If the ex parte order is passed without giving any reasonable opportunity of hearing , the assessee can file writ before the High Court . The assessment will be faceless unit unless it is search and seizure matter . The payment of 20% of tax in dispute is not mandatory . It is the duty… (read more)

The assessee has to file the return showing the correct income including the refund if any payable to the assesseee. (read more)

The NGO should file a detailed application with supported by an affidavit for condonation application explaining the reasons for the delay to the CBDT and copy to the Assessing Officer . In case the CBDT rejects the application the assessee can file writ before the High Court . (read more)

Yes no adjustment can be made by the Assessing Officer . Refer Apollo Tyres Ltd v. CIT (2002) 255 ITR 273/122 Taxman 562/174 CTR 521 (SC), the Court held that when the net profits in profit and loss account prepared in accordance with Parts II and III of Schedule VI to Companies Act. Accounts scrutinised… (read more)

S. 273B provides that, inter alia, penalty u/s. 271(1)(b) need not be imposed, if it is proved that there was a reasonable cause for the said failure of the assessee to comply with the provisions of section 271(1)(b). In the case of Balram Kumar Mahendra vs. ITO [2012] 12 ITR (T) 426 (Delhi)(Trib.) held that… (read more)

One has to read the terms of the development agreement to advise on tax implication on society . (read more)

As per the scheme, there is no such deduction towards exempted goods. (read more)

This view has been confirmed by the Supreme Court in CIT Vs. V. S. Dempo Company Ltd [ (2016) 387 ITR 354]. Wherein the Supreme Court has approved the judgement of the Bombay High Court in CIT Vs. ACE Builders Pvt. Ltd. [ (2006) 281 ITR 598]. In the aforesaid judgement the Bombay High Court… (read more)

One has to read the terms of the agreement . Expenditure incurred in connection with transfer of asset is allowable as deduction. In ACIT v. Ijyaraj Singh (2020) 183 ITD 237 / 207 TTJ 953 (Jaipur) (Trib.) held that development expenses incurred on land before its sale was required to put property in saleable condition… (read more)