Merely on the basis of data found in the excel sheet the addition cannot be made . On the facts of the case as the Excel sheet was found in the premises of third party no addition can be made on the assessment of the assessee. In CIT v. Vatika Landbase Pvt. Ltd. (2016) 383… (read more)

Merely because the other two cases have not been reopened, cannot be a ground for challenge. The Department is entitled to reopen files and enquire into transactions made by the assessee. The Assessee will have to demonstrate the purchase of land by furnishing a copy of bank statements and other documents. (read more)

As per section 10(1)(c) half percentage (total 1%) is payable of the กฎturnover in Stateกฏ. Explanation 2 to section10 excludes certain turnovers from กฎturnover in stateกฏ. The Explanation 2 reads as under: กฐExplanation 2.จCจCFor the purposes of determining the tax payable by a person under this section, the expression จDturnover in State or turnover in… (read more)

The Assessee is corporate entity, hence all the accounts has to be prepared as per the Companies Act, as well as Income -tax Act. Accordingly the income of the Appellant has to be declared on accrual basis for the year. Merely because some of the entries are not reflected in 26AS and the income was… (read more)

The assessee may refer the judgement the Judgement of Apex Court in CIT v. Reliance Industries Ltd ( 2022 ) 440 ITR 1(SC) where in the Honourable Supreme Court held that the ITAT has no power of review . assuming the Tribunal decides merits erroneously remedy of aggrieved party is to appeal before High Court… (read more)

If the remittance is in the nature of reimbursement of expenses, there would not be any obligation to deduct TDS. The Hon'ble High Court of Karnataka in the case of Flipkart Internet (P.) Ltd. v. DCIT [2022] 139 taxmann.com 595 (Karnataka) Where assessee made payments to 'W', a US based company, which were claimed to… (read more)

As per section 43 of the Companies Act, 2013 a Company may issue equity shares with voting rights or with differential rights as to dividend, voting or otherwise. Section 47 offers every member a right to vote. On reading both the provisions together, it can be interpreted that a Company may issue shares with differential… (read more)