Yes the asseessee can an make application under section. 482 of the Cr. P.C . in Ranveer Upadhyay v. State of Uttar Pradesh AIR 2022 / SCC 2044 reviewed the case law on the subject and reiterated that the power to quash criminal proceedings ought to be exercised sparingly and with circumspection . This power… (read more)

It is not required to file a separate appeal , if it is only a calculation mistake . At the time of hearing the assessee can file the copy of revised demand notice before the CIT( A). If the rectification order is on debatable issue , the assessee should file a separate appeal against the… (read more)

Explanation to section 269SS reads as under (iv). ‘Specified sum’ means any sum of money receivable , whether an advance or ,otherwise in relation to transfer of an immoveable property , whether or not the transfer takes place . Agricultural land is also an immoveable property . In PCIT v. Tehal Singh Khara and Sons… (read more)

The Assesse has to demonstrate that less than 20 per cent of its receipts are from business activity otherwise, the activities of the Assessee will not be considered to be for a "charitable purpose" according to section 2 (15) of the Income-tax Act, 1961. (read more)

NPS contributions means the contribution to the pension scheme of the Central Government. The National Pension Scheme (NPS) in India is a voluntary and long-term investment plan for retirement. The National Pension Scheme (NPS) is a social security initiative by the Central Government. This pension program is open to employees from the public, private, and… (read more)

Where assessee is assessed at a loss, its case would be governed by clause (d) of section 253(6) as clause (a) or (b) or (c) postulates assessment out of a positive figure and, in such a situation, court fee payable by assessee would be five hundred rupees only . Refer, Gibs Computer Ltd v.ITAT (2009))… (read more)

As the Tax under normal provisions is greater than the tax on book profits, the assessee would have to pay tax as per normal provisions. The Assessee would be entitled to credit the excess MAT credit with the tax liability in the year the assessee is paying tax as per book profits. (read more)

The Hon'ble Telangana High Court in the case of WP 25903 of 2023 dated September 14, 2023 (itatonline.org ) has held that reassessment proceedings and issuance of notice have to be done by the faceless authority as per section 151 of the Income-tax Act, 1961 (Act), the said order is binding in the state of… (read more)