Section 194R of the Act is not applicable as a cash discount on the final bill is not a prerequisite or a benefit. (read more)

Both sections 9B and section 45(4) of the Act will operate. Section 9B will be applied first and then section 45(4) of the Act. CBDT has issued guidelines vide Circular No. 14 of 2021 dated July 02, 2021, for a better understanding of the computation. (read more)

As we understand, a minimum of 7 days have to be provided to the assessee to respond to a Notice issued under section 148A(b) of the Act. The action of the Assessing Officer is ultra vires section 148A of the Act and contrary to the principles of Natural Justice. (read more)

Yes, section 45(3) of the Act is applicable. The amount recorded in the books of account will be the full value of consideration. In the case of Network Construction Company v. ACIT [2020] 185 ITD 318/119 taxmann.com186 (Mum. - Trib.) it was held that provisions of section 50C of the Income-tax Act, 1961 will not… (read more)

The firm is a separate entity under the Scheme Income-tax Act, 1961, transfer from the firm to the third parties will attract section 56(2)(x) of the Act in the hands of the recipient. (read more)

From what we understand from your question, to refer a matter to the DRP there needs to be a draft order. A processed return i.e. order under section 143(1) cannot be construed as a draft order and hence cannot be referred to a DRP. Section 144 of the Act contains a non-obstante clause. Therefore, sections… (read more)

The view is not correct. Penalty proceedings under section 271D of the Act are independent of assessment proceedings. The issue will have to be dealt with on merits. (read more)

Though facts are not clear, it appears that the objection has come on ground of Limitation. The limitation for filing refund application is 2 years from end of concerned period. If the application is filed for individual months then for periods upto December,2017, the application was required to be filed till December,2019. I do not… (read more)

It is settled law that notices issued under Section 148 of the Act against a dead person would be invalid. Please ,refer , Late Shobha Mehta (Through Legal Heir Sh. Kanhaya Lal Mehta) v. ACIT (2022) 218 DTR 262 (Raj)(HC), Himadri Kandarp Mehta. v. ITO (2022) 289 Taxman 514 (Guj)(HC) , Kanubhai Dhirubhai Patel v.… (read more)

The ITAT is duty bound to hear the appeal against the order under section 263 of the Act . If the Tribunal quashed the revision proceeding , the order passed under section. 143(3) , read with section 263 becomes infructuous . (read more)