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Articles by Amit Bajaj

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Levy of penalty or interest for non submission of C forms

  Amit Bajaj    09 May 2011 at 16:18

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

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Posted in VAT  12 comments |   222720 Views


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

  Amit Bajaj    04 May 2011 at 10:32

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

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Posted in Income Tax  2 comments |   415566 Views


Failure to voluntarily apply sec 50C does not attract penalty

  Amit Bajaj    29 April 2011 at 15:09

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

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Posted in Income Tax  4 comments |   16317 Views


Section 50c applies to immovable depreciable assets

  Amit Bajaj    29 April 2011 at 15:03

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

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Posted in Income Tax |   15012 Views


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

  Amit Bajaj    13 April 2011 at 15:22

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

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Posted in Income Tax  2 comments |   18597 Views


Remand of penalty orders in appeal whether justified?

  Amit Bajaj    09 April 2011 at 20:14

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

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Posted in VAT |   7563 Views


Scope of scrutiny assessment in AIR cases under Income Tax

  Amit Bajaj    21 March 2011 at 11:55

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

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Posted in Income Tax  3 comments |   33324 Views


Extension of Limitation period for assessment under PVAT Act

  Amit Bajaj    17 March 2011 at 12:03

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

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Posted in VAT |   13527 Views


Capital Gain on Conversion of Capital Asset Into Stock

  Amit Bajaj    07 March 2011 at 11:08

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

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Posted in Income Tax  6 comments |   35493 Views


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

  Amit Bajaj    02 March 2011 at 12:06

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

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Posted in Income Tax  8 comments |   28218 Views