMBER M/s Malpani Estates, S.No.150, Malpani House, Indira Gandhi Marg,
More informationO/TAXAP/561/2013 IN THE HIGH COURT OF GUJARAT AT AHMEDABAD. TAX APPEAL NO. 561 of 2013
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD TAX APPEAL NO. 561 of 2013 ================================================================ COMMISSIONER OF INCOME TAX VI...Appellant(s) Versus MADHAV ENTERPRISE
More informationControversies surrounding Section 14A of the Income Tax Act
Controversies surrounding Section 14A of the Income Tax Act CA Vivek Newatia vnewatia@sjaykishan.com CA Puja Borar pujaborar@sjaykishan.com Background and Rationale for introduction Section 14A introduced
More informationDilution of Section 14A
Dilution of Section 14A A ready reckoner - R.Dhiraj, Advocate, SAPR Advocates INTRODUCTION Section 14A has been introduced by the Finance Act 2001 with retrospective effect from 1962. The provision was
More informationDIRECT TAX REVIEW AUGUST 2016 VERENDRA KALRA & CO. Inside this edition. Like always, Like never before
VERENDRA KALRA & CO CHARTERED A CCOUNTANTS Like always, Like never before DIRECT TAX REVIEW AUGUST 2016 Inside this edition CBDT clarifies on Income Declaration Scheme, 2016. Sum received from developer
More informationITA No.3755/Mum/2017 (Assessment Year ) ITA No.3756/Mum/2017 (Assessment Year ) Vs. ITA No.2948/Mum/2017 (Assessment Year )
IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH E, MUMBAI BEFORE SHRI R. C. SHARMA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER ITA No.3754/Mum/2017 (Assessment Year- 2008-09) ITA No.3755/Mum/2017
More informationAssistant Commissioner of Income Tax vs. Celerity Power LLP [2018] 100 taxmann.com 129 (Mum ITAT)
Assistant Commissioner of Income Tax vs. Celerity Power LLP [2018] 100 taxmann.com 129 (Mum ITAT) No taxable capital gains arises on conversion of a private company into LLP at book-value, notwithstanding
More informationIN THE INCOME TAX APPELLATE TRIBUNAL "F" Bench, Mumbai. Before Shri B.R. Baskaran, Accountant Member and Shri Pawan Singh, Judicial Member
IN THE INCOME TAX APPELLATE TRIBUNAL "F" Bench, Mumbai Before Shri B.R. Baskaran, Accountant Member and Shri Pawan Singh, Judicial Member (Assessment Year: 2014-15) 801/806, 8th Floor, Elite Square 274,
More informationPROCEDURE FOR ASSESSMENT. -- By CA Mahendra Sanghvi
PROCEDURE FOR ASSESSMENT -- By CA Mahendra Sanghvi RETURN OF INCOME & SELF ASSESSMENT 2 Procedure assessment covered of is by Chapter XIV of RETURN OF INCOME & SELF 3 ASSESSMENT Shall furnish, on or before
More informationSEMINAR ON SECTION 14A DISALLOWANCE AND DEEMED DIVIDEND
SEMINAR ON SECTION 14A DISALLOWANCE AND DEEMED DIVIDEND Deemed Dividend-Legislative Intent The insertion of section 14A in 2001 was mainly done to make the following Supreme Court judgments non functional:
More informationREASSESSMENTS WITH SPECIAL REFERENCE TO RECENT DEVELOPMENTS AND PRACTICLE ASPECTS THERETO
REASSESSMENTS WITH SPECIAL REFERENCE TO RECENT DEVELOPMENTS AND PRACTICLE ASPECTS THERETO By H. N. Motiwalla Chartered Accountant HNM 1 Income Escaping Assessment (S. 147) Income Escaping Assessment (S.
More informationIN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT RESERVED ON: DECIDED ON: ITA 776/2011
IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT RESERVED ON: 08.10.2012 DECIDED ON: 05.11.2012 ITA 776/2011 THE COMMISSIONER OF INCOME TAX DELHI-II... Appellant Through: Sh. Sanjeev Sabharwal,
More informationA Fresh look at disallowances u/s 14A of Income Tax Act - By CA. K.K.Chhaparia
A Fresh look at disallowances u/s 14A of Income Tax Act - By CA. K.K.Chhaparia Now a days, every assessee who is doing investment or trading in shares are getting hit hard by the impact of section 14A.
More informationSeminar on Search & Seizure and Survey
Seminar on Search & Seizure and Survey AFTERMATH OF SURVEY & SEARCH BY SUNIL H. TALATI M.COM., L.L.B., FCA., PAST PRESIDENT OF ICAI 7 th December, 2013 1 1. Important points to be considered at the commencement
More informationMihir Naniwadekar Advocate. Penalties: S. 271(1)(c), S. 271AAA, s. 271AAB
Mihir Naniwadekar Advocate Penalties: S. 271(1)(c), S. 271AAA, s. 271AAB Nature of Penalty Proceedings Relationship with Assessment Proceedings: Not a continuation of assessment proceedings Jain Bros v.
More informationIN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT, Date of Decision: 23rd February, ITA 1222/2011
IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : INCOME TAX ACT, 1961 Date of Decision: 23rd February, 2012. ITA 1222/2011 CIT... Appellant Through: Ms. Suruchi Aggarwal, Sr. Standing Counsel. versus
More informationINCOME ESCAPING ASSESSMENT Landmark Judicial Pronouncements
INCOME ESCAPING ASSESSMENT Landmark Judicial Pronouncements Prashanth G S, ACA Chartered Accountant Bangalore 1 Definition Section 2(8) -"assessment" includes reassessment 2 1 Section 147 Income escaping
More information(Per: Tarun Agarwala, J.)
AFR Reserved Income Tax Appeal No.174 of 2015 Commissioner of Income Tax-II, Agra... Appellant Vs. Smt. Dimpal Yadav, Etawah... Respondent With Income Tax Appeal No.71 of 2013 Commissioner of Income Tax-II,
More informationA legitimate expenditure or relief not claimed in the return of income can be claimed ONLY by revising the return of income under section
Fresh Claim Outside The Return of Income BY:- CA. (Dr.) Gurmeet S. Grewal B. Com (Hons.), FCA, PhD., CLA (IIAM) Grewal & Singh Chartered Accountants New Delhi, Chandigarh, Yamuna Nagar, Jammu Phones: 09811242856
More information2 O R D E R PER SAKTIJIT DEY, J.M. Instant appeals by the assessee are directed against separate orders passed by the learned Commissioner (Appeals) 4
IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA no.5271/mum./2013 (Assessment Year : 2010 11) Plot no.612, Junction
More informationIN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES A, HYDERABAD BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER
IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES A, HYDERABAD BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER I.T.A. No. 1149/HYD/2015 Assessment Year: 2008-09,
More informationReassessment B y C A M a h e n d r a S a n g h v i
Reassessment B y C A M a h e n d r a S a n g h v i R e a s s e s s m e n t & 2 RELEVANT SECTIONS: Sec. 147 Income escaping assessment. Sec. 148 Issue of notice where income has escaped assessment. Sec.
More informationDIRECT TAXES Tribunal
Jitendra singh & sameer dalal Advocates DIRECT TAXES Tribunal REPORTED 1. TDS under section 194I provision for rent vis-à-vis actual payment assessee making provisions for disputed rent payable to landlord
More informationThis is an appeal by the department against the order dated of ld. CIT(A)-XXII, New Delhi.
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH G, NEW DELHI Before Sh. D. Manmohan, Vice President And Sh. N. K. Saini, AM ITA No. 519/Del/2013 : Asstt. Year : 2003-04 Income Tax Officer, Ward 20(3),
More informationInsight of Few Sections
Insight of Few Sections Relevant for Handling Income Tax Assessments - C.A. Mehul Thakker SECTION 2(14) SECTION 2(14) CAPITAL ASSET [W.E.F A.Y.2014-15] Modification in parameters defining scope of land
More informationFailure to furnish returns, comply with notices, concealment of income, etc.
Failure to furnish returns, comply with notices, concealment of income, etc. 271. (1) If the Assessing Officer or the Commissioner (Appeals) or the [Principal Commissioner or] Commissioner in the course
More informationFutures, Options and other Derivatives
Overview of Accounting, Reporting and Taxation of Futures, Options and other Derivatives By: Sanjay Agarwal Founder of Voice of CA, NGO Email: agarwal.s.ca@gmail.com Accounting aspects Accounting Aspects
More informationGREWAL & SINGH Chartered Accountants
INDIRECT TAX: SERVICE TAX MAJOR CHANGES IN SERVICE TAX BY FINANCE ACT, 2015 1. CHANGE IN SERVICE TAX RATE Service Tax Rate (With effect from 1 st June 2015) The rate of Service Tax is being increased from
More informationTaxation and Accounting of Builders & Developers Recent Developments (S. 145 & TAS, 43CA, 56(2)(vii)(b) and 194IA)
Taxation and Accounting of Builders & Developers Recent Developments (S. 145 & TAS, 43CA, 56(2)(vii)(b) and 194IA) Saturday, 28 th June 2014 Direct Taxes Refresher Course WIRC of ICAI Birla Matushri Sabahgraha
More informationJ.B. NAGAR CPE STUDY CIRCLE STUDY GROUP MEETING RECENT IMPORTANT JUDGMENTS IN DIRECT TAX
J.B. NAGAR CPE STUDY CIRCLE STUDY GROUP MEETING 03.09.2016 RECENT IMPORTANT JUDGMENTS IN DIRECT TAX - BY SHRI JITENDRA SINGH, ADVOCATE A. SUPREME COURT DECISIONS: (i) Sec. 148 r.w.s. 22 Notice issued under
More informationThe Institute of Chartered Accountants Of India
The Institute of Chartered Accountants Of India 15CA- 15CB Filing, Issues & Precautions Natwar G. Thakrar Saturday, 30 th December, 2017 Presentation Outline Brief Analysis of section 195 Determination
More information$~ * IN THE HIGH COURT OF DELHI AT NEW DELH + ITA 55/2017 Reserved on: 03 rd August, 2017 Date of decision: 25 th August, 2017
$~ * IN THE HIGH COURT OF DELHI AT NEW DELH + ITA 55/2017 Reserved on: 03 rd August, 2017 Date of decision: 25 th August, 2017 PRINCIPAL COMMISSIONER OF INCOME TAX 7... Appellant Through: Mr. Ruchir Bhatia,
More information$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI ITA 607/2015. versus AND ITA 608/2015. versus
$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI 12. + ITA 607/2015 PR. COMMISSIONER OFINCOME TAX... Appellant Through: Mr. Kamal Sawhney, Senior Standing counsel with Mr. Raghvendra Singh and Mr.Shikhar Garg,
More informationA COMPLETE ANALYSIS OF THE FINANCE ACT, 2013 PART - VI (Chapter XIII & XIV of the IT Act)
A COMPLETE ANALYSIS OF THE FINANCE ACT, 2013 PART - VI (Chapter XIII & XIV of the IT Act) Prepared by Advocates of M/s Subbaraya Aiyar, Padmanabhan & Ramamani (SAPR) Advocates 13. CHAPTER XIII Income Tax
More informationAt the time of Sec. 80G approval object of trust needs to be examined without considering application of income
At the time of Sec. 80G approval object of trust needs to be examined without considering application of income Citation: Commissioner of Income-tax, Rajkot-III v. Vipassana Trust Court: HIGH COURT OF
More informationCA C. Neelakantan Ashok Leyland Limited
CA C. Neelakantan Ashok Leyland Limited May 16, 2014 Work shop on Direct Taxes 1 Sec 14A read with Rule 8D Sec 32 Restriction of depreciation Sec 35 Non-eligible Scientific Research Exp. Sec 37 & 43A-
More informationCIVIL APPELLATE/ORIGINAL JURISDICTION CIVIL APPEAL Nos OF 2004
IN THE SUPREME COURT OF INDIA CIVIL APPELLATE/ORIGINAL JURISDICTION CIVIL APPEAL Nos. 516-527 OF 2004 Brij Lal & Ors.... Appellants versus Commissioner of Income Tax, Jalandhar... Respondents with Civil
More informationin NBFCs Presented by : Hitesh R. Shah Chartered Accountant 28 January
Typical Tax issues in NBFCs Presented by : Hitesh R. Shah Chartered Accountant 28 January 2013 1 It is a company registered under the Companies Act, 1956 and is engaged in the business of financing whether
More informationDISCUSSION ON SUPREME COURT RULING IN DHARMENDERA TEXTILES ON PENALTY U/S 271(1)(c) Chartered Accountant New Delhi
DISCUSSION ON SUPREME COURT RULING IN DHARMENDERA TEXTILES ON PENALTY U/S 271(1)(c) Presentation by : CA. Kapil Goel, ACA, LLB Chartered Accountant New Delhi cakapilgoel @gmail.com 1 OBJECT/SCOPE To deliberate
More informationDefinition of Trust What is Trust? Meaning-No definition in Income Tax Act Common Parlance-Confidence reposed in Definition of Trust-Section 3 of
Definition of Trust What is Trust? Meaning-No definition in Income Tax Act Common Parlance-Confidence reposed in Definition of Trust-Section 3 of Indian Trusts Act,1882- Obligation annexed to the ownership
More informationSource - ITA Nos 1667 & 1765 of 2010 Pfizer Ltd Mumbai IN THE INCOME TAX APPELLATE TRIBUNAL "C" Bench, Mumbai Before Shri D.K. Agar
IN THE INCOME TAX APPELLATE TRIBUNAL "C" Bench, Mumbai Before Shri D.K. Agarwal, Judicial Member and Shri B. Ramakotaiah, Accountant Member ITA No.1667/Mum/2010 (Assessment year: 2007-08) Pfizer Ltd.,
More informationof the CIT(A)- 16, New Delhi relating to assessment year
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH E, NEW DELHI BEFORE SHRI R. K. PANDA, ACCOUNTANT MEMBER AND SMT. BEENA A. PILLAI, JUDICIAL MEMBER Assessment Year : 2011-12 Smt. Prem Jain, 2683/85, Gali
More informationIN THE HIGH COURT OF DELHI AT NEW DELHI. % Judgment delivered on: PR. COMMISSIONER OF INCOME TAX - 03
IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: 18.12.2015 + ITA 719/2015 PR. COMMISSIONER OF INCOME TAX -03 + ITA 728/2015 PR. COMMISSIONER OF INCOME TAX -03 + ITA 730/2015 PR. COMMISSIONER
More informationIN THE HIGH COURT OF GUJARAT AT AHMEDABAD. SPECIAL CIVIL APPLICATION No of CADILA HEALTHCARE LTD - Petitioner(s) Versus
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD SPECIAL CIVIL APPLICATION No. 15566 of 2011 CADILA HEALTHCARE LTD - Petitioner(s) Versus ASST.COMMISSIONER OF INCOME- TAX(OSD) & 1 - Respondent(s) Appearance :
More informationCommissioner of Income-Tax Vs. Punjab Chemical & Crop Protection Ltd
Commissioner of Income-Tax Vs. Punjab Chemical & Crop Protection Ltd Judgement: 1. Ajay Kumar Mittal, J. - This appeal has been preferred by the Revenue under section 260A of the Income-tax Act, 1961 (in
More informationSection 14A Expenditure incurred in relation to income not includible in Total Income. CA. Pramod Jain. B. Com (H), FCA, FCS, FCMA, LL.B.
Section 14A Expenditure incurred in relation to income not includible in Total Income CA. Pramod Jain B. Com (H), FCA, FCS, FCMA, LL.B. DISA, MIMA This document would help in better understanding of critical
More informationINTERNATIONAL TAXATION Case Law Update
CA Tarunkumar Singhal & Sunil Moti Lala, Advocate INTERNATIONAL TAXATION A. SUPREME COURT RULINGS 1. Where the transfer pricing addition made in the final assessment order pursuant to original assessment
More informationDEEMED DIVIDEND. By Siddhartha Berlia, ACA
DEEMED DIVIDEND By Siddhartha Berlia, ACA Siddhartha@chhapariaassociates.com The concept of Deemed Dividend under the Income-tax Act, 1961(the Act) is not new. However, time and again many closely held
More informationAssessment of Search Cases (sec. 153A to 153C) Technical Aspects & Recent Developments. Rajan Iyer
Assessment of Search Cases (sec. 153A to 153C) Technical Aspects & Recent Developments Rajan Iyer HIGHLIGHTS Sections covered: a) 132 (relevant part) b) 153A c) 153B d) 153C Relevant Issues Recent developments
More informationIntroduction. Introduction. Introduction 8/2/2014
Introduction Real estate transactions are one of the main source for generation and application of black money. The Government is regularly trying to plug loop holes in such transactions by inserting various
More information$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI. versus
$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 292/2015 COMMISSIONER OF INCOME TAX-CENTRAL-I... Appellant Through: Mr. Kamal Sawhney, Senior Standing Counsel. versus M/S. INDO ARAB AIR SERVICES Through:...
More informationIN THE INCOME TAX APPELLATE TRIBUNAL, BANGALORE BENCH B BEFORE SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER
IN THE INCOME TAX APPELLATE TRIBUNAL, BANGALORE BENCH B BEFORE SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA No.971/Bang/2015 (Asst. Year 2011-12 ) M/s Sevasadan
More informationFINANCE BILL 2017-DIRECT TAX PROPOSALS AT GLANCE
FINANCE BILL 2017-DIRECT TAX PROPOSALS AT GLANCE COMPILED BY: CA.ARUN GUPTA ca.arungupta77@gmail.com A. Rates of Taxes: 1. It is proposed to make the following changes in tax rates: In case of Resident
More informationfor private circulation only
NEWSLETTER M. V. DAMANIA & Co. Chartered Accountants CONTENTS Rajmoti Industries Gujarat High Court Dholgiri Industries Pvt. Ltd. Alkaben Patel Ahmedabad Tribunal, Special Bench Hindustan Lever Limited
More informationIN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH I, MUMBAI BEFORE SHRI I.P. BANSAL, JUDICIAL MEMBER AND SHRI D. KARUNAKARA RAO, ACCOUNTAT MEMBER
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH I, MUMBAI BEFORE SHRI I.P. BANSAL, JUDICIAL MEMBER AND SHRI D. KARUNAKARA RAO, ACCOUNTAT MEMBER Shri Irfan Abdul Kader Fazlani, 21 A Nirmal, Nariman Point,
More informationALL GUJARAT FEDERATION OF TAX CONSULTANTS
ALL GUJARAT FEDERATION OF TAX CONSULTANTS PRE-BUDGET MEMORANDUM FOR 2015-16 1. Section 2(22)(e) : Deemed Dividend As per the present provision, even if advance or loan is given to a share holder for one
More informationT. P. Ostwal & Associates (Regd.) Key Budget Proposal Budget 2012 CHARTERED ACCOUNTANTS
IMPORTANT AMENDMENTS & MAJOR DIRECT TAX PROPOSALS IN FINANCE BILL, 2012 CORPORATE TAX No change in the head corporate tax. Extension of sunset date for tax holiday for power sector to 2013; Initial depreciation
More informationIN THE HIGH COURT OF GUJARAT AT AHMEDABAD. TAX APPEAL No. 50 of THE COMMISSIONER OF INCOME TAX - Appellant(s) Versus
TAXAP/50/2011 6/6 ORDER Print IN THE HIGH COURT OF GUJARAT AT AHMEDABAD TAX APPEAL No. 50 of 2011 ========================================================= THE COMMISSIONER OF INCOME TAX - Appellant(s)
More informationH A R B I N G E R. Updates on regulatory changes affecting your business. December B D Jokhakar & Co. Chartered Accountants
H A R B I N G E R December 2018 B D Jokhakar & Co. Chartered Accountants www.bdjokhakar.com Follow us on: Twitter LinkedIn Facebook Page 1 of 13 INDEX Sr No. Topics Covered Page No. 1. Income Tax 3 2.
More informationIN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: SMC NEW DELHI BEFORE SMT DIVA SINGH, JUDICIAL MEMBER
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: SMC NEW DELHI BEFORE SMT DIVA SINGH, JUDICIAL MEMBER I.T.A.No.-856/Del/2014 (ASSESSMENT YEAR-2006-07) Global Realty Heritage Venture (Cochin) (P.) Ltd.,
More informationIN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND MS. SUSHMA CHOWLA, JUDICIAL MEMBER ITA Nos.2220
IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND MS. SUSHMA CHOWLA, JUDICIAL MEMBER (Assessment Years : 2009-10 & 2010-11) Asstt. Commissioner of Income
More informationOverview of provisions of Section 115BBE read with other sections from 68 to 69D of the Income Tax Act, 1961 (the Act)
Overview of provisions of Section 115BBE read with other sections from 68 to 69D of the Income Tax Act, 1961 (the Act) Compiled by Girish Agrawal, Chartered Accountant, Indore As inserted by Finance Act,
More informationA Fresh look at disallowance under section 14A of the Income-Tax Act, 1961
A Fresh look at disallowance under section 14A of the Income-Tax Act, 1961 [Published in 332 ITR (Jour) 49] 1 - By S.K.Tyagi Section 14A, the heading of which is Expenditure incurred in relation to income
More informationRE-ASSESSMENT U/S 147 (FOR DEPT. EXAM) BY S. MOHD. MUSTAFA, IRS, JCIT, TPO, CHENNAI
RE-ASSESSMENT U/S 147 (FOR DEPT. EXAM) BY S. MOHD. MUSTAFA, IRS, JCIT, TPO, CHENNAI PROVISIONS RELATING TO RE-ASSESSMENT S.147 = INCOME ESCAPING ASSESSMENT S.148 = ISSUE OF NOTICE S.149 = TIME LIMIT FOR
More informationIN THE INCOME TAX APPELLATE TRIBUNAL, BANGALORE BENCH B BEFORE SHRI JASON P BOAZ, ACCOUNTANT MEMBER AND SHRI N V VASUDEVAN, JUDICIAL MEMBER
Page 1 of 13 1 IN THE INCOME TAX APPELLATE TRIBUNAL, BANGALORE BENCH B BEFORE SHRI JASON P BOAZ, ACCOUNTANT MEMBER AND SHRI N V VASUDEVAN, JUDICIAL MEMBER (Asst. year 2005-06) M/s Synopsys International
More informationImportant Judgment s on TDS CA. MAHENDRA SANGHVI
Important Judgment s on TDS CA. MAHENDRA SANGHVI 1 Section 192 : Salary Commission to Managing Director Commission to Managing Director as fixed percentage of profit. Accrual of commission in the year
More informationIN THE INCOME TAX APPELLATE TRIBUNAL BENCH 'B' NEW DELHI. ITA Nos.2337 & 4337/Del/2010 Assessment Years: &
IN THE INCOME TAX APPELLATE TRIBUNAL BENCH 'B' NEW DELHI ITA Nos.2337 & 4337/Del/2010 Assessment Years: 2006-07 & 2007-2008 DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-11(1), NEW DELHI Vs M/s ENERGY INFRASTRUCTURE
More informationCA SHARAD A SHAH. 21/06/2014 DTRC - Pune WIRC
CA SHARAD A SHAH 21/06/2014 DTRC - Pune WIRC-2014 1 Relevant Part of Section 271 (1) If the Assessing Officer] or the [Commissioner (Appeals)][or the Commissioner] in the course of any proceedings under
More informationIssues in assessment proceedings. May 2017
Issues in assessment proceedings May 2017 Overview Regular assessment Intimation - 143(1) Scrutiny assessment 143(3) Best judgment assessment - 144 Income escaping assessment 147 Transfer pricing assessment
More informationBOMBAY CHARTERED ACCOUNTANT SOCIETY LECTURE MEETING ON 22 ND NOVEMBER, 2006 ISSUES RELATING TO ASSESSMENTS AND REASSESSMENTS
BOMBAY CHARTERED ACCOUNTANT SOCIETY LECTURE MEETING ON 22 ND NOVEMBER, 2006 ISSUES RELATING TO ASSESSMENTS AND REASSESSMENTS DILIP V. LAKHANI, CHARTERED ACCOUNTANT CURRENT ISSUES IN ASSESSMENTS AND REASSESSMENTS
More informationPBGP Disallowances An insight of the Indian Tax Laws
PBGP Disallowances An insight of the Indian Tax Laws Contents Slide 2 Introduction Slide 3 Introduction on primarily include different types of expenditure which are not permissible to be reduced while
More informationIN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH C BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI JASON P BOAZ, ACCOUNTANT MEMBER
IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH C BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI JASON P BOAZ, ACCOUNTANT MEMBER I.T. A. No.665/Bang/2017 (Assessment Year : 2008-09) M/s.
More information25 Penalties Introduction Penalties
25 Penalties 25.1 Introduction The Income-tax Act, 1961 provides for the imposition of a penalty on an assessee who wilfully commits any offence under the provisions of the Act. Penalty is levied over
More informationNo disallowance under section 14A, where the assessee has got no income from a composite and indivisible business
1 No disallowance under section 14A, where the assessee has got no income from a composite and indivisible business [Published in 384 ITR (Jour) 1 (Part-1)] By S.K.Tyagi Recently in the case of one of
More informationRANCHI CLUB LTD. IS STILL GOOD LAW [Published in 267 ITR (Jour.) p.40 (Part-5)]
1 RANCHI CLUB LTD. IS STILL GOOD LAW [Published in 267 ITR (Jour.) p.40 (Part-5)] - By S.K. Tyagi The Patna High Court in the case of Ranchi Club Ltd. Vs. C.I.T. [1996] 217 ITR 72 (Pat.), rendered a very
More informationIncome from business as computed in the assessment order
SUPREME COURT OF INDIA Cambay Electric Supply Industrial Co. Ltd. v. Commissioner of Income-tax Y.V. CHANDRACHUD, CJ. AND V.D. TULZAPURKAR, J. CIVIL APPEAL NOS. 785 AND 783 OF 1977 APRIL 11, 1978 S.T.
More information