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Penalty deleted where the assessment year was debatable
Income Tax on Jun. 14, 2016Assessee, a doctor, filed return. AO observed that assessee received Rs. 1 crore from M/s Cardiac Care & Allied Health (P) Ltd. towards non competition fees during assessment year but only Rs 29 lakhs was shown as income. AO made addition of Rs 70 lakhs u/s 28(Va)(a). AO allowed 10% depreciation where assessee had claimed 100% depreciation on temporary structure. CIT(A) deleted the penalty. Dismissing Revenues appeal, ITAT upheld CIT(A) order.-500…
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High Sea Sales under GST
Goods & Services Tax on Jul. 05, 2017High Sea sales are often viewed in negative light because of the sales tax savings that it offers despite being fully legal and authentic. Now that GST has been made applicable, it will be interesting to see how will these controversial sales be affected due to it.
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Did your tax officer do his job before ordering disallowance?
Income Tax on Dec. 22, 2017Has Income tax officer selected your case for scrutiny? Is he asking you to show him proofs of expenses you did? You can submit expense bills as proofs. You can also point out amounts getting out of your bank in your bank statements. You can provide many other pieces of evidence. Believe me; you can do only this much. But do you know about duties of tax officer? Let me tell you through this case; it will help you if tax-officer orders expense disal…
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Six sigma methodology- DMADV
Others on Feb. 22, 2018Here in this article we shall understand the Six Sigma Methodology- DMADV and how it helps to achieve Six Sigma.
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