Baisakhi Ganguly

All about Penalty under section 271(1) (c) 2 min read

• Income Tax

All about Penalty under section 271(1) (c)

Baisakhi Ganguly 9 years ago

Section 271(1) (c) of the Income Tax Act, 1961 deals with levy of penalty due to concealment of income by an assessee. Penalty under section... Read More

If advances are for non-business purposes, the disallowance should be on the basis of average interest rate 3 min read

• Income Tax

If advances are for non-business purposes, the disallowance should be on the basis of average interest rate

Baisakhi Ganguly 9 years ago

The Hon’ble Punjab and Haryana High Court at Chandigarh in the case of CIT vs. M/s Kudu Industries being ITA No.388 of 2014(O&M) held that... Read More

Assessing Officers to become accountable for raising bogus demands 3 min read

• Income Tax

Assessing Officers to become accountable for raising bogus demands

Baisakhi Ganguly 9 years ago

It is often observed that Assessing Officers make bogus additions and raise unjustified income tax demands on the basis of frivolous grounds. They also adopt... Read More

Assessing Officers directed to quickly comply with the appeal orders 3 min read

• Income Tax

Assessing Officers directed to quickly comply with the appeal orders

Baisakhi Ganguly 9 years ago

The Central Board of Direct Taxes has recently passed a direction on 07.10.2015 wherein it has been notified that the Assessing Officers of the Revenue... Read More

Impacts of Non-issuance of TDS certificate within time 2 min read

• Income Tax

Impacts of Non-issuance of TDS certificate within time

Baisakhi Ganguly 9 years ago

There is a grievance that often the tax deductors fail to issue TDS certificate in spite of many reminders by the deductee for such issue.... Read More

Is “mens rea” an essential factor for levy of penalty? 4 min read

• Income Tax

Is “mens rea” an essential factor for levy of penalty?

Baisakhi Ganguly 9 years ago

The debate as to whether “mens rea” is an essential ingredient for levy of penalty has been never ending. It is a common issue as... Read More

Adjustment of refund due is discretionary power of the assessing officer 6 min read

• Income Tax

Adjustment of refund due is discretionary power of the assessing officer

Baisakhi Ganguly 9 years ago

The Bombay High Court in the case of Hindustan Unilever Limited vs. Deputy Commissioner of Income Tax-1 (1) and Others, 2015 (7) TMI 366, has... Read More

All about Compounding of offences under the Income Tax Act, 1961 5 min read

• Income Tax

All about Compounding of offences under the Income Tax Act, 1961

Baisakhi Ganguly 9 years ago

Meaning of the term “compounding of offences”: Compoundable offences are those offences that can be conciliated by the parties between themselves. The permission of the... Read More

The Income Tax Appellate Tribunal declares slump sale surplus as a capital gain 6 min read

• Income Tax

The Income Tax Appellate Tribunal declares slump sale surplus as a capital gain

Baisakhi Ganguly 10 years ago

One of the most fashionable trends of business in the present day world is a transfer through slump sale. This kind of deals falls under... Read More

Assessing Officer should not show undue hurry in completing an assessment 3 min read

• Income Tax

Assessing Officer should not show undue hurry in completing an assessment

Baisakhi Ganguly 10 years ago

The Bench of the High Court at Ahmadabad consisting of Hon’ble Justice Mr. Akil Qureshi and Hon’ble Justice Ms. Sonia Gokani has passed a judgment... Read More