Penalty proceeding u/s 271(1)(c) is initiated in a very routine manner by Assessing Officer while disallowing any expenditure or claim. The higher appellate authorities have come heavily on income tax department for the callous manner in which penalty proceeding u/s 271(1)(c) is initiated by A.Os. However, the surprise is that the Income Tax Act provides...
Section 246A of Income Tax Act 1961 provides exhaustive list of A.Os orders which are appealable. But in simple terms , one should know that appeal can be filed against
1.intimation u/s 143(1) served on you.
2. Assessment order passed by A.O
3. Penalty orders
4. Any other order passed by
Very recent judgment of Supreme Court in CIT vs Reliance Petroproducts Pvt Ltd delivered on 17/3/2010, is a great relief to taxpayers as it has cleared the confusion in minds of Authorities regarding the imposistion of penalty. In fact the decision of Apex Court in Dharmendra Textile embolden Authorities to the extent that penalty proceeding
Income Tax officers most frequently harass the Registrar of Companies (ROC) calling for copies of balance sheets of companies by using powers under section 131/133 of the Income Tax Act 1956. But all balance sheets of companies, once filed with ROC, goes into public domain (except profit and loss account of private limited companies). Is [...]
As per the I.T. Act the aggregate amount of loan taken in cash should not exceed 20,000/-. This aggregate amount means total amount from all the parties from whom loan has been taken or loan from one single party. For eg if I have taken loan from three parties in cash each amount being Rs....