Finance
No Penalty u/s 271(1)(c) can be imposed on estimated additions
At times additions are made by Income Tax Department on estimated basis without having any clear evidence or iota of evidence on record to show that any particular entries in books of accounts were...
Income Tax
No Opportunity of Cross-Examination under Income Tax Litigations
No Opportunity of Cross-Examination under Income Tax Litigations
In law, cross-examination is the interrogation of a witness called by one’s opponent. Section 138 of the Indian Evidence Act 1872 provides that a witness will be...
Income Tax
Submission in cases of Alleged Bogus Purchases
In many instances, there are allegations from Income Tax Department that the tax payer has made BOGUS PURCHASES in order to reduce the Income Tax Liability although the assessee has furnished the invoices which...
Top News
Streedhan, Pin Money and NRI Savings during Demonetization period.
When PM Modi announced that Rs with the denomination of 500/- and 1000/- would cease to be the legal tender from 9th of Nov, the whole country was stunned. This decision caused sensation in...
Income Tax
Is the present State of Economy manmade or Natural ?
If the whole world is looking upto India as their prospective market, then how can our Indian economy crash?Is the slow down of economy man-made or natural ?
During Demonetisation , I had tried to...
Income Tax
Taxability in case of Insurance Policies in the nature of Pension Fund
In FY 2018-19 and 2019-2020, many taxpayers have received notices from Income Tax Department proposing to tax the total surrender value received on account of Designated Unit linked insurance policies in the nature of...
High Court
High Court allowed set-off of credit availed on construction of an immovable property against GST payable on rent income
Safari Retreats Private Limited (“Company”) Vs Chief Commissioner of Central Goods & Service tax (Orissa High Court)
The Company is mainly carrying on business activity of constructing shopping malls for the purpose of letting out...
Income Tax
Tax Incentive for Employment Generation under Section 80JJAA of Income Tax Act
Section 80JJAA of Income Tax Act Background
Section 80JJAA of income tax act was introduced to provide incentives to industries to generate employment for semi-skilled and unskilled labours. It was amended by Finance Act, 2016...
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