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)

The assessee may write to the CBDT for clarification . According to us the asseesseee should get the credit for the self assessment tax paid . In case the credit is not given the assessee may have to file writ before the High Court . In Balmukund Acharya v. Dy. CIT ( 2009) 310 ITR… (read more)

A Private Ltd can make initial issue to promoters at face value. Later on, when company create genuine reserve out of profit, it can issue share to promotes as well as members to its Net Asset Value (NAV) method. Net Asset Value method has ben prescribed by Rule 11UA of the Income tax Rules 1962..… (read more)