Addition is not justified . One time deposit cannot be assessed as income . The assessee may have to give the name and address of the depositors . If the Assessing Officer had any doubt he could have verified by issuing notice u/s 133(6) or summons under section 131 of the Act . In PCIT… (read more)

Addition is not justified . The assessee has a fair chance of succeeding in appeal . If. The matter in appeal the assessee can get the confirmation or an affidavit explaining the cash deposited . In R.S. Diamonds v. ACIT (2022) 98 ITR 505 / (2023) 198 ITD 344 (SMC)(Mum.)(Trib.) Cash was deposit into bank… (read more)

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)