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If a decision is challenged before the first appellate authority both on the issue of ‎validity of jurisdiction as well as merits of the case, the adjudication on validity of ‎reopening can by no stretch of imagination be liable for rejection on the ground that ‎the assessment has been decided in favour of the assessee on merits. If the order is ‎not so kindly take the ground in the appeal / cross objection to higher authority so ‎that the higher authorities will have the benefit of the decision on other points also, ‎if the necessity arises as otherwise

If a decision is challenged before the first appellate authority both on the issue of ‎validity of jurisdiction as well as merits of the case, the adjudication on validity of ‎reopening can by no stretch of imagination be liable for…
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1963, ITAT, ITAT Mumbai, rule 27 of the Income Tax Appellate ‎Tribunal Rules

November 16, 2019

PM announce 12 schemes for MSME

*PM announce 12 schemes for MSME* 1. Loan upto 1 cr within 59 minute through online portal. 2. Interest rebate of 2 % 3. All PSUs and company above 500 cr turnover to upload all supply invoices on TRADES platform…
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November 16, 2019

Further Audit checking points

Audit checking points besides audit prescribed format check the sales bill entered in the books of accounts and check the sales bill generated by the sales department please give details of sales bye converting tally data into Excel sheet showing…
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November 16, 2019

If any information belonging to ‎an assessee found during course of search at another party and Ld AO initiated ‎proceedings u/s 147/148 then the re-assessment proceedings passed u/s 148 ‎shall not stand and assessment framed by AO is null and void as the correct ‎course of initiation of proceedings is 153C and not u/s 147/148‎

PUNE TRIBUNAL on Oct 29, 2018 held that If any information belonging to ‎an assessee found during course of search at another party and Ld AO initiated ‎proceedings u/s 147/148 then the re-assessment proceedings passed u/s 148 ‎shall not stand…
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147, 148, 153C, Pune Tribunal

November 16, 2019

Solar Subsidy Scheme

Please click the for the solar subsidy scheme http://energy.rajasthan.gov.in/content/raj/energy-department/rrecl/en/home.html

November 16, 2019

For the purpose of carrying forward the loss in terms of section 72 read with ‎section 80 of the Act, in a case where search operations have been conducted ‎under section 132 of the Act, the time to file the return within the meaning of ‎section 139(3) of the Act has to be regarded as the reasonable time afforded by ‎the consequent notice under section 153A(1)(a) of the Act.‎

THE CALCUTTA HIGH COURT held on 25 April, 2018 that ‎ ‎(1)‎ For the purpose of carrying forward the loss in terms of section 72 read with ‎section 80 of the Act, in a case where search operations have been…
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132, 132A-Powers to requisition books of account, 139(1), 139(3)-Loss return to be filed in time, 148, 153A, ‎153A(1)(a) ‎-Notice to file return, 263-Revision of orders prejudicial to revenue, Calcutta High Court

November 16, 2019

When search operations are conducted under section 132 of the Act, the ‎obligation of the assessee to file any return remains suspended till such time that a ‎notice is issued for such purpose under section 153A(1)(a) of the Act. If the return ‎is filed by the assessee within the reasonable time permitted by such notice under ‎section 153A(1)(a) of the Act, such return would then be deemed to have been ‎filed within the time permitted under section 139(1) of the Act for the benefit ‎under section 139(3) of the Act to be availed of by the assessee.‎

THE CALCUTTA HIGH COURT held on 25 April, 2018 that ‎ ‎(1)‎ When search operations are conducted under section 132 of the Act, the ‎obligation of the assessee to file any return remains suspended till such time that a ‎notice…
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132, 132A-Powers to requisition books of account, 139, 139(1), 139(3)-Loss return to be filed in time, 153, 153A, ‎153A(1)(a) ‎-Notice to file return, 263-Revision of orders prejudicial to revenue

November 16, 2019

The consideration that the loss in any year may be carried forward to the ‎subsequent year and set off against the profits and gains in the subsequent year is ‎a question that has to be determined by the assessing officer who deals with the ‎assessment of the subsequent year.‎

THE CALCUTTA HIGH COURT held on 25 April, 2018 that ‎ ‎(1)‎ The consideration that the loss in any year may be carried forward to the ‎subsequent year and set off against the profits and gains in the subsequent year…
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132, 132A-Powers to requisition books of account, 139, 139(1), 139(3)-Loss return to be filed in time, 153A, ‎153A(1)(a) ‎-Notice to file return, 263-Revision of orders prejudicial to revenue, etc.

November 16, 2019

On 26th Oct, 2018 INDORE TRIBUNAL held that if the assessee has already ‎purchased a new house within the stipulated period and as such is entitled to the ‎deduction u/s.54F even though the assessee failed to deposit entire sale ‎consideration scheme of deposits in capital gains account on or before due ‎date of filing its return of income.‎

On 26th Oct, 2018 INDORE TRIBUNAL held that if the assessee has already ‎purchased a new house within the stipulated period and as such is entitled to the ‎deduction u/s.54F even though the assessee failed to deposit entire sale ‎consideration…
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139, 139(1), 139(4), 54, 54F, 54F(4), Indore Tribunal

November 16, 2019