An appeal before the first appellate authority cannot be withdrawn as the Income-tax Act, 1961 has provided the power to enhance assessment. The assessee may file their submission stating they aren't pressing the grounds and the Appellate Authority shall pass an order dismissing the all the grounds/appeal of the assessee. Refer CIT v. Premkumar Arjundas… (read more)

There is no provision for condonation of delay . If the assessee can demonstrate the reasonable cause for not paying the tax , the assessee can approach the High Court by filing writ petition and pray for condonation of delay . last date for payment with additional payment was October 31, 2021. (read more)

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)