Burden is on the assessee to prove that the gold was given as loan . One has to verify what entry is passed by the jeweller in their books of account . One has to decide the issue on facts . (read more)

The assessee should file an appeal before the Tribunal . The assessee may succeed in appeal . Article. 265 of the Constitution of India states that “No tax shall be levied or collected except by authority of law“. The collection of tax has to be also within the frame work of law. The Circular No.… (read more)

The assessment framed cannot be treated as illegal unless the said orders are quashed by the higher authorities . The assesee may file an application under section 264 of the Act , to quash the assessment proceedings based on the order of the Tribunal. If application under section 264 is rejected the assessee can writ… (read more)

According to sections 115JC and 115JD of the Income-tax Act, 1961, the provisions of Alternate Minimum Tax are only applicable to the individuals who are claiming profit linked deductions viz. Heading C of Chapter VIA or section 35AD, et cetera. Therefore, these provisions would not be attracted in the case of the assessee. (read more)

One has to read the satisfaction noted by the Assessing Officer while passing the order under section 148A(b) of the Act . The objection raised by the Assessee and order disposing the objection under section 148A(d) of the Act. If the order under section 148A(d ) is not following the due process of law ,… (read more)

We have not understood your query. It is advisable to have all transactions at Fair Market Value to avoid any adverse implications under the Income-tax Act, 1961. (read more)

Make rectification application under section 154 of the Act. If no show cause was issued before making an adjustment , the assessee can also file an appeal before the CIT( A) The assessee should make an application to the Commissioner to condone the delay in filing of the return . One has to study the… (read more)

The stand of the assessee is correct. The issue is squarely covered by a decision of the Hon'ble Income-tax Appellate Tribunal - Pune bench in the case of BVG India Limited v. DCIT 11 to 16/Pun/2023 dated October 19, 2023 (Pun)(Trib). (read more)