Income Tax
Why a Completed Assessment Cannot Be Reviewed ?
Where the point was looked at in the original assessment, a reopening on the same material is a review of a completed order, and...
Income Tax
How to Reply to a Notice Under Section 148A(b)
The reply to a show-cause notice before reopening is not a formality, because every objection available later is strongest if it was taken here...
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Startups
How Much Money Do You Need to Start a Startup in India?
One of the most common questions first-time founders ask is simple: how much money do I actually need? The honest answer is that it...
Startups
Corporate Law for Startups in India
A startup can begin with little more than an idea, a laptop and two founders willing to take a risk. In the early stages,...
Company Law and IBC
Section 148A Reassessment: From Information to Notice
Reassessment is a sequence of separate statutory steps, and a defect at any one of them can be fatal to the notice, so the...
Income Tax
The Defective Penalty Notice: When the Limb Is Not Struck Off
A penalty notice that leaves both limbs standing tells the assessee nothing about the charge he has to answer, and that silence is often...
Income Tax
Bogus Purchases: How the Addition Is Actually Decided
Where the sales are accepted and the stock records tally, the argument on bogus purchases is almost never about the whole amount.
The information has...
Company Law and IBC
Cash Found in a Search or Survey
Cash found during a search is added under section 69A only where the assessee is its owner and the explanation of how he came...
Income Tax
Identity, Creditworthiness and Genuineness: The Three Tests
The three limbs of section 68 are three separate tests, and a submission that runs them together usually loses on the one it never...
Company Law and IBC
Section 68 Unexplained Cash Credit: What the Assessee Has to Prove
Section 68 asks the assessee to explain a credit in the books, and the explanation has to satisfy three separate tests before the Assessing...
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