Can assessing officer initiate 271 1 c penalty in a case in which assessment completed on estimated income and which is agreed by the assessee due to the comlexity in the books of accounts produced before the AO.

Mr Anuj sent 2000 units cosying Rs 1800 each to Mr Mahipalthe goods were to be sold as to yeild a agross profit of 20% on sales. Mahipal sold 1200 units @ 2050per unit on credit and 650 units @ 2300 per unit on cash. Mr Mahipal is entitled toa commission Rs 300 per unit. The amount of commission will be
(A) 555000 (B) 570000
(C) 590000 (D) 610000
please describe in breif
answer:- 555000

Dear Friends,
We have incurred the following Expenditures:-
1. Stamp duty for Share issue
2. Exp to increase Authorised Capital
3. New company incorporation fees paid to ROC
Whether they are Preliminary Exp.? How to treat the same in Accounts & Income Tax?

Naveen of nagpur sends out 1000 boxes costing 100000 to deepak of delhi at cost+20%. Consignor expenses were friegth 6000, insurance 2000, consinee exp were lauding and unlauding charges 10000, salesman salary 6000, commition 2% on gross sale. what will be the amount of profit if 3/4 goods sold by consginee at Rs 100000.
(A) 5500 (B) 6500
(C) 7500 (D) 3500
answer:- (D) 3500
please describe

Dear All,

One of my assessee has not deducted TDS U/S 194C while making payment, however the contractee is a sick unit.
& my assessee has not even collected No TDS certificate from the contractee. in this case Assessee is in default, but on the other side if we look that if assessee would have dedcted TDS, the contractee has claimed it as refund.
in this situation the goverment has not lost any revenue,instead Govt would require to pay Interest on refund.
Now if A.O. has disallowed such expense can i defend on the above stated basis.
Has there any such incident taken place in the past, kindly provide the reference for the same.

Thanks & Regards...

Sundry debtors on 31 march 2005 are Rs 105000. Further bad debts are Rs 5000. Sales return recorded in the books 10000. Old provison for bad debts is Rs 4000. Orovison for doubtfuk debts is to be made on debtors @3%. what will be the amount of bad debts charged in profit and loss a/c considering provison fpor bad debts.
(A) 27000 (B) 10000
(C) 12700 (D) 6000

Hi

if fbt is paid in excess in advance, can it be adjusted against the corporate Tax or in the next F.Y.?
Please quick reply.

Thanks.

Best regards,

Rakesh

Dear exprts,
A pertnership firm export the machanical items.Pl inform the process, charges and their rate.pl do not ignore. kindly help me.

ADVERTISEMENT AGENCY IS SPECIFIED PROFESSION OR NOT ? ADV. AGENCY IS LIABLE TO AUDIT U/S 44AB IF GROSS RECIPT EXCEED 1000000 IN P.Y. ?

Dear Sir,
I am from Mumbai and need your advice on Service Tax Matter:
The Delhi high court has ordered that service tax on rent of Immovable property is unconstitutional. And the same is pending in Supreme Court.

So till the Supreme Court gives order what we have to do: - Should we collect the ST from the tenant or not to collect.
If we opt for later option and Supreme Court gives contradictory order then can we collect the service tax waived from the tenant?

Thanks in advance.