According to section 148A(d) of the Act, the order under the said section should be passed within one month from the end of the month in which the response of the assessee is received against the Notice issued under section 148A(b) of the Act. In the event there is no order stating that it's a… (read more)

The same would be capital expenditure and has to be added to the cost of land. (read more)

I have never come across such a case law. The striking-off irrelevant portion is only applicable for jurisdictional notices such as the imposition of penalty. The act of the Ld. AO seems to be in accordance with the law. (read more)

Return filed in compliance with Notice issued under section 148 of the Act cannot be revised (read more)

About discount, Section 15(3) provides as under: Section 15 - Value of Taxable Supply “(3) The value of the supply shall not include any discount which is given–– (a) before or at the time of the supply if such discount has been duly recorded in the invoice issued in respect of such supply; and (b)… (read more)

Refer Circular No. 14(XL – 35) 1955 dated 11th April 1955. An admission in the return, if occurred or occasioned consequent upon a bona fide mistake, it can be corrected either by submitting the revised return, or explaining the mistake before the authorities. Assessee’s ignorance cannot be taken advantage of by the .The scope of… (read more)

A non-resident is not under an obligation to disclose foreign assets in their Indian Income-tax return. (read more)

The Assessment is valid. Apart from this, as you have participated in the proceedings it is assumed that you have subjected yourself to the new officer's jurisdiction (read more)

As we understand, you have filed a belated return. Therefore, you should be allowed a deduction under section 11 of the Act. You can take the ground that the denial of deduction under section 11 of the Act is when the assessee fails to file the Audit report on time. You may also take the… (read more)

The assesee's stand is correct. However, this has to be explained and demonstrated to the Ld. AO's satisfaction though documents. (read more)