: In CIT v. Chotingrai Tea & Others (2002) 258 ITR 529 / (2003) 126 Taxman 399 / 179 CTR 103 (SC) the Court held that once it was found that the assessee had fulfilled all the conditions which had been laid down under section 35CCA of the Act for claiming deduction of the amount… (read more)

File writ petition and challenge the notice . (read more)

Yes it is a mistake apparent on record , however the AO may take the view that it is debatable , hence it is advisable to file an appeal . (read more)

The time period for reopening of assessment has been reduced from six years period earlier to three years period as per the amended provisions, in cases where income escaping assessment amounts to Rs 50 lakhs or likely to amount to Rs 50 lakhs and above the case can be reopened up to 10 years .… (read more)

One has to study the facts before giving any advice. The querist will get the credit of tax paid in USA . It will be desirable to contact the Tax consultant with detailed facts . (read more)

In PCIT v. Salarpuria Simplex Dwelling LLP. (2022) 289 Taxman 264 / 216 DTR 425 (Cal)( HC) the Court held that when the assessee has followed the project completion method the Revenue is not justified the rejecting the books of account and adopting the percentage completion method. Before passing the order under section 144 a… (read more)

ABC can file an RTI or even ask the Ld. AO on what basis sanction has been given by the prescribed authority to issue a Notice under section 148 of the Act. The return can be filed in light of the reasons provided for approval of the sanction. (read more)

The terms of the contract and the nature of the payment would have to be understood for understanding under which section of the Income-tax Act, 1961, tax has to be deducted. (read more)

Yes, income tax is payable on 50 per cent of the enhanced interest income after claiming a deduction under section 57 of the Act. (read more)

The terms of the contract and the nature of the payment would have to be understood for understanding under which section of the Income-tax Act, 1961, tax has to be deducted. (read more)