No penalty u/s 271D can be levied if transactions are genuine
The ITAT Chandigarh in the case of M/s Chawla Chemtech Pvt. Ltd. vs. the Joint CIT, Gobindgarh – 2016 (4) TMI 378 has held that... Read More
Income tax act
Share application money cannot be considered as undisclosed income if identity of the share applicants is available
The Hon’ble Delhi High Court on 12.8.15 in the cases of Commissioner of Income Tax – 9 (Appellant) vs. Vrindavan Farms (P) Ltd. (Respondent) being... Read More
A searched person cannot be allowed to adjust Cash seized During Income Tax Raid with payment of advance tax
Treatment of Cash seized During Income Tax Raid The Finance Act, 2013 has introduced an explanation to section 132B which states that the ‘existing liability’ does... Read More
Entered Contract to Sell Property and Realized Money Later? What is Date of Recognition of Sale?
3 min read
Selling House Property? When is Date of Recognition of Sale for Tax Purposes Buying or selling of property is not a single day’s job, it’s a... Read More
Cross-linking Income Tax Act and GST
2 min read
Model GST Law, specifically Section 25 speaks about the furnishing details with respect to outward supplies. Further, Section 26 speaks about furnishing of details with... Read More
Assessment of Undisclosed Income in Income Tax Act u/s 133A
This arrangement is similar to VDS (Voluntary Disclosure Scheme). This scheme is effective from 1st June 2016. Declaration of undisclosed income or assets could be... Read More
Ease in Strictness of Section 206AA – Dealing with Previous Issues
Section 206AA was highly rigorous and confusing as it made mandatory to submit PAN number while submitting taxes. It created many controversies; especially in case... Read More
Good news for taxpayers- The much awaited e-nivaran project launched by CBDT
e-nivaran is the beginning of a new era in the Income Tax Department. e-nivaran- a dream project of Indian Government and the Income Tax department has... Read More
The key to Tax Planning
3 min read
Tax Planning deals with making investments for the purpose of reducing the tax liability and increasing returns. Let us know the key to tax planning... Read More
Changes in the law relating to levy of penalty in the Finance Bill, 2016
The Finance Bill, 2016 aims to make drastic changes to the law relating to levy of penalty for concealment of income and furnishing of incorrect... Read More
ITAT Amritsar: No Section 269SS Violation for One-Time Cash Payment Before Sub-Registrar 
Tax Officials Unleash Digital Dragnet: How New Raid Powers Redefine Privacy, Property Rights in India and likely to Fuel Corruption 
Income Tax Department Rewards for Reporting Tax Evasion: A Comprehensive Guide 
Forfeiture of Gratuity by Employer- What are the Remedies for an employee- Can employer be challenged?