Clarification regarding Annual Returns and Reconciliation Statement via Press Release, Ministry of Finance , 03rd July 2019
Demonetization special : Loose Sheet or scraps of papers cannot be termed as books as they can be easily detached and replaced
if a notice is issued but is returned unserved by the postal authorities and thereafter no effort is made to serve another notice before the deadline, it shall be deemed to be a case of “non-service” and the assessment order will have to be quashed.
Reopening of Assessment u/s in 147: If the documents on record conclusively establish that the receipt did not give rise to any taxable income, it would not be open for the AO to reopen the assessment referring only to the non disclosure of the receipt in the return of income.
No need to reverse ITC by buyer in case of receipt of Financial Credit Notes i.e., Credit notes without GST.
Transfer under section 2(47)(v)–Assessee having entered into joint development agreement as regards his property
