The Assessee should file its return in compliance with Notice issued under section 148 of the Act and participate in the assessment proceedings. Merely because reassessment proceedings have been initiated does not mean that additions will be made. (read more)

If no incriminating documents found addition cannot be made u/s 153C of the Act . Each case has to be argued on facts . Courts have held that the completed assessment could not be abated unless some incriminating evidence or material was found during search qua additions made by Assessing Officer . Refer following case… (read more)

The assessee may write letter to the Designated Authority and also Chairman CBDT . In case no response is received within a reasonable time the assessee may file a writ before the High Court . (read more)

The said loss would be a Capital loss. Reliance is placed on the decision of the High Court of Calcutta in the case of Calcutta Iron & Engg. Co. (P.) Ltd. v. CIT [1993] 69 Taxman 549 (Calcutta) where Assessee suffered loss of raw materials and other fixed assets on account of burglary in its… (read more)

As we infer, the said agricultural land is an urban agricultural land [if it would have been a rural agricultural land the same would not be a capital asset]. The same would be taxable when the stock in trade is sold. The difference between the FMV on the date of conversion and the cost/indexed cost… (read more)

The said loss would be a Capital loss. Reliance is placed on the decision of the High Court of Calcutta in the case of Calcutta Iron & Engg. Co. (P.) Ltd. v. CIT [1993] 69 Taxman 549 (Calcutta) where Assessee suffered loss of raw materials and other fixed assets on account of burglary in its… (read more)

In case of TDS when there is a doubt it is desirable to deduct the TDS . The Tribunals have taken the view that if the payee has filed the return and paid the tax no disallowance can be made ,however the interest is leviable .Refer , Surat District Co-op. Milk Producer’s Union Ltd. v.… (read more)

The individual who is a non-resident Indian (Assuming he is a non-resident as per Article 4 of DTAA) would be a resident of another jurisdiction as per the DTAA between India and the other jurisdiction. The source jurisdiction will withhold tax and the exemption/credit of the same will be available in the other jurisdiction as… (read more)

Commission to Insurance agent is covered under RCM as per notification no.13/2017 Central Tax (Rate) dated 28.6.2017. Therefore, agent is not required to obtain registration and other formalities under GST not applicable to agent. However, if the relationship is not as an agent, then the assessee will be liable for GST registration as gross receipts… (read more)

As we infer, the assessee was awarded a sum which includes his own capital and a sum of interest as hardship compensation and liquidated damages. The same can be treated as a Capital receipt not exigible to tax under the scheme of Income-tax Act, 1961 (Act) The Hon’ble Supreme Court in the case of PCIT… (read more)