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Case Laws

When Assessing Officer admitted the genuineness of transaction in his Remand report, addition cannot be confirmed by CIT(A)

Sh. Mukesh Nanubhai Desai vs ACIT Facts of the case Assessee has earned exempt income of Rs. 8,67,79,658/- on account of Long term capital gain on...

Khushi Surana - June 4, 2021

Case Laws

Revision u/s 263 cannot be made on a issue which was never a part of the assessment order to be revised.

Nilkanth Developers vs PCIT - 3 Facts of the case Assessment order u/s. 143(3) was passed 26.03.2013 for A.Y.2010-11 disallowing deduction claimed u/s. 80IB(10) of Rs.1,25,78,872/-. The...

Shyam Mangukiya - June 4, 2021

General

Format of Statutory Auditors Report for FY – 2020-21

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ABC PRIVATE LIMITED Report on the Audit of the Financial Statements Opinion: We have audited the accompanying Financial Statements of ABC PRIVATE LIMITED (“the...

CA Yash Kapadia - June 1, 2021

Case Laws

Cash deposited by a client in insurance agent’s bank account is mere remittance.

Ashish N. Vashi vs ITO Facts of the case The assessee is an insurance agent, he used to collect cash from various parties...

Rahul Manglam - May 29, 2021

Attention Taxpayers: New I-T portal to be activated from June 7, existing portal will be unavailable from June 1-6

The Income Tax Department will launch a new income tax filing portal on June 7. What new income tax makeover aims at? The new e-filing portal (www.incometax.gov.in) is aimed at...

Priya kejriwal - May 28, 2021

Case Laws

Notice u/s 148 was issued in the name of dead person which is invalid in the eyes of law.

Sh. Haresh P. Shah, Legal Heir, Late Manjula P. Shah Vs ITO Facts of the case Notice for reassessment proceedings u/s 147/148 was issued to dead...

Sourabh Agarwal - May 27, 2021

Income Tax

Application for Registration of Trusts or Charitable Institutions u/s 80G of Income Tax Act,1961

Section 80G of the Income Tax Act, 1961 provides deduction in respect of donations to specified funds, charitable institutions, trusts etc. which are approved...

Sourabh Agarwal - May 27, 2021

Startups