Cash debits/credits in undisclosed bank accounts unearthed during the course of assessment proceedings – theory of peak credit – how far applicable?
Query – An Indian company is making a lease agreement with Individual assessee (owner of the agricultural lands) for carrying on pure agricultural activities thereon for deriving agricultural income there from. Taxation issues in the hands of company?
S. 269SS/ 271D Penalty: It is not enough for the assessee to show that the transaction of taking loan/ deposit by cash is genuine or bona fide. It has also to be shown that there was reasonable cause u/s 273B for the assessee being unable to take the loan/deposit by account payee cheque or account payee bank draft
S. 147/148: If the recorded reasons do not specify, prima-facie, the quantum of tax which has escaped assessment but merely state that it would be at least Rs.1,00,000, and if the reopening is to “verify” suspicious transactions, prima-facie, the reasons do not indicate reasonable belief of the AO and the notice is without jurisdiction
An HUF is partner in a firm and remuneration is paid to the Karta of HUF – whether allowable as deduction u/s 40(b) of The Income Tax Act? In whose hands the remuneration is taxable – individual or HUF?
![28th GST Council Meeting GST Rate Change Highlights Rate Reduction from 28% to 18% Paints and varnishes (including enamels and lacquers) Glaziers’ putty, grafting putty, resin cement Refrigerators, freezers and other refrigerating or freezing equipment including water cooler, milk coolers, refrigerating equipment for leather industry, ice cream freezer etc. Washing machines. Lithium-ion batteries Vacuum cleaners Domestic electrical appliances such as food grinders and mixers & food or vegetable juice extractor, shaver, hair clippers etc Storage water heaters and immersion heaters, hair dryers, hand dryers, electric smoothing irons etc Televisions upto the size of 68 cm Special purpose motor vehicles. e.g., crane lorries, fire fighting vehicle, concrete mixer lorries, spraying lorries Works trucks [self-propelled, not fitted with lifting or handling equipment] of the type used in factories, warehouses, dock areas or airports for short transport of goods. Trailers and semi-trailers. Miscellaneous articles such as scent sprays and similar toilet sprays, powder-puffs and pads for the application of cosmetics or toilet preparations. Rate Reduction from 28% to 12% • Fuel Cell Vehicle. Further, Compensation cess shall also be exempted on fuel cell vehicle. Rate Reduction from 18% to 12% • Bamboo flooring • Brass Kerosene Pressure Stove. • Hand Operated Rubber Roller • Zip and Slide Fasteners • Handbags including pouches and purses; jewellery box • Wooden frames for painting, photographs, mirrors etc • Art ware of cork [including articles of sholapith] • Stone art ware, stone inlay work • Ornamental framed mirrors • Glass statues [other than those of crystal] • Glass art ware [ pots, jars, votive, cask, cake cover, tulip bottle, vase ] • Art ware of iron • Art ware of brass, copper/ copper alloys, electro plated with nickel/silver • Aluminium art ware • Handcrafted lamps (including panchloga lamp) • Worked vegetable or mineral carving, articles thereof, articles of wax, of stearin, of natural gums or natural resins or of modelling pastes etc, (including articles of lac, shellac) • Ganjifa card Rate Reduction from 18% to 5% • Ethanol for sale to Oil Marketing Companies for blending with fuel • Solid bio fuel pellets Rate Reduction from 12% to 5% • Chenille fabrics and other fabrics under heading 5801 • Handloom dari • Phosphoric acid (fertilizer grade only). • Knitted cap/topi having retail sale value not exceeding Rs 1000 • Handmade carpets and other handmade textile floor coverings (including namda/gabba) • Handmade lace • Hand-woven tapestries • Hand-made braids and ornamental trimming in the piece • Toran Rate Reduction from 18% or 12% or 5% to 0% • Stone/Marble/Wood Deities • Rakhi [other than that of precious or semi-precious material chapter 71] • Sanitary Napkins, • Coir pith compost • Sal Leaves siali leaves and their products and Sabai Rope • PhoolBhariJhadoo [Raw material for Jhadoo] • Khali dona. • Circulation and commemorative coins, sold by Security Printing and Minting Corporation of India Ltd [SPMCIL] to Ministry of Finance. Footwear 5% GST rate will now be applicable for footwear having a retail sale price up to Rs. 1000 per pair. 18% GST rate will be applicable for footwear having a retail sale price exceeding Rs.1000 per pair.](https://thetaxtalk.com/wp-content/uploads/2018/07/455-min.png)
