I have come across an assessee whose certain amount of purchases has been disallowed by A.O on the ground that his inspector could not verify the address of the suppliers. But he has not considered the sales made out of those purchases. Consequently he has raised a demand on the base of Bogus Purchases. However all the transactions have been made through bank and is evidenced/verified by AO from the assessee's banker.

Please advise whether the contention of the AO is acceptable. Even so then sales made from such purchases should also not be considered since point to point transaction can be established. Please also favour with the relevent Case Laws(s).

Dear Expets,

Please advice in which rate TDS has to be dedcuted if payment is made :

1) For Equipment for per metric ton basis i/o periodical basis

2) For Barge Hire on Per metric ton basis i/o periodical basis.

Dear Experts why it not attarcts U/s 194 I ???

A dealer has import purchase as well as VAt purchase on which he claims Input Credit and transfers a portion of stock u/s 6A of the CST Act outside W.B. The qestion is, is he liable to reverse input credit proportionately on stock transfer? Can we argue that transfer is out of Imported goods ?

whether there is any provision for car rent recd from employer after deduction of tds. since employee taken car loan from finance inst.whether he can claim deduction of car loan interest u/s 24(1) or not ? please send suggestion for the same and how the calculation should be refer to our client.

whether there is any provision for car rent recd from employer after deduction of tds. since employee taken car loan from finance inst.whether he can claim deduction of car loan interest u/s 24(1) or not ? please send suggestion for the same.

Well i have got the following query in relation to issued of Form 16A

1. In relation to TDS on Contractor payment. What is the time limit for Issue of TDS Certificate?

2.Income Tax Act says that Form16A shall be issued on monthly basis. So whether One FORM16A annually would suffice.?

The balance of an unsecured loan as on 1st April 07 was Rs. 2,00,000/-. An additional loan of Rs. 10,000/- was taken on 1st June 07 in CASH. A sum of Rs. 10,000/- was repaid on 30th September 07 in CASH.

Am I liable to pay penalty u/s 271D and 271E of the I. T. Act?

If yes, what would be the amount of penalty imposable?

What if the amount (Rs. 10,000/-) is shown as a temporary advance?

Thanks & Regards,
Niki

Well i have got the following query in relation to issued of Form 16A

1. In relation to TDS on Contractor payment. What is the time limit for Issue of TDS Certificate?

2.Income Tax Act says that Form16A shall be issued on monthly basis. So whether One FORM16A annually would suffice.?

will consent to act as director be filed with roc at the time of appointment of director as additional director needed. shall we file form 32 for appointment of additinal director and also on his confirmatin of director in agm also.

thanks

what is the total cost for TALLY. ERP 9.