As per first proviso to section 144(1) of the Income-tax Act, 1961 (Act), the Ld. Assessing Officer (AO) ought to issue a Notice giving the assessee an opportunity to show-cause as to why the assessment should not be done on the best judgement basis. The same is also envisaged under section 144B (1)(xi) of the… (read more)

As we understand, a higher rate of TDS has been deducted on non-filing of PAN. The deductee will be eligible to the credit of the TDS deducted in their return and cannot be denied the same. Further, yes, Dividend income should be included in the return of Income. (read more)

It may be desirable to file an appeal against the demand on portal . The assessee may also file an application for rectification application to cancel the demand . If the rectification is done , the appeal can be withdrawn (read more)

As we understand, the assessee could not file Form 10-IC on or before the due date. The said Form is a mandatory requirement for claiming the benefit of a lower rate of tax. The Hon’ble Bombay High Court in the case of Sitaldas K. Motwani vs DGIT [2010] 323 ITR 223 (Bom) (HC) held that… (read more)

The assessee may write to the Assessing Officer to furnish the copy of satisfaction note , copies of documents seized from the premises of builder statement of the builder and an opportunity for cross examination . If the said documents are not furnished the assessee may make an application under Right to Information Act, 2005… (read more)

As per the provision of section 270AA , the pre-condition for Immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or section 276CC the assessee has to fulfil the following conditions :- -An assessee can make an application to the Assessing Officer for grant of immunity from imposition of… (read more)

The assessee may have to appeal an before the CIT (A ) for not granting the Credit for tax deducted at source . Reading together section 198 and 199 of the Act , the tax deducted at source credit should be given to the person in whose hand the income is offered for taxation .… (read more)

The Assessing Officer is not justified in ignoring the return filed u/s 148 of the Act . The Assessing Officer has to decide the assessment as per law . The Circular No. 14 (XL-35), dt. 11/04/1955, states that a duty is cast upon the Assessing Officer to assist and aid the assessee in the matter… (read more)

As the Assessee will offer the shortage in stock found in the course of search as business income. It can be contended that the provisions of section 115BBE of the Income-tax Act, 1961 (Act) are not applicable as the same qualifies as a part of business turnover. Reference is drawn to the decision of the… (read more)