Tuesday 11 November 2014

Important ITAT Verdict On Black Money In Foreign Bank A/cs + Bogus Purchases + New Law Minister

New Law Minister Is An Experienced Administrator Capable Of Solving Woes

Shri. Sadananda Gowda has practiced as a Public Prosecutor and is well aware of the problems plaguing the judiciary. In his previous roles, he has demonstrated a strong desire to solve problems. We are confident that he will spearhead important changes in the Judiciary.
The Bar Association shall shortly approach the Hon’ble Law Minister with a request that the following long-standing issues raised by the Bar be addressed at the earliest:

Mohan Manoj Dhupelia vs. DCIT (ITAT Mumbai)

Information received by the AO that the assessee is a beneficary in a "discretionary" trust set up in Liechtenstein can form the basis of assessment of undisclosed income in the assessee's hands. Argument that the trust is "discretionary" and that the amount has not "accrued" to him or that the documents are "not corroborated" is not acceptable
(i) There is no substance in the assertion of the assessee that the reopening of assessment was bad, without following the due process of law or violation of principle of natural justice. The assessment was reopened because a tax-evasion petition (TEP) has been received from CBDT that the assessee is a beneficiary of Ambrunova Trust […]

Ganpatraj A Sanghavi vs. ACIT (ITAT Mumbai)

Purchases cannot be treated as bogus solely on the ground that suppliers are not traceable if the assessee has paid by a/c payee cheques and produced the income-tax and sales-tax documents and bank statements of the suppliers

(i) A perusal of the orders passed by the tax authorities would show that they have suspected the genuineness of the purchases only for the reason that the above said five parties were not available in the given addresses. It is pertinent to note that the AO himself, during the course of remand proceedings, have […]

No comments:

TAX DUE DATE - APRIL 2024.

  1 11.04.2024 GST Filing of GSTR1 for the month of March, 2024 2 20.04.2024 ...