Individual assessee having turnover below Rs. 1 Crore, got the books audited u/s 44AD(5) [net profit shown below 8% of turnover] for F.Y. 2016-17. Whether TDS provisions are applicable to him for F.Y. 16-17 / 17-18?
Immunity from audit u/s 44AD is not available in the first year of Business even if income is below the basic exemption limit!
Taxability in the hands of Company & Shareholder in case of conversion of debentures into shares of company
Whether tax is liable to be deducted at source from sale consideration payable to a non-resident transferor who sells immovable property?
Transfer of immovable property is effective only on registration of conveyance deed, It is not applicable for computing the holding period: Mumbai ITAT
Reasons cannot be the basis for reopening assessment in case of assessee before us. Merely because addition has been made in hands of co-owner, no presumption could be drawn that income has escaped assessment in the hands of assessee, without there being independent ‘reasons to believe’, based upon cogent materials: DELHI TRIBUNAL
