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Commissioner of Income Tax Delhi-VI & Delhi-VII vs Kavita Gupta – Reopening of Assessment under Sections 147/148 and Deletion of Additions Without Proper Correlation of Transactions | Delhi High Court
Facts of the CaseThe assessee was engaged in property-related
transactions and regularly entered into agreements for purchase of properties
by advancing amounts toward such acquisitions. Upon appreciation in the value
...
Role of Witnesses in Income Tax Search and seizure proceedings
Role of Witnesses in Income Tax Search and seizure proceedingsA search and seizure under the Income Tax Act, 1961 has to be carried out in the presence of at least two respectable inhabitants of the locality where the se...
Importance of Panchnama in Income-tax Search & seizure proceedings
Importance of Panchnama in Income-tax Search & seizure proceedingsPanchnama is an important document because it informs the person from whose premises the articles are seized or the person searched as to the name of ...
Taxing of deemed income under the Income Tax Act, 1961
Taxing of deemed income under the Income Tax Act, 1961Under the Income Tax Act, apart from the actual income, the deemed income or notional income is also liable to tax. Income is defined under Section 2(24) of the ...
Admission of a new partner /Retirement from Partnership Firm - Taxability under the Income Tax Act, 1961
Admission of a new partner /Retirement from Partnership Firm - Taxability under the Income Tax Act, 1961Partnership firm is a very common method of doing business in India. The Income tax has recognized the Partnership f...
Principles of Accounting: Theory and Application
Principles of
Accounting: Theory and ApplicationINTRODUCTION:
ACCOUNTING AS AN INDEPENDENT DISCIPLINEAccounting is not
merely a clerical activity of recording transactions, nor is it a mechanical
extension of finance...
Going Concern Assumption in Auditing: Principles, COVID-19 Impacts, Triggers, and Practical Illustrations
Going Concern Assumption in Auditing: Principles, COVID-19
Impacts, Triggers, and Practical IllustrationsExecutive
Summary The going concern
assumption is the bedrock upon which financial reporting and audit assu...
Separate GST Registration for Warehouses – Mandatory or Not? Detailed Analysis with AAR Maharashtra Ruling in Gandhar Oil Refinery (India) Ltd. under CGST & IGST Acts
Whether separate GST Registration is required for
a warehouse?Getting registered under GST is the pre-eminent step for embarking
on the journey of doing business. The registration under GST is
compulsory...
THE MERCANTILE METHOD OF ACCOUNTING & THE ACCRUAL SYSTEM UNDER THE INCOME-TAX ACT, 1961
THE MERCANTILE
METHOD OF ACCOUNTING & THE ACCRUAL SYSTEM UNDER THE INCOME-TAX ACT, 1961
1. IntroductionThe method of
accounting adopted by an assessee forms the very foundation upon which taxable
income is comp...