The querist is a partnership firm consisting Husband ‘A’ as Karta and ‘B’ his wife as partners) is doing the business of Purchase and Sales of Grains in wholesale and semi-wholesale. During the year the turnover is more than 20 Crores. However, the Partnership firm is not eligible for domestic transfer pricing audit. As the… (read more)

When the assessment is made under section 144 , there cannot be separate addition under section 68 of the Act . In Malpani House of Stones v. CIT (2017) 395 ITR 385 (Raj.) (HC) held that when income is estimated other additions cannot be made on the basis of entries in the books of account.… (read more)

As per section 254(2) , the MA has to be filed within six months from the end of the month in which the order was passed . There is no power to condone the delay in filing of MA . The provisions of section 5 of the Limitation Act , 1963 are not applicable .… (read more)

The assessee should file a revised form 35A signed by the competent Authority and pray for condonation of delay . The order of Tribunal is valid in law . Non signing of the appeal memo by the competent person is a curable defects Refer , Manek Sheth ( HUF) v. CIT( 1995) 213 ITR 715… (read more)

Joint representation is needed. It may be desirable to take up the issue the Bombay Chartered Accountant’s Society or the Chamber of Tax consultants Mumbai. (read more)

The assessee should file the return and also file detailed reply explaining the source of investment as well as supporting evidence . The Revenue may drop the reassessment proceedings . (read more)

The aasseessee may file an application before CBDT . The CBDT can condone the delay . In case the CBDT rejects the application the assessee can file writ petition against the said rejection order . (read more)