Assessee was Purchasing kirana items in cash from local market to avail benefit of cash discount. He was supplying the same to retail kirana shopkeepers in remote places & was receiving payment in his SB A/c deposited in cash at respective places of purchasers. No books of A/c maintained. No purchase & sale bills are available. Saving bank statement clearly revels that - (i) Simultaneous deposits & withdrawals in bank A/c (ii)No capital expense. (iii) Increase in bank balance about Rs8000 (iv) Peak credit about Rs.500000. During FY 10-11 on the basis of AIR information that assessee has deposited more…
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Hello: I am representing myself in a civil case and have appealed a lower court's decision to the NH Supreme Court. The reason that I am reaching out to you is to obtain a definition of a legal term as it would relate to my appeal. The NHSC has sent me concerning my case a terse legal term, That term is: "not argued". Please explain the significance of that term in the appeal process, Thank you. Sincerely, Lance Costello
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Assessee is a Private limited co engaged in manuf of dairy products. In the year 2012-13, assessee co has received subsidy from the Govt of Maharashtra, in respect of investment in Plant at back ward area in the status of Mega Project under the Package Scheme of Incentives, 2007, ('PSI'). As per the Eligibility Certificate, assessee co shall be entitled to: a.Electricity Duty exemption for the period of 7 years from the date of commencement of commercial production. b.100% exemption from payment of stamp duty under relevant Government Resolution of Revenue and Forest Department. c.Industrial Promotion Subsidy (`IPS') equivalent to…
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WPRT my recent query for EXPERTS' answer , look up the UPDATE just posted drawing attention to certain recent developments ! May be, that provides a satisfactory answer to the intriguing point of concern posed- AGREE !
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Refer to the Article titled, – “Adjustment By Income Tax Department U/S 143(1)(a) In Respect Of Debatable Issue” (Posted on May 30, 2020 by editor Posted in Articles — 21 Comments ↓) EXTRACTS (: “DUE TO THE SETUP OF THE CENTRAL PROCESSING CENTRE, ALL THE INCOME TAX RETURNS FILED BY THE ASSESSEES ARE PROCESSED THROUGH COMPUTER PROCESSING. NO MANUAL INTERVENTION IS DONE. Presently the assessees are getting notices from the income tax central processing center for adjustments under section 143(1)(a) of the Income tax Act. AS PER THE NOTICES ISSUED, EXPLANATIONS ARE CALLED FOR FROM THE ASSESSEE FOR WHY ADJUSTMENT…
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TO MY QN. LAST SENT A FEW DAYS AGO, LOOK FWD FOR YOUR EXPERTS' ANSWER /OPINION ! Admn. WILL YOU PASS ON MY FEED INPUT SUPLLIED VIA A MESSAGE SENT THROUGH FB A FEW MiNUTES ago !?
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Whether clause 44 And 30C of Form 3Cd are applicable for Reporting in 3CD for Asst Year 2022-23.
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*Facts:* 1. Assessee is running a Proprietorship Business of Vendor Payment Services and Gift Cards Processing. FY 2020-21 Turnover was Rs. 96.60 lk. Current year FY 21-22 Turnover is Rs. 13.50 crores. 2. Considering the turnover of previous year – No TDS applicability for Current FY 2021-22 for Section 194C/ 194H and 194J. However, it exceeded Rs. 50 lacs transactions with single parties and hence is covered under Section 194M. 3. Total two parties where the Turnover exceed Rs. 50 Lacs. a. First Party- Availed Gateway Services for vendor payment. This party has its registered domain and known for its…
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Suppose I have ltcg of Rs 1.5 lakhs under section 112a. How to claim a deduction of Rs 1 lakh. In which schedule?
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During the course of assessment proceedings, the assessee died and the assessment was made on one of the legal heir of the assessee who filed that he may be taken as legal heir in this case. The assessment was made in the name of legal heir but the demand notice issued in the name of dead peron(assessee) What is the validity of such demand
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Cash Deposit in Saving Bank A/c. Addition u/s 68 of IT Act