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Can the scope of a Limited Scrutiny Assessment be Expanded u/s 143(2)?

A limited scrutiny assessment is one which is undertaken by the assessing officer when he/she finds certain discrepancies in the income tax return which he/she believes need to be investigated further. In essence, when the assessing officer has reason to believe that a certain amount of income of the assessee has escaped the tax net … Continue reading Can the scope of a Limited Scrutiny Assessment be Expanded u/s 143(2)?

What we added to the Telescope this week!

Taxability of an offshore discretionary trust having resident and non-resident beneficiaries: Implications at time of accrual of income vs distribution of income Know the tax implications on discretionary trusts that are set up outside India. Offshore discretionary trusts can be set up by a resident or a non-resident of India and have resident as well … Continue reading What we added to the Telescope this week!

ITAT Bangalore Decides: Can the Differential Amount Between the Bank Deposit and the Profit and Loss Account be Treated as Undisclosed Income?

Case name: Avalappa Gopal v. ITOForum: Bangalore ITATMember: Chandra Poojari Background The AO observed on comparison of assessee’s bank statement with the Profit and Loss account furnished by the assessee that there is a difference of around INR 15.56 lakhs between the two. The AO, thus, treated the same as undisclosed income of the assessee. … Continue reading ITAT Bangalore Decides: Can the Differential Amount Between the Bank Deposit and the Profit and Loss Account be Treated as Undisclosed Income?

Unexplained Cash Credits: Who bears the burden of proof?

Section 68 of the Income Tax Act, deals with unexplained credit whose nature and source cannot be satisfactorily explained by the assessee. Section 68 is an effective tool in the hands of the assessment authorities to prevent the conversion of black money into any other amount such as share premiums or share capital and escape … Continue reading Unexplained Cash Credits: Who bears the burden of proof?

The Big Picture of Vivad Se Vishwas: A Legal Analytics Case Study

The genesis of all lawsuits lies in a cost-benefit analysis. Fighting a case would rationally only make sense if the end result was to result in a net benefit to the litigant. Usually, said determination is made on the basis of opinions formulated using traditional tools of research. Legal research, as we know it today, … Continue reading The Big Picture of Vivad Se Vishwas: A Legal Analytics Case Study

ITAT Cochin Decides: Can Repairs to Improve an Asset be Classified as Capital Expenditure?

Case name: Kovilakam Hotels Pvt. Ltd. v. ACITForum: Cochin ITATMember: George George KLawyers (Assessee): K. Kittu Background The assessee is a private limited company running a 3-star bar attached hotel. The hotel was to be re-evaluated for re-classification as a 3-star hotel, and hence, the assessee spent INR 60.25 lakhs on repair and renovationThe return … Continue reading ITAT Cochin Decides: Can Repairs to Improve an Asset be Classified as Capital Expenditure?

Web session – Impact of prosecution proceeding related to income tax on Business

https://youtu.be/UqJPmEpEXxM The prosecution proceedings are held in criminal courts and the not just the revenue channels as the revenue starts criminal processes against the assessee for the tax due and normal recovery. Thus, the prosecution is a serious consequence of income tax evasion. If you have missed this session sponsored by Riverus Telescope, check this … Continue reading Web session – Impact of prosecution proceeding related to income tax on Business

Signing up and signing in – Riverus Research Map for income tax

Riverus offers 7 days of free trial for all its research products. At present, there are three products which you can use which are: Research Map for GSTResearch map for income taxTelescope for income tax Know how to sign up for a free trial and sign in to Riverus account with this video which shows … Continue reading Signing up and signing in – Riverus Research Map for income tax