Bogus Debtors ( unexplained)– A Source of Tax Exposure
Having bogus or unexplained debtors in books may result in double jeopardy for a taxpayer. Taxpayers should exercise caution while…
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Club expenditure ......Read More
Yesterday's Profiteering is not permissible in the field of professional/educational courses ......Read More
Yesterday's Profiteering is not permissible in the field of professional/educational courses ......Read More
Cash n All
If you hold, carry, deposit, invest, borrow or receive cash but can’t conclusively explain by evidence the nature, source and…
......Read MoreWrong reopening
Here is a case of a person who is slapped with a notice of reopening on the basis of search…
......Read MoreBoth Valuation method and valuation expert should be assesee’s choice
Section 56(2)(viib) is inserted to tax receipt of consideration that is in excess of fair value of shares issued by…
......Read MoreCash deposits
Pursuant to demonetisation ordinance in 1946 a husband and wife submitted High denomination notes in their respective names in [1953]…
......Read MoreRule for verification of unexplained deposits – assessee cannot be kept in dark
In the matter of examination of cash deposits the tribunal in [2022] 98 ITR (Trib) 499 (ITAT[Amrit] held that the assessee cannot…
......Read MoreNewspaper clippings as evidence of panic buying during demonetisation
To disbelieve the sales, either the assessee should have insufficient stocks in its possession or there must be defects in…
......Read MoreLong term lease fail to meet business tests…rentals assessable under house property/other sources
Of the property lease transaction the objects in the memorandum or deed alone may not decide the head under which…
......Read MoreLevy of taxes based on circumstantial evidence without following procedure of law
Here is a reopened case of a diamond merchant reported at [2021] 92 ITR (Trib) 647 (ITAT[Surat]) in which the…
......Read MoreScope of section 68
No addition u/s 68 etc can be made on the strength of suspicion so that the High Court in reading…
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