When assessee (Senior Citizen) who is dealt with cement dealership business required to Audit u/s 44AB, expired during the middle of the year and his son continues the same business with same TIN number, and same name.

Example :

Late. Senior Citizen (Expired on Date 15-09-08) Turnover up to that Date : 44,00,000/-



Continued by his Son with Same TIN No. Turnover 37,00,000/-
(From 16-09-08 to 31-03-2009)




For the purpose of Audit u/s 44AB books of both assesses to be clubbed?

The assessing officer, while scrutiny assessment of a Pvt. Ltd Company, intends to disallow all the cash sale done by the Company as bogus and wants to add it to the income. He intends to verify the purchaser in all the cases involved.

Is he rightful in doing so?? What remedy do the assessee have against the AO rejecting cash dales as bogus???

How can he prove the genuineness of the sales transaction?? What happens if any of the purchaser is not verifiable or is not found by the AO??

Whether company trading in art work should give disclosure of deviation Sec 145A?

according to me there should be disclosure as the company follow the exclusion method, but as per last tax Audit report there were no disclosure for the same, why so?

I have a specific case in which we have to make provision for FOREX gains for bank balances in forein currency as on 31st march 2009.

Accordingly should we take the said FOREX gain as taxable while computing the tax liability. the company has its other income exempt under section 10A. when i see the MAT provisions it has not excluded the FOREX anywhere so i have to ask the client to pay tax on this unrealised forex gain.

Please let me know whether my treatment is correct. reference to case laws and sections will be appreciated.

deduction of capital expense is not allowed in sec 37

for eg
1. ROC fees for increase in authorised capital

If Santro Car purchased for business purpose in the period 01.01.09-31.03.09 eligible for 50% depreciation?
Since the asset is used for less than 180days, whether only 25% depreciation is allowed or 50%?
And what is the depreciation rate for that vehicle for subsequent assessment years?

My client got the 12A registration from Guwahati (Assam) and now when we tried to get the 80G exemption from Dibrugarh (Assam), the Commissioner has denied giving the 80G exemption on the ground that both 12A & 80G registration should be from the same place. How far is he correct?

One of my Group Company likely to form a Employee Welfare Fund (EWF) for the benefit of the employees.Company will deduct few percentage of salary from all the employees after the declaration and Company also contribute large amount of funds to the EWF. Now question is whether that amount is allowed as deduction under the Income Tax Act or not, if yes, under which section

Dear experts

Could you please let me know the language of certificate regarding 'opening balances' and 'balances of Debtors & Creditors' to be obtained from a proprietorship concern for the purpose of tax audit. The assessee is for the first time under tax audit.

Thanks in advance

SIR,
A PERSON HAS A NURSERY AND FROM IT HE IS SELLING PLANTS. NOW HE HAS NO ANY OTHER INCOME. WILL THE INCOME FROM THE BUSINESS BE TOTALY EXEMPTED?