Genuineness of purchases Introduction The taxpayers during the course of carrying out business of manufacture, wholesale trade and retail trade incur business expenditure by way of purchase of raw materials, consumables, finished goods. The said expenses are incurred in the normal course of business. Therefore, expenditure by way of purchase is an allowable expenditure while […]
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Table of Contents Introduction Bombay High Court in a recent judgment had deliberated on following issues under reassessment scheme of Income-tax Act, 1961: Sanction of specified authority – Jurisdictional Condition Applicability of provisions of TOLA Applicability of CBDT Instruction dated 11.05.2022 Change of opinion The judgment is analyzed as follows: Facts of the case Petitioner
Introduction: Section 149(1) of the Income Tax Act, 1961 (hereinafter referred as the Act) provides time limits for issuance of notice under Section 148 of the Act. As per clause (a) of Section 149(1) of the Act, no notice u/s 148 of the Act can be issued, if three years have elapsed from the end
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