The assessee may have to appeal an before the CIT (A ) for not granting the Credit for tax deducted at source . Reading together section 198 and 199 of the Act , the tax deducted at source credit should be given to the person in whose hand the income is offered for taxation .… (read more)

The Assessing Officer is not justified in ignoring the return filed u/s 148 of the Act . The Assessing Officer has to decide the assessment as per law . The Circular No. 14 (XL-35), dt. 11/04/1955, states that a duty is cast upon the Assessing Officer to assist and aid the assessee in the matter… (read more)

As the Assessee will offer the shortage in stock found in the course of search as business income. It can be contended that the provisions of section 115BBE of the Income-tax Act, 1961 (Act) are not applicable as the same qualifies as a part of business turnover. Reference is drawn to the decision of the… (read more)

As we understand, it would be important to ascertain in which jurisdiction the breach has been committed, and the nature of breach for the purpose of claiming a deduction. It would be advisable to approach the Department with an application under section 197 of the Income-tax Act, 1961 or the Board for Advance Ruling to… (read more)

The accounting treatment in the books of a Partnership Firm on the death of a Partner is similar to that of a retirement of a Partner. Although the partnership ceases to exist. A firm can continue to carry on the business with the existing partners. The Department may be of the view that the term… (read more)

Form 15CA is titled “Information to be furnished for payments to a non-resident not being a company, or to a foreign company”. Form 15CB is applicable on payments exceeding Rs. 5 lakhs. Therefore, there is an obligation on the remitter on remitting to a Non-Resident. Further, dividend is not covered under the exceptions under Rule… (read more)

Whether the interest paid on loan taken for the house property was prior to completion of construction or after completion of construction, the taxpayer will get the deduction as per the provisions of the statute. (read more)

As we understand, A deed of dissolution will have to be executed. A copy of the same can be filed before the jurisdictional Assessing Officer. Tax liability will be in the hands of the Firm under section 45(4) of the Income-tax Act, 1961. As the Partnership firm is dissolved, the GST Registration number will have… (read more)

The assessee should file an appeal before the Appellate Tribunal against the order of CIT (A) allowing the withdrawal of appeal dt. 20-8-2020 . As per the order of Supreme Court in Miscellaneous Application No 665 of 2021 in SMW (C) No. 3 of 2020 dtd 23/9/2021 where period of limitation would have expired between… (read more)