INCOME-TAX (SECOND AMENDMENT) RULES, 2013 – AMENDMENT IN RULES 31A & 31AA; SUBSTITUTION OF RULES 31ACB, 37J AND FORM NOS.15G, 15H, 16, 16A, 24Q, 26Q, 27C, 27D, 27Q & 27EQ AND INSERTION OF FORM NO. 26B NOTIFICATION NO. 11/2013[F.NO.142/31/2012-SO(TPL)]/SO 410(E), DATED 19-2-2013 In exercise of the powers conferred by section 295 of the Income-tax Act, […]
Audit objections to assessment orders are very routine and equally routine is the manner in which these audit observation is handled within the tax department. Usually , the assessing officer first do not agree with the observation of audit objection, but later on account of CBDT instraution and guideline, issue notice u/s 148 on the […]
The assessee is engaged in the business of a travel agency. During the previous year relevant to the assessment year the assessee had entered into certain business transactions with M/s. Holiday Resort (P.) Ltd. and M/s. Ambassador Tours (I) (P.) Ltd. As a result of these business transactions, there were some financial transactions but the […]
The assessee is a company and had 10 shares in East India Impex (Delhi) Private Limited. The assessee did not hold 10% or more voting rights in East India Impex (Delhi) Private Limited. The Assessing Officer invoked Section 2(22)(e) of the Act on the ground that one Subhash Sahni had more than 10% shareholding in […]
An amount of Rs. 32,00,000 was transferred from the bank account of a company by the name of Capsulation Services Private Limited (CSPL) to the account of the assessee maintained in the Chembur Branch of the State Bank of India. Mr. Vikram Tannan was a Director of CSPL. He held over 10 per cent of […]
M/s Ankur Agro Pvt. Ltd has advanced unsecured loan to the assessee i.e. M/s Sharman Woolen Mills Ltd., a separate registered Company under the provisions of Companies Act, 1956. The Assessing Officer made an addition of Rs. 99,10,000/- in the income of the assessee as a dividend in terms of Section 2(22)(e) of the Income-tax […]
The assessee ,a non-resident company operates in India with branches at New Delhi and Mumbai and is engaged in the business of providing consultancy on strategic planning and related activities. The assessee has filed returns in India from assessment year 1993-94. On 8-1-2010 the petitioner made an application under section 195(3) of the Income-tax Act, […]
The assessee-company filed its return disclosing loss though book profit computed by it was on a positive side. The Assessing Officer, however, computed book profit under section 115JA and added provision for doubtful debts of Rs. 1.56 crores and provision for wealth-tax of Rs. 1,25,000 in such calculation of book profit under section 115JA. On...