Penalty u/s 271D cannot be levied . Refer following case laws ; CIT v. Standard Brands Ltd. (2006) 204 CTR 48 / 285 ITR 295 / 155 Taxman 383 (Delhi)(HC) -Held that penalty is not leviable when in a case the Revenue takes the stand that the alleged deposit was undisclosed income of the assessee.… (read more)

From what we understand, the querist wishes to challenge the territorial jurisdiction of the Ld. Assessing Officer after passing the Assessment Order. As per section 124 (3)(b) of the Income-tax Act, 1961 (Act), No person shall be entitled to call in question the jurisdiction of an Assessing Officer after the expiry of one month from… (read more)

The sale of land is outside scope of GST as per entry 5 in Schedule III of CGST Act. The said entry reads as under: “5. Sale of land and, subject to clause (b) of paragraph 5 Schedule II, sale of building.” Rs.30 lakhs are being received for relinquishing right and as rightly stated in… (read more)

It is correctly stated that Notification No.34/2021 will not apply. However, the querist can file appeal against cancellation order. The cancellation order is dated 30.12.2019. The appeal could have been filed till 30.3.2020. Hon. Supreme Court has extended limitation for due date falling after 15.3.2020. By last order date 27.4.2021, the extension still continues till… (read more)

As per section 153 of the Income-tax Act, 1961 (Act), no order assessment can be under section 143(3) of the Act after a period of 12 months from the end of the Assessment year in which the income was assessable. Therefore, for AY 2019-20, the Order under section 143(3) of the Act ought to be… (read more)

The assessee is advised to file an appeal before the Appellate Tribunal against , revision order . One has to read the recorded reasons and also direction of the PCIT . In CIT v. Neyveli Lignite Corporation Ltd ( 2020 ) 273 Taxman 322 ( Mad )( HC) the court held that , where Assessing… (read more)

As per Para 10(a) of the CBDT Circular No. 03 of 2018 dated July 11, 2018 [2018] 405 ITR (St.) 29, where adverse judgements relating to the Constitutional validity of the provisions of the Act or Rule is under challenge, then there is no monetary limit on the revenue for filing an appeal. In the… (read more)

Ans : As per Para 10(a) of the CBDT Circular No. 03 of 2018 dated July 11, 2018 [2018] 405 ITR (St.) 29, where adverse judgements relating to the Constitutional validity of the provisions of the Act or Rule is under challenge, then there is no monetary limit on the revenue for filing an appeal.… (read more)

The issue raised in the query being factual , it may be difficult to answer the query. The assessee is right, the Assessing Officer cannot question why the construction is not included in the Registration document . If the assessee is able to demonstrate that the amount was spent on construction , the Assessing Officer… (read more)

Section 44AA of the Income Tax Act, is deals with the Maintenance of accounts by certain persons carrying on profession or business. In sub section 1 of section 44AA Board has specifically notified certain professions shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his… (read more)