Yes, penalty proceedings cannot be initiated without mentioning the same in the assessment order. refer Mallelil Industries (P.) Ltd. v. NFAC [2022] 139 taxmann.com 7 (Kerala) (HC). (read more)

If the case in hand is a search case or a search-related case, there is no requirement for issuance of Notice under section 148A(b) of the Act. (read more)

Shares other than equity shares have to be valued as per Rule 11UA(1)(c)(c) of the Income-tax Rules, 1962, which does not specify any specific method. In the case of Ginni Global (P.) Ltd. v. ACIT [2019] 106 taxmann.com 270 (Jaipur - Trib.) it was held that the matter was to be remanded back to Assessing… (read more)

One may be able to search but it may not be very accurate. The querist can buy the Book published by the All India Federation of tax Practitioners on the subject of “Search Seizure, Survey, Prosecution and Arrest under Tax and Allied Laws – Frequently asked questions. One may contact, email , aiftpho@gmail..com (read more)

The assessee has to file an application before the Honourable President of the ITAT , giving reasons for transfer of matter from one Bench of the ITAT to another Bench . The copy must be filed to the Assessing Officer of the assessee. The transfer petition will be heard by the ITAT Bench , and… (read more)

On the facts, the writ may not be maintainable against the show cause notice. The assessee can challenge the order of the PCIT before the ITAT when the order u/s 263 is passed . (read more)

If the Assessing Officer found that the assessee is having cash sales in his profit & loss account or the amount is credited to the account, then for just verification purposes the Assessing Officer may ask for details for the same. The burden is on the Assessee to prove that the amount credited is from… (read more)

In PCIT v. Prominent Real Tech Pvt. Ltd. (2023)451 ITR 371 (Delhi)(HC) court held that failure to establish how seized documents had nexus with undisclosed Income of assessee. The proceedings initiated was quashed . In Dy .CIT v. U.K.Paints (Overseas ) Ltd ( CA No. 6634 of 2021 dt . 25 -4-2021 ( SC) ,… (read more)

As we understand, it is not possible to sell enemy property as the IRE is the custodian and no sale is allowed. (read more)

You cannot rectify or update your return. Please check if you have disclosed these assets in your tax audit report or balance sheet submitted to the Department. Also, check if the receipt of this stock has been disclosed as income from salary in the year of receipt. If it is not shown as income in… (read more)