can AO call any witness personally even if he stays beyond 500 km ? If yes, what are conditions ?
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The Assessment Unit of the Income Tax Department has passed order U/s 147 r.w.s. 144 read with Section 144B in respect of Assessment Year 2018-19 and the credit of Tax deducted at source (TDS) on Salary Income has not been given. As a result, Tax Payable has increased to the tune of TDS and thereby Interest U/s 234 A is charged on the total tax liability. One can go for appeal to CIT(Appeals) or apply for Revision U/s 264 but is rectification of the aforesaid order possible U/s 154.
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Assessee is engaged in the business of manufacturing of steel pipes. The books of accounts are duly audited U/Sec. 44AB of the Act. quantitative record of finished goods as well as raw material consumption is maintained . Stock register for production as During the course of assessment proceedings for A.Y. 2020-21, Assessing officer has disallowed the purchases and made the addition to total income on following grounds 1. In respect of purchases of Rs. 1015000.00 from one supplier on the Ground that the assessee has not filed the Return of Income for the relevant year. 2. In respect of purchases…
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1] whether advance against sales can be treated as cash credit u/s 68 ? 2] whether sales amt itself can be treated as cash credit u/s 68 ? 3]whether sundry creditor can be treated as as cash credit u/s 68 ? 4] whether deposits fro dealers can be treated as as cash credit u/s 68 ? case law ?
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1] Is it necessary to have agri income to claim exemption from capital gain tax on sale of Agri land ? 2] Can it be contended that it was for self consumption? 3] IS book keeping and record keeping needed ? case laws / sections ?
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Assessment on Assessee made u/s 143(3) for the Asst Year 2021-22. Taxable amount of purchase of Rs.10 crores from a Supplier disallowed u/s 37 as the said Suplier has denied the sale transactions with assessee.Supplier has also intimated that he is only a Watchman in a Residential Colony.Supplier has not been cross examined by the Assessee. GST amount of RS.60.00 Lakhs claimed as ITC on above purchases added as unexplained investment. Amount of Rs. 4 crore standing outstanding in the account of above supplier as on 31-03-2021 was also added as unexplained credit.The said amount was paid to the Supplier…
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If appeal is allowed based on remand report containing no- negative remarks, is it possible for AO to file second appeal inspite of the same?
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Assessee firm M/S. ABC is partnership firm engaged in the business of trading of goods. During the search with another co, it is found that purchases effected by the co from partnership firm are not supported by Movement of goods, and the E way bill and toll receipt, and therefore AO considered the same as bogus purchases. On this ground the AO has made addition U/Sec.68 by considering the sales as bogus. Is action of AO is justified in Law.
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I have purchased flat recently which is in unfinished or semi finished condition.ie wardrobe cabinets not in place,kitchen platform , kitchen cabinets not in place,interior not done at all. Pl let me know what are the expenses allowed under sec 54 to complete interior of the flat so that exemption can be taken.
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Assessee is company has filed the Return of Income for every year. Since assessee is engaged in the business of executing contracts , due to TDS there is always refund to the company. Almost every year assessment is completed U/Sec 143(3) by making an addition on the ground of difference in receipts as per 26AS and receipts as per profit and loss account since assessee could not give reconciliation. Assessee submits that since it is company, books of accounts are audited under co act as well as income tax Act and diffrence in mainly due to offering of income on…
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131/131[1A]