Articles by Amit Bajaj

Levy of penalty or interest for non submission of C forms

Posted by Amit Bajaj 09 May 2011 226262 Views

As we know C forms are required to be submitted by a seller with the sales tax authorities after obtaining the same from the purchaser of goods if the sale is an interstate sales and CST has been charged at concessional rate of 2% as per the require

A short note on section 80CCC of Income Tax Act 1961

Posted by Amit Bajaj 04 May 2011 416814 Views

Section 80CCC of Income Tax Act 1961 deals with the deductions and income in respect of contributions to certain Pension funds by an individual assessee. Herebelow the relevant provisions of section 80CCC are discussed. To whom the deduction is av

Failure to voluntarily apply sec 50C does not attract penalty

Posted by Amit Bajaj 29 April 2011 16746 Views

The ITAT Mumbai has given an important decision on levy of penalty u/s 271(1)(c) of Income Tax Act when a person fails to declare capital gain as per the deeming fiction of section 50C, I find this Judgment very useful and sharing it for the benefit

Section 50c applies to immovable depreciable assets

Posted by Amit Bajaj 29 April 2011 15665 Views

ITO vs United Marine Academy(Mumbai ITAT) Brief Facts: The assessee sold an office building for Rs. 49.43 lakhs. As the WDV of the said building was also Rs. 49.43 lakhs, no STCG was offered to tax. The AO held that as the stamp duty valuation of t

CBDT's circular No 739 on section 40(b) (v) is invalid-HP HC

Posted by Amit Bajaj 13 April 2011 19546 Views

Himachal Pardesh High court in an important recent Judgment namely M/s Durga Dass Devki Nandan.V Income-tax Officer, Palampur decided on 11-03-2011 has held the circular No 739 dated 25-03-1996 of CBDT as invalid. The said circular is on the issue o

Remand of penalty orders in appeal whether justified?

Posted by Amit Bajaj 09 April 2011 7936 Views

Meaning of Remand:When an appellate court sends an appealed case back to the trial court for further action, the case is said to be remanded. This usually happens if the trial judge has made an error which requires a new trial or hearing. Under Ta

Scope of scrutiny assessment in AIR cases under Income Tax

Posted by Amit Bajaj 21 March 2011 33923 Views

Income Tax Department nowadays selects almost all cases for scrutiny assessment under section 143(2) of Income Tax Act 1961 based upon AIR(Annual Information Return) transactions or through CASS. It is sometimes seen that when a case is selecte

Extension of Limitation period for assessment under PVAT Act

Posted by Amit Bajaj 17 March 2011 14061 Views

Section 29(4) of Punjab VAT Act 2005 provides that an assessment u/s 29(2) or 29(3) may be made within three years after the date when the annual statement was filed or due to be filed, whichever is later. Proviso to the said sub sec

Capital Gain on Conversion of Capital Asset Into Stock

Posted by Amit Bajaj 07 March 2011 36285 Views

Section 45(2) of Income Tax Act deals with the cases where a capital asset is converted into stock in trade. Whenever a capital asset is converted into stock in trade by an assessee it is deemed as transfer of capital asset and attracts capital

Income declared u/s 44AD-no need to explain each cash deposit

Posted by Amit Bajaj 02 March 2011 29009 Views

Income declared u/s 44AD- Assessee not liable to explain each entry of cash deposit. I have found the following Judgement very useful for small assessees who declares their income under presumptive income schemes and I am sharing it here for benefit