Under Explanation 7 to s. 271(1)(c), the onus on the assessee is only to show that the ALP is computed in accordance with the scheme of s. 92 C in good faith and due diligence.

the penalty notice to frame a specific charge cannot be followed in the context of whether the notice should specify ‘concealment’ vs. ‘inaccurate particulars’ because the judgement does not consider SSA’s Emerald Meadows (SC) and is contrary to Samson Perinchery (Bom)

Concept of Valuation under GST !

Amendments Made under Income Tax Act after Demonetization

GSTR1- filing date extension!

Penny stock addition deleted by Mumbai ITAT

Share application money cannot be treated as unexplained credit if the AO does not make any investigation on the documentary evidences filed by the assessee

In the absence of any overt act, which disclosed conscious and material suppression, invocation of Explanation 7 to s. 271(1)(c) in a blanket manner could not only be injurious to the assessee

New subsidy scheme – Women Entrepreneurs Policy announced recently

Saving tax – Looking beyond section 80C

No restrictions on cash payment of Rs. 20,000/- per day if Taxpayer is offering income @ 8% u/s 44AD

40A(3) is not applicable if taxpayer is opting for presumptive taxation scheme u/s 44AD

Even income taxable under section 68 eligible for exemption u/s 10(23C)(v)

Section 45(5A) – New Simplified mode of Taxation of Joint Development Agreement

Amount disallowed u/s 14A of the Act cannot be added to arrive at book profit for purposes of section 115JB of the Act

Concealment of income and furnishing of inaccurate particulars are distinct and separate charges.

Be The Forensic Auditor !!

Refund of TDS done u/s 195