Issue of notice u/s 153C cannot be challenged . In CIT v. Vijaybhai N. Chandrani (2013) 357 ITR 713/217 Taxman 138/91 DTR 202/261 CTR 225 (SC) the Honourable Supreme Court held that Show-cause notices issued u/s. 153C the assessee should file appropriate reply to said notices and cannot file writ petition. In CIT v. Sinhgad… (read more)

Please refer Circular No 25 of 2016 dt 30 -6 2016 ( 2016) 385 ITR 19( St) , wherein the CBDT clarified as under Q. NO. 4. Whether credit for tax deducted , if any in respect of income declared shall be allowed ? Answer: Yes ; credit for tax deducted shall be allowed only… (read more)

Please write to the Designated Authority . I case if you don’t receive any response from the Designated Authority , you may send a letter to the Chairman CBDT . As regards the appeal pending before the Fist Appeal the assessee may file a letter stating that the assessee has filed the Declaration under VSV… (read more)

The Chartered Accountant must send a letter though registered AD to the concerned partnership form and copy of the said letter may be sent to all the partners . In case no response is received within a reasonable time , the Chartered Accountant has to request his lawyer to send the legal notice . In… (read more)

As we understand, the 17 partners have exited the firm. Their accounts have been revalued and settled by cash. Section 9B of the Income-tax Act, 1961 (Act) is not applicable as there is no pay-out via Capital Asset or Stock-in-trade. The difference between the pay-out by the firm and the capital account before revaluation, would… (read more)

Section 234B of the Income-tax Act, 1961 (Act) pertains to interest for defaults in payment of advance tax. As per section 234B(1) of the Act, interest is liable from the date of failure to pay to the date of assessment. Where the case of the assessee was set aside and remanded back to the Ld.… (read more)

As per first proviso to section 144(1) of the Income-tax Act, 1961 (Act), the Ld. Assessing Officer (AO) ought to issue a Notice giving the assessee an opportunity to show-cause as to why the assessment should not be done on the best judgement basis. The same is also envisaged under section 144B (1)(xi) of the… (read more)

As we understand, a higher rate of TDS has been deducted on non-filing of PAN. The deductee will be eligible to the credit of the TDS deducted in their return and cannot be denied the same. Further, yes, Dividend income should be included in the return of Income. (read more)

It may be desirable to file an appeal against the demand on portal . The assessee may also file an application for rectification application to cancel the demand . If the rectification is done , the appeal can be withdrawn (read more)

As we understand, the assessee could not file Form 10-IC on or before the due date. The said Form is a mandatory requirement for claiming the benefit of a lower rate of tax. The Hon’ble Bombay High Court in the case of Sitaldas K. Motwani vs DGIT [2010] 323 ITR 223 (Bom) (HC) held that… (read more)