Yes, the Delhi Investigation is empowered to issue a Notice under section 131(1A) of the Act. However the Assessing officer has to follow the procedure prescribed under Rule 19 of Order XVI of the Civil Procedure Code . If the distance is more than 500 kms of the jurisdiction the Assessing Officer has to issue… (read more)

The Facts of the case would have to be understood in detail to comment on this question. Prima Facie, we understand that MAT credit cannot lapse on account of opting for VSVA. (read more)

The shares have to be valued according to Rule 11UA of the Income-tax Rules, 1962 to avoid any additions in the hands of the Company or investor. (read more)

It is desirable to intimate in writing to the Income tax department ,specifying the date of closure of company also enclose the copy of the intimation received from the ROC . One has to verify whether all earlier assessments are completed and amount with the bank or receivable etc .have been distributed . If the… (read more)

It is desirable to intimate in writing to the Income tax department ,specifying the date of closure of company also enclose the copy of the intimation received from the ROC . One has to verify whether all earlier assessments are completed and amount with the bank or receivable etc .have been distributed . If the… (read more)

The payments will be considered as an expense only on actual payment to the MSE. The MSME should be registered as per MSME Development Act, 2006. (read more)

The time limit for completion of assessment for AY 2018-19 was extended in light of The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and subsequent circulars/ notifications issued in this regard. The time limit was extended upto September 30, 2021. (read more)

There is no law that mandates that the male head has to be the Karta. Karta is the manager of the HUF. The Karta, with the consent of the other member, can even step down and let someone else manage the affairs of the Hindu Undivided Family [Narendra Kumar J. Modi v. CIT (1976) 105… (read more)

Addition is not justified . One time deposit cannot be assessed as income . The assessee may have to give the name and address of the depositors . If the Assessing Officer had any doubt he could have verified by issuing notice u/s 133(6) or summons under section 131 of the Act . In PCIT… (read more)

Addition is not justified . The assessee has a fair chance of succeeding in appeal . If. The matter in appeal the assessee can get the confirmation or an affidavit explaining the cash deposited . In R.S. Diamonds v. ACIT (2022) 98 ITR 505 / (2023) 198 ITD 344 (SMC)(Mum.)(Trib.) Cash was deposit into bank… (read more)