Taxation of the Partnership Firm: Planning & Precaution

EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2022

Income tax raid on the person in the business of gold & diamond jewellery: Rs. 100 Cr detected

Payment of PF/ESIC after the due date under the respective Labour Law: ITAT Delhi upheld the power of CPC in making the disallowance U/s 36(1)(va)

Cash payment & Section 40A(3): No disallowance if the payment is made by any person to his agent— who is required to make payment in cash for goods or services on behalf of such person

ITAT mumbai quashesld the tax demand of Rs 5,872 Cr on a demerger transaction of Grasim

Addition under section 69A of the Income Tax Act cannot be made on doubt and suspicion.

Wrong claim in the ITR u/s. 10(23C)(vi) instead of claim U/s 10(23C)(iiiab): Claim is rectifiable U/s 154

Section 274 provides for the procedure to be followed while imposing the penalty – Non-compliance make the notice defective

Utilization of capital gains within time specified would entitle assessee to claim of deduction under section 54 even if sale deed is not executed

CBDT issued annual Circular clarifying the TDS on salaries

No penalty u/s 271(1)(c) in respect of a debatable issue

“Now Taxpayer……..Of registration”

TDS has to be deducted in the case of supplementary commission of travel agents: SC

Addition done without referring the valuation to the DVO: Court restored the file to AO for valuation

Intimation U/s 143(1) is not an assessment for the purposes of Section 147 and so it is not necessary for the AO to come across some fresh tangible material to form a belief that income has escaped assessment.  

Short Overview of the SC judgement on taxability of surplus amount after revaluation of assets credited to partners’ capital account:

Rejected paddy seeds taxable at 5% under GST and not eligible for exemption as per Notfication No. 2/2017 CT (Rates)