Answers to queries on legal issues
| Rectification of Orders Passed U/s 147 r.w.s. 144 read with Section 144B | |
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| Subject: | Rectification of Orders Passed U/s 147 r.w.s. 144 read with Section 144B |
| Category: | Income-Tax |
| Asked by: | CA. Ankit Tantia |
| Answered by: | Advocate Neelam Jadhav |
| Tags: | appeal, Exparte order |
| Date: | March 24, 2023 |
| Excerpt of answer: |
Once the Assessment Units have passed the order under section 147 r.w.s. 144, then its best judgment passed on the basis of data available with revenue in the form of Return of Income. However, due to some difficulties or technical issues, the Assesse was not in a position to submit the details as required by… (read more)
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| NON RESOPONSE TO NOTICE U/sec. 133(6) and claim of expenses | |
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| Subject: | NON RESOPONSE TO NOTICE U/sec. 133(6) and claim of expenses |
| Category: | Income-Tax |
| Asked by: | Manali |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Expenses, non response to S. 133(6) |
| Date: | March 22, 2023 |
| Excerpt of answer: |
The Assessee can file their response to the Notice issued under section 133(6) of the Act before the Hon’ble CIT(A) in the form of additional evidence by making an application under Rule 46A of the Income-tax Rules, 1962. An addition cannot be made merely because of non-response to the Notice issued under section 133(6) of… (read more)
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| Penalty U/Sec. 271E on the basis of noting on seized papers | |
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| Subject: | Penalty U/Sec. 271E on the basis of noting on seized papers |
| Category: | Income-Tax |
| Asked by: | manali |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | penalty, seized papers |
| Date: | March 22, 2023 |
| Excerpt of answer: |
The facts of the case and the orders on record have to be studied to give a concrete answer. As we understand, a penalty under section 271E of the Income-tax Act, 1961 (Act) can be levied on the basis of evidence found during a search action. There is no requirement for initiation of penalty under… (read more)
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| Disallowance of Purchases | |
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| Subject: | Disallowance of Purchases |
| Category: | Income-Tax |
| Asked by: | Ruchi |
| Answered by: | Advocate Neelam Jadhav |
| Tags: | books of account, purchases |
| Date: | March 21, 2023 |
| Excerpt of answer: |
The Action of the Assessing officer for making addition for non-genuine purchases is not justified. As the Assessee has furnished quantitative details of finished goods as well as raw material consumption, stock register for production during assessment proceedings. Therefore, the assessee cannot be faulted if the seller is not traceable and also that it is… (read more)
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| Vishnu Moorthy | |
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| Subject: | Vishnu Moorthy |
| Category: | Income-Tax |
| Asked by: | Vishnu Moorthy R |
| Answered by: | Research Team |
| Tags: | delay writ, Revision |
| Date: | March 21, 2023 |
| Excerpt of answer: |
The assessee can file Revision petition with condonation of delay , along with supporting documents including affidavit . If the CIT refuses to condone the delay the assessee can file writ before the High Court . High Court may entertain the writ petition and direct the Commissioner to condone the delay . (read more)
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| Revision U/s 264 of Order Passed u/s 147 r.w.s 144 | |
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| Subject: | Revision U/s 264 of Order Passed u/s 147 r.w.s 144 |
| Category: | Income-Tax |
| Asked by: | CA. ANKIT TANTIA |
| Answered by: | Research Team |
| Tags: | appeal, Revision, writ |
| Date: | March 19, 2023 |
| Excerpt of answer: |
Once the order is passed unless it is set aside the demand can be enforced . The assesee can file writ petition before the High Court to quash the assessment order and give an opportunity to file return . The High Court may stay the demand and further proceedings . In case High Court dismisses… (read more)
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| Transfer pricing | |
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| Subject: | Transfer pricing |
| Category: | Income-Tax |
| Asked by: | Be |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Transfer pricing |
| Date: | March 19, 2023 |
| Excerpt of answer: |
Merely because CUP is not available doesn't mean the transaction cannot be benchmarked. There are other methods such as TNMM which can be adopted by the Indian Company. (read more)
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| Taxability / TDS on ‘FMV’ of RSU /ESOP , as perquisite, when vested | |
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| Subject: | Taxability / TDS on ‘FMV’ of RSU /ESOP , as perquisite, when vested |
| Category: | Income-Tax |
| Asked by: | vswaminathan |
| Answered by: | Research Team |
| Tags: | ESOP, TDS |
| Date: | March 19, 2023 |
| Excerpt of answer: |
The research team cannot answer the questions without having complete details . It may be desirable to consult the Tax Consultant with all relevant facts . (read more)
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| 24(b) | |
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| Subject: | 24(b) |
| Category: | Income-Tax |
| Asked by: | Sunil |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | deduction, income from house property |
| Date: | March 19, 2023 |
| Excerpt of answer: |
The son cannot claim any deduction under section 24(b) of the Act as the son doesn't own the said property. The mother cannot claim the deduction as she is not making the payments. (read more)
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| Late return of income filed pursuant to time limit provided in the notice u/s 148 | |
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| Subject: | Late return of income filed pursuant to time limit provided in the notice u/s 148 |
| Category: | Income-Tax |
| Asked by: | Abhilash |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Late return, Limitation |
| Date: | March 19, 2023 |
| Excerpt of answer: |
The issuance of a Notice under section 143(2) of the Act is mandatory irrespective of when the return of income is filed. The Hon'ble Gujarat High Court in the case of PCIT v. Marck Biosciences Ltd [2019] 106 taxmann.com 399 (Gujarat) held that an assessment order passed without the issuance of valid notice under section… (read more)
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