Refusal to provide recorded reasons for issue of notice itself becomes a cause for filing Writ in High court and for court to intervene in income tax proceedings. Facts Related to Reassessment Case under Section 147 The assessee, retired from partnership received certain amount during the relevant assessment year in full and final settlement of [...]
No Deemed Dividend in Firms Hand , if Partner is Shareholder: Allahabad HC
September 18, 2012 by Leave a Comment
The assessee-firm was working as a sub-contractor with a company and had received interest-free advances from the said company. The Commis-sioner after scrutinizing the assessment order under section 263 held that the interest-free advance was taxable in the hands of the assessee by way of dividend income within the meaning of section 2(22)(e). Accordingly, the [...]
194C : C & F Agent Payment to Airlines on Behalf of Exporters Not liable ??
September 3, 2012 by Leave a Comment
The assessee was a partnership firm carrying on the business of clearing and forwarding agents (C&F agents) and booking cargo for transportation abroad for various airlines operating in India. It had collected freight charges from the exporters who intended to send the goods through a particular airline and paid the amount to the airline or [...]
194C: Oral or Written Agreement between Contractor and Contractee Must ??
September 3, 2012 by Leave a Comment
The assessee is a partnership firm carrying on the business of clearing and forwarding agents (C&F agents) and booking cargo for transportation abroad for various airlines operating in India. The assessee collected freight charges from the exporters and paid the amount to the airline or its General Sales Agents. The assessee charged commission for the [...]
Can CIT Invoke Sec. 263 if A.O is Prohibted to Take Any Action For Assessment of Escaped Income?
September 1, 2012 by Leave a Comment
The assessee claimed deduction on interest paid on borrowed funds for investment in a partnership firm where-from the assessee as partner got share income which was exempt from tax under section 10(2). The Commissioner inovoked action u/s 263 of the Income Tax Act as the claim of deduction made by the assessee and allowed by [...]
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