As per section 153 of the Income-tax Act, 1961 (Act), no order assessment can be under section 143(3) of the Act after a period of 12 months from the end of the Assessment year in which the income was assessable. Therefore, for AY 2019-20, the Order under section 143(3) of the Act ought to be… (read more)

The assessee is advised to file an appeal before the Appellate Tribunal against , revision order . One has to read the recorded reasons and also direction of the PCIT . In CIT v. Neyveli Lignite Corporation Ltd ( 2020 ) 273 Taxman 322 ( Mad )( HC) the court held that , where Assessing… (read more)

As per Para 10(a) of the CBDT Circular No. 03 of 2018 dated July 11, 2018 [2018] 405 ITR (St.) 29, where adverse judgements relating to the Constitutional validity of the provisions of the Act or Rule is under challenge, then there is no monetary limit on the revenue for filing an appeal. In the… (read more)

Ans : As per Para 10(a) of the CBDT Circular No. 03 of 2018 dated July 11, 2018 [2018] 405 ITR (St.) 29, where adverse judgements relating to the Constitutional validity of the provisions of the Act or Rule is under challenge, then there is no monetary limit on the revenue for filing an appeal.… (read more)

The issue raised in the query being factual , it may be difficult to answer the query. The assessee is right, the Assessing Officer cannot question why the construction is not included in the Registration document . If the assessee is able to demonstrate that the amount was spent on construction , the Assessing Officer… (read more)

Section 44AA of the Income Tax Act, is deals with the Maintenance of accounts by certain persons carrying on profession or business. In sub section 1 of section 44AA Board has specifically notified certain professions shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his… (read more)

Section 112A of the Act pertains to “Tax on long-term capital gains in certain cases” which was introduced vide Finance Act, 2018 when exemption on long term capital gains under section 10(38) of the Act was repealed. As per the said section, a rate of 10 percent is levied on long-term Capital Gains in sale… (read more)

Please refer judgement of Mumbai Tribunal in DCIT v. Bengal Shapoorji Housing Development Pvt Ltd ( ITA NO 4369 /Mum/ dt 22 -3 2021 ( AY . 2013 -14 ) www.itatonline .org . the Tribunal held that addition of notional rent estimated by the Assessing Officer in respect of unsold flats which are held as… (read more)

One has to read the assessment order . If the addition is based on the estimate basis concealment penalty cannot be levied . The assessee can rely on the judgement in CIT v. Reliance Petroproducts ( P) Ltd ( 2010 ) 322 ITR 158 ( SC) . The assessee may also refer the penalty notice… (read more)

ITC is eligible as per section 16 of the CGST Act, 2017. The relevant section reads as under: “16.Eligibility and conditions for taking input tax credit.— (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of… (read more)