It may be contested that as there were diverging views from different High Courts (Also check the position of the Jurisdictional High Court), the issue being a debatable one, a penalty cannot be imposed. (read more)

The issue being debatable and all particulars are furnished . If detailed explanation is furnished with supporting case laws the Assessing Officer may drop the penalty proceedings . Assuming the Assessing Officer levies the penalty , the assessee may succeed in appeal . In PCIT v. Modipon Ltd. (2018) 100 taxmann.com 57 / 259 Taxman… (read more)

The action of the Assessing Officer is not justified . The assessee has to offer proper explanation . In CIT v. Ratanlal Vyaparilal Jain (2011) 199 Taxman 90 / 339 ITR 351 / (2010) 235 CTR 568 / 45 DTR 290 (Guj.)(High Court) the court held that the CBDT circular had been issued for the… (read more)

Amount received on sale of ESOPS will be taxed under the head ‘Capital Gains’. If the unlisted shares are held for more than 24 months from the date of allotment of shares, it will be taxed as long-term capital gain (along with benefit of indexation) and if sold within 24 months from the date of… (read more)

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)