It is a case of identity theft with the misuse of KYC documents like PAN and Asdhaar. The victim should immediately file a FIR with the police regarding forgery, criminal conspiracy etc. He also report the issue to the National Cyber Crime Reporting Portal at cybercrime.gov.in. Obtain the registration documents from the GST authorities to… (read more)

Was a preliminary objection raised that the JAO does not have jurisdiction? Also, as it is a search case, please check whether the case was specifically assigned to the JAO under a CBDT notification or order. If not, it has to be challenged in appeal. As regards Section 69A, the section is applicable even if… (read more)

I don't think yoga classes and accounts writing is covered by section 44ADA. The 'accounting' profession is covered but that refers to the professional practice of accountancy by CAs and not by unqualified persons doing accounts writing. So, 44AD will apply. (read more)

In my view, if commercial property of the same area is recd in the same building on redevelopment of a commercial complex, it can be argued that there is no "transfer". The cost of acquisition and holding period of the old property will be imputed to the new property. If a larger area is received… (read more)

In PCIT v. Kanak Impex (India) Ltd, the Bombay High Court has held that the assessee failed to prove the genuineness of purchases and merely provided details of sundry debtors and creditors in the original assessment which did not absolve them from proving the purchases during reassessment. It was also held The Court held that… (read more)

If you are opting for Section 44AD, all business expenses (including salaries, rent, interest, etc.) are deemed to be accounted for in the presumptive income rate (8% or 6%). No separate deductions are permissible, regardless of whether payments are made to relatives or third parties. (read more)

As the trust registered under Section 12A has failed to file its return by the due date for A.Y. 2018-19, the exemptions under Sections 11 and 12 will not be available as per Section 12A(1)(ba). The Net income (gross receipts minus allowable revenue expenses) will be taxable as an AOP. Deductions for expenses are allowed… (read more)

If no director is available in India, a person in India holding a valid power of attorney from the company can sign. This could be an employee, officer, or professional. A professional or a regular employee can act as authorized representative. (read more)

Section 269ST prohibits any person from receiving an amount of Rs. 2 lakh or more in cash from a person in a day or for a single transaction multiple days or for an event or occasion. This will apply to sellers also. I am not aware of any case law on the point. (read more)

If an appeal is not filed against the protective assessment, it becomes final and the tax demand is enforceable. However, depending on the status of the substantive assessment, it can be argued that the demand should be dropped as there will be double assessment. Section 263 can apply to protective assessments if the order is… (read more)