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Nawal Kishore Soni vs. ACIT (ITAT Jaipur)
S. 68 r.w.s. 115BBE: It is evident from entries found in cash book and from statement recorded from assessee in course of survey that assessee purchased gold in period of demonetization which was obviously for sale to persons on receiving cash from them as the same is normal practice of gold trade. The gold purchased in the period of demonetization was towards agreed sale to persons on receiving amount therefor from those persons. Thus the source of payment for purchase of gold is out of the amount received from its sales and so it is to be treated as properly explained. It is only profit on sale of said purchased gold which is income of the assessee which was undisclosed income of the assessee and the same could only be subjected to tax. It is settled law that in case of unaccounted sales only profit therefrom could only be taxed as income of assessee The payment for purchase gold is not made by assessee from his own but the same is either settled by direct payment to seller by buyer and/or payment made from advance from customer or credit from sales as per normal trade practice. The assessee admitted such profit at Rs. 45,00,000/- and disclosed that income in PMGKY, 2016 and paid due tax thereon. The assessee has not noted name(s) of person(s) whom gold was sold by him. In unrecorded transactions neither the purchaser informs his name neither assessee require it as the dealing ins cash based and even if name and address is given the person will not be found there or will deny it. Thus when the entries clearly reveals that transactions are of unrecorded purchase and sale of gold which A.O. also admits in assessment order than simply that name & address of purchasers are not provided the entire amount of sale cannot in law be treated as undisclosed income, only profit earned from said transactions which has been admitted by assessee at Rs. 45,00,000/- can only be assessed to tax
ITAT Disposes Off 5000+ Cases (In 5 Months) Through Video Conferencing During COVID-19 Pandemic
The Ministry Of Law & Justice has issued a press release stating that the Income Tax Appellate Tribunal has made innovative and aggressive use of IT techniques to dispense faster justice in the field of Direct Taxes despite coronaDownload The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 seeks to replace the Ordinance and, inter alia, provides for extension of various time limits for completion or compliance of actions under the specified Acts and reduction in interest, waiver of penalty and prosecution for delay in payment of certain taxes or levies during the specified periodPresumptive Taxation – Showing Higher Income Than Benchmark Given – A Choice Or An Obligation?
CAs Pankaj Agrwal and Sandeep Kumar Jain have dealt with the interesting issue whether a professional is entitled to rely on Section 44ADA of the Income-tax Act, 1961 and declare his income as being 50% of the gross receipts even though the actual income is in fact higher. They have also considered whether there is a risk of the Department claiming in in later years that the difference between the actual income (reflected by investments) and returned income is "undisclosed income"
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
Scheme For Faceless Assessments And Appeals – Analysis Thereof
Advocate V. P. Gupta has explained the scheme of faceless assessments and appeals in a precise manner. He has compared the provisions of the scheme with that prevalent in the USA and pinpointed the advantages and benefits to taxpayers. The ld. author has identified a few issues where clarifications from the Government is desired. He has also offered valuable suggestions on how the scheme can be made better__._,_.___
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1 comments:
Presumptive taxation scheme (PTS) allows you to calculate your tax on an estimated income or profit. The scheme can be used by businesses having a total turnover of less than Rs2 crore and eligible professionals with gross receipts of less than Rs50 lakh in a financial year.
Presumptive Taxation under section 44AD
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