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Dear Subscriber,
Dev Milk Foods Pvt. Ltd vs. Addl CIT (ITAT Delhi)
S. 143(3)/ 292BB: Under CBDT Instruction No.5/2016, a case earmarked for 'Limited Scrutiny' cannot be taken for 'Complete Scrutiny' unless the AO forms a "reasonable view" that there is a possibility of under assessment of income. The objective of the instruction is to (i) prevent fishing and roving enquiries; (ii) ensure maximum objectivity; and (iii) enforce checks and balances upon the powers of the AO. On facts, there is not an iota of cogent material shown by the AO for the conversion from limited scrutiny to complete scrutiny. The PCIT has also accorded approval in a mechanical manner. S. 292BB does not save the infirmity. The assessment order has to be quashed as a nullity The department, which is State, can be permitted to selectively apply the standards set by themselves for their own conduct. If this type of deviation is permitted, the consequences will be that floodgates of corruption will be opened which it is not desirable to encourage. When the department has set down a standard for itself, the department is bound by that standard and cannot act with discrimination
Benami Law As Amended – Whether Retroactive?
The question as to whether the Prohibition of Benami Property Transactions Act, 1988, as amended by the Benami Transactions (Prohibitions) Amendment Act, 2016, is prospective or retrospective is of vital importance to the several proceedings which are presently pending before the authorities. CA Pankaj Agrwal has applied his mind to all the arguments and counter-arguments advanced by the contesting parties and expressed his opinion on the topic See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
A Draconian Penal Provision: Critical Analysis Of Section 271AAD Of Income-tax Act, 1961 Introduced By Finance Act, 2020
Section 271AAD of the Income-tax Act, 1961, which was inserted by the Finance Act 2020, levies penalty for making a false entry or omission of an entry in the books of accounts. CA Rohit Kapoor has conducted a critical analysis of the provision and explained all of its nuances. He has also dealt with the various possibilities that can arise in day-to-day life and explained in a precise manner what the impact of the provision can be upon taxpayers__._,_.___
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