there was survey conducted at the hospital (assessee is a company- a hospital).
Director voluntary disclosed 50 lakhs.
and the same is declared by assessee in income side of p/l. and the same is set off against the huge losses. as a result there is no tax as there is no profit.

But A.O. initiated Penalty proceedings against assessee.

Please give reference of case laws to avoid penalty.

I proud the our CA club experts.

In the income tax return we claim the income as agricultural income but in the assessment AO deny the such exemption and taxed the whole income and also issue a show cause notice under section 276B, 277 & 278 (i.e. prosecution proceedings)

Now the question is
whether AO action is justified?

if no what are the arguments that we can make and if possible mention some case laws also?

Please don't answer like AO is justified
IT REALY URGENT..

Can penalty be levied u/s 271 (1) c in case earlier loss is disallowed at the time of assessment to the extent of set off taken in next year. Example 2006-07 loss was 15 lacs. setoff was taken against income of 16 lacs in 2007-08. 2006-07 loss now has been disallowed and penalty u/s 271 1 c has been levied. Whether the same is proper Pls give any case laws if possible

1. Partnership firm local sale Rs. 640120 and local Purchase approximately Rs. 535,680 kindly tell me about sale tax liability on above transaction done during financial year 2009-10.

2.2. As per Deed remuneration to partner : ( Two Partners run business)
(a) on the first Rs. 75,000 of the book-profit, or in case of a loss
(b) on the next Rs. 75,000 of the book-profit
(c) on the balance of the book-profit
Rs. 50,000 or at the rate of 90 per cent of the book-profit, whichever is more; at the rate of 60 per cent; at the rate of 40 per cent:

Book Profit Rs 67500 how to calculate remuneration to partners

Plz provide solution on above matter at the earliest.

Regards
Akbar

Plz tell me that wt is the SBI landing rates applicable for the A.Y. 11-12(i.e. on 01/04/2010) yearwise rates chart.

Members,

Is tax deductible at source u/s 194 J (Professional services) of the I-T Act on payments made to a computer dealer/vendor with respect to computers purchased and repair services provided by the said vendor?
The total payments in a year exceed the limit of Rs. 30,000 to the same vendor.

Thank you!

Indian Railway Company importing goods from German Company(Lukas).There is no separate charge for installation.The price specified in the invoice is for supply of material only. However the installation will be done by some Indian company.They receive compensation from from that German company.
The Indian railway company is detaining 10% tax as withholding tax.
Now my question is whether that railway company is correct in doing so or not?

OMMISSION OF BANK A/C BALANCE SHEET ASSESSED AS ESCAPED INCOME KINDLY KNOW THE MATTER APPEALED WHAT FACT AND GROUND CAN BE EXPLAINED TO REDUCED THE TAX LIABILITY

Dear Sir/Madam

Please tell me tax liability on conversion of partnership firm into Private limited company.what would be tax liability of partners ??
How Depreciation to be calculated on fixed assets. As per Income tax act for assets used for more than 6 month we take full year depreciation. In Partnership firm assets is used for 7 month and after that in privat limited company for 5 month.

I would request a Power point on the above subject with the latest Finance Act aspects covered with some practical problems as well.

Thanks, a ton, in advance

With best regards
Ravesanker