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Penny Stock – On Oct 24, 2018 KOLKATA TRIBUNAL held that Addition made u/s 68 solely on the basis of general report of the investigation wing, Kolkata and accordingly the action of the ld AO was based purely on surmises and suspicions. There is no finding by the ld AO that the transactions were between related parties. Further the concerned scrip was not suspended by SEBI either at the time of transaction of allotment of shares to the assessee or sale of shares by the assessee.
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सर्वे के दौरान अगर आप ने कोई आय सरेंडर करते समय यह लिखा कि यह आय इनकम फ्रॉम बिजनेस एंड प्रोफेशन से है तो यह आय इनकम फ्रॉम बिजनेस एंड प्रोफेशन स्की मानी जाएगी एवं प्रॉफिट एंड लॉस अकाउंट में इनकम सरेंडर के रूप में दर्शाई जाएगी और पूरा प्रॉफिट एंड लॉस अकाउंट निकाला जाएगा लेकिन यहीं आय आपने इनकम फ्रॉम अदर सोर्सेज बताइ तो यह आय इनकम फ्रॉम अदर सोर्सेस मानी जाएगी। कृपया ध्यान रखें इसका बहुत फर्क पड़ता है
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ट्रिब्यूनल के द्वारा सेट एसाइड ऑर्डर को डिपार्टमेंटल रिप्रेजेंटेटिव के द्वारा लिए गए फाइनेंसियल ईयर के अगले फाइनेंसियल ईयर में 31 दिसंबर तक ऑर्डर किया जा सकता है बाद में नहीं
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Appeal filed manually instead of online. Proper opportunity should be allowed to file online.
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Appeal filed manually in time but online filed with delay. It was held that delay was occasioned due to technical issue and lack of knowledge regarding the duly introduced e-filing procedure and being first time. So it was directed to the learned Commissioner (Appeals) to decide the appeal of the assessee on merits after condoning the delay
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INCENTIVE IN FORM OF DEDUCTION OF 30% OF THE EMOLUMENTS PAID TO ADDITIONAL EMPLOYEES -SECTION 80JJA OF INCOME TAX ACT
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Addition u/s 68 cannot be made where the assessee explains the source of the capital contribution, established the identity of the creditor and also credit worthiness of the parties.
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On July 30, 2018 The High Court of Bombay held that no addition can be made in the hand of Company for share capital if the shareholders is having PAN And gave affidavit
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On Jul 16, 2018 it has been held by JAIPUR TRIBUNAL that denial of the claim on the basis of suspicion without any cogent material to show that the assessee has brought back his own unaccounted income in the shape of long term capital gain, the said action of the AO is not sustainable
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Penny Stock: Claiming of exemption u/s 10(38) is valid-transactions carried through Demat Account, banking channel, STT paid, No Sebi Enquiry and no specific finding against the assessee