Prosecution cannot be launched against all the trustees . Only the person in charge as per section 2(35 ) of the Act can be held responsible . In Golden Gate Properties Ltd. v. DCIT (2019) 179 DTR 241/ 310 CTR 351 (Karn.)(HC) the court held that the fact that the TDS has been deposited subsequently… (read more)

Rule 6DD states that No disallowance shall be made under sub-section (3) of section 40A. No payment shall be deemed to be the profits and gains of business or profession under sub-section (3A) of section 40A where a payment or aggregate of payments made to a person in a day, otherwise than by an account… (read more)

The order of the Supreme Court is binding . Only remedy is to make representation to Government and request for an amendment . If the adjustment is made by the Assessing Officer under section 143 (1) of the Act , the aassessee may challenge on the ground that no opportunity was given and adjustment is… (read more)

Section 2(22)(e) deals with how the types of loans and advances that the company makes for the shareholder is treated as deemed dividend. However, for invoking the provisions of section 2(22)(e), the requirement is to establish that payment made by a company to the shareholder or to a concern in which he has a substantial… (read more)

The assesseee should try to file the form .In case the portal is not accepting the form , the assessee may send the Form 4 , by speed post or registered post . The assesseee may also write to the CBDT to condone the delay in filing the Form No. 4 . In case no… (read more)

in CIT. v. Sun Engineering Works (1992) 198 ITR 297 (SC) the honourable court explained how to read a judgement, the court observed; “while applying the decision to a later cases, the court must carefully try to ascertain the true principal laid down by the decision of the Supreme Court and not to pick out… (read more)

: For AY 2024 – 2025 Surcharge rates are as below: 10% of Income tax if total income is more than Rs.50 lakh 15% of Income tax if total income is more than Rs.1 crore 25% of Income tax if total income is more than Rs.2 crore 37% of Income tax if total income is… (read more)

The relevant GST law in respect of your issue can be analyzed as under: 1. As per GST provisions, supplying service is taxable event. However, if the services fall in the category of export services, then they are exempt from levy of GST. Since the money is coming from Singapore, it can be assumed that… (read more)

Merely on the basis of documents found in the third premises the addition cannot be made in the hands of assessee. The assessee should request for a copy of the documents and also an opportunity for cross examination . In PCIT v. Vinita Chaurasia (2023) 291 Taxman 362 (Delhi)(HC) the court held that merely based… (read more)

The Books of account is defined as per section 2 (12A) of the Act ,” books or books of account" includes ledgers, day-books, cash books, account-books and other books, whether kept 4in the written form or in electronic form or in digital form or as print-outs of data stored in such electronic form or in… (read more)