Since it is part of agreement for sale of flat, it will be composite supply and liable to tax as per tax of Principal Supply. Since the Principal supply is taxable at 1% or 5%, the development charges and infrastructure charges will also be liable to 1% or 5% as the case may be. However… (read more)

The assessee can make an application to rectify the mistake under section 154 of the Act . in case the rectification is rejected the assessee can file a revision application under section 264 of the Act . If an application under section 264 is rejected the assessee can file a writ before the High Court… (read more)

Once the Assessment Units have passed the order under section 147 r.w.s. 144, then its best judgment passed on the basis of data available with revenue in the form of Return of Income. However, due to some difficulties or technical issues, the Assesse was not in a position to submit the details as required by… (read more)

The Assessee can file their response to the Notice issued under section 133(6) of the Act before the Hon’ble CIT(A) in the form of additional evidence by making an application under Rule 46A of the Income-tax Rules, 1962. An addition cannot be made merely because of non-response to the Notice issued under section 133(6) of… (read more)

The facts of the case and the orders on record have to be studied to give a concrete answer. As we understand, a penalty under section 271E of the Income-tax Act, 1961 (Act) can be levied on the basis of evidence found during a search action. There is no requirement for initiation of penalty under… (read more)

The Action of the Assessing officer for making addition for non-genuine purchases is not justified. As the Assessee has furnished quantitative details of finished goods as well as raw material consumption, stock register for production during assessment proceedings. Therefore, the assessee cannot be faulted if the seller is not traceable and also that it is… (read more)

The assessee can file Revision petition with condonation of delay , along with supporting documents including affidavit . If the CIT refuses to condone the delay the assessee can file writ before the High Court . High Court may entertain the writ petition and direct the Commissioner to condone the delay . (read more)

Once the order is passed unless it is set aside the demand can be enforced . The assesee can file writ petition before the High Court to quash the assessment order and give an opportunity to file return . The High Court may stay the demand and further proceedings . In case High Court dismisses… (read more)

Merely because CUP is not available doesn't mean the transaction cannot be benchmarked. There are other methods such as TNMM which can be adopted by the Indian Company. (read more)

The research team cannot answer the questions without having complete details . It may be desirable to consult the Tax Consultant with all relevant facts . (read more)