IT Department conducts searches in Rajasthan and Mumbai; detects undeclared income worth Rs.100 crore

IT Department conducts searches in Rajasthan and Mumbai; detects undeclared income worth Rs.100 crore On June 16, 2022, the Income Tax Department conducted search and seizure operations against a commercial organization that engaged in the retail and export sale of handicrafts, cash financing, the purchase and selling of land and buildings, as well as some … Read more

10 percent tax to be paid on gifts to influencers and doctors

New TDS Rule From 1st July 2022: 10 percent tax to be paid on gifts to influencers and doctors The Central Board of Direct Taxes (CBDT) issued guidelines on new TDS provision regarding benefits received in a business or profession. Refer Circular: TDS on perquisites: CBDT issues clarifications on Newly introduced Section 194R The New … Read more

Only the right person is liable to be taxed and not the wrong person

Only the right person is liable to be taxed and not the wrong person The brief facts of the case is that during the scrutiny proceedings, the Assessing Officer observed that assessee is the beneficiary of accommodation entry provided by Shri Pravin Kumar Jain-Group.Therefore, Assessing Officer, after considering the reply of the assessee and as … Read more

How will I know ITR e-Verification is complete?

How will I know ITR e-Verification is complete? The Income Tax Return is a document or form that must be submitted to the Income Tax Department of India. It comprises information on a person’s earnings and the taxes that must be paid on those earnings throughout the year. Those Taxpayer who are crossing the threshold … Read more

Addition u/s 68 unsustainable if no proper inquiry done by AO invoking powers u/s 131 of Income Tax: ITAT

Addition u/s 68 unsustainable if no proper inquiry done by AO invoking powers u/s 131 of Income Tax: ITAT The Department had received information that the assessee had allegedly earned bogus Long Term Capital Gain to the tune of Rs. 2,00,10,326 on sale of shares of M/s. Access Global Limited through another allegedly bogus client … Read more

IT Department unearths Rs.400 Crore Tax Evasion after raids on Hospitality Group

IT Department unearths Rs.400 Crore Tax Evasion after raids on Hospitality Group On June 15, 2022, the Income Tax Department conducted a search and seizure operation on a leading industrial organization in Chennai, which is involved in the manufacturing of IMFL, logistics, hotels, and entertainment, among other things. The search operations took place in over … Read more

‘Other Income’ in nexus with business of the assessee is eligible for deduction u/s 80IA: ITAT

‘Other Income’ in nexus with business of the assessee is eligible for deduction u/s 80IA: ITAT The assessee company filed its return of income electronically for the AY 2013-14 computing a total income of Rs 56, 700,030 under the normal provisions of the Act and a book profit of Rs 1,065,483,802 under section 115JB of … Read more

Provisions of Sec 41 not applicable when assessee was showing liabilities in his books

Provisions of Sec 41 not applicable when assessee was showing liabilities in his books During the assessment proceedings, the AO noted that the assessee had raised unsecured loans amounting to Rs. 2,11,37,381 of which Rs. 1,12,37,381 had been raised from M/s Aadi Krishna Agro Foods, Sunam, and Rs. 99,00,000 had been raised from M/s Track … Read more

Why do I need to e-Verify?

E-Verification of ITR: Why do I need to e-Verify? The Income Tax Return (ITR) is a document that must be submitted to the Income Tax Department of India. It comprises information on a person’s earnings and the taxes that must be paid on those earnings throughout the year. Those Taxpayer who are crossing the threshold … Read more

Addition u/s 69A on account of unexplained jewellery

Addition u/s 69A on account of unexplained jewellery A search & seizure operation u/s 132(1) of the Income Tax Act, 1961 was carried out on the business and residential premises of the M/s SK Jewelers Group of Cases which included the assessee who is shown to be the proprietor of M/s SK Jewelers. The subject … Read more