The Hon'ble ITAT Kolkata Bench in the case of JMS Mining (P.) Ltd. v. PCIT [2021] 130 taxmann.com 118 (Kolkata - Trib.), inter alia, held that donation made by the assessee company on account of corporate social responsibility to two funds/trusts which were duly registered under section 80G(5)(vi) of the Act was to be allowed… (read more)

As a, 'not ordinary resident', you aren't required to disclose foreign assets in your returns. You should respond to the summons with a submission stating that you were a 'Not Ordinary resident' during the years under consideration and have filed your returns accordingly. The law during the time in force and proof of 'not ordinary… (read more)

The proceedings under section 271E of the Income-tax Act, 1961 (Act) are independent of assessment proceedings. However, the Hon'ble Gujarat High Court in the case of CIT v. Sanatan Seva Mandal [2013] 40 taxmann.com 397 (Gujarat) wherein it was held that Where pursuant to search proceedings, certain addition was made to the assessee's income on… (read more)

The definition is an inclusive definition, hence a broad interpretation must be given to it. In our opinion, expenses incurred on any one of the mentioned items or anything of a similar nature would attract section 206C(1G) of the Act. (read more)

This is a debatable issue. As you rightly pointed out the word used is "received" and what the assessee has, in this case, is a right in the immovable property and not the immovable property. Right in an immovable property is not a "property" for the purpose of section 56(2)(x) of the Income-tax Act, 1961… (read more)

Tax is levied as per the statute and not on the basis of a statement made. Both, project completion and percentage completion are accepted methods for recognizing revenue. As long as they are consistently applied, there is no need to change the method amidst the project. The assessee should not have changed their method of… (read more)

You can write to the CBDT explaining the position . CBDT can intimate the CPC for necessary remedial measures . You can wait for scrutiny proceedings and file a revised computation of income and explain the reason for not being able to claim expenditure while filing the return of Income. alternatively, if the claim is… (read more)

By virtue of explanation 1 to the 4th proviso to section 153A(1) of the Income-tax Act, 1961 (Act) read with section 1st proviso to section 149 of the Act, assessment years 2013-14 and 2014-15 can be reopened provided other conditions are satisfied. (read more)

As we understand, the assessee has not preferred a writ petition against reassessment proceedings for AY 2013-14 on the ground that the same is time-barred. The assessee has chosen to participate in the reassessment proceedings. Therefore, the assessee should respond to the questionnaires issued by the Department. If the notices for AY 2013-14 are held… (read more)

Take the grounds on natural justice . Prepare additional evidence before the CIT(A and file the same along with affidavit. Try to get the confirmation from the parties . Demonstrate the quantity tally along with movement of goods , such as stock register , lorry receipt etc . In PCIT v. S. V. Jiwani (2022)… (read more)