The assessing officer, while scrutiny assessment of a Pvt. Ltd Company, intends to disallow all the cash sale done by the Company as bogus and wants to add it to the income. He intends to verify the purchaser in all the cases involved.

Is he rightful in doing so?? What remedy do the assessee have against the AO rejecting cash dales as bogus???

How can he prove the genuineness of the sales transaction?? What happens if any of the purchaser is not verifiable or is not found by the AO??

Whether company trading in art work should give disclosure of deviation Sec 145A?

according to me there should be disclosure as the company follow the exclusion method, but as per last tax Audit report there were no disclosure for the same, why so?

A has taken Rs.100000 on loan @ 18%p.a.He invested Rs.50000 on which he gets interest @ 14% & Rs.50000 is contributed by A in p'ship firm as capital on which he gets interest@ 12%.

Pls tell tax effect supported by relevant provisions.

I have a specific case in which we have to make provision for FOREX gains for bank balances in forein currency as on 31st march 2009.

Accordingly should we take the said FOREX gain as taxable while computing the tax liability. the company has its other income exempt under section 10A. when i see the MAT provisions it has not excluded the FOREX anywhere so i have to ask the client to pay tax on this unrealised forex gain.

Please let me know whether my treatment is correct. reference to case laws and sections will be appreciated.

deduction of capital expense is not allowed in sec 37

for eg
1. ROC fees for increase in authorised capital

If Santro Car purchased for business purpose in the period 01.01.09-31.03.09 eligible for 50% depreciation?
Since the asset is used for less than 180days, whether only 25% depreciation is allowed or 50%?
And what is the depreciation rate for that vehicle for subsequent assessment years?

if person is non-resident the income which earn by him in form of salary , business income & any form income in india is taxable ? under which section nd how we calculate his taxlaibilty?

Dear ALL,

Happy Greeting of the day!

During the period from 1st April 2008 to 31st MArch 2009 I have paid about 8.00 Lacs amount as a freight on raw material purchase to singal party and no tds has been deducted.

During whole period raw material was came by this two truck only and paid freight 8.00 Lacs but I have not deducted any TDS on this freight amount.

Tell me what should I do for saving disallowance of such freight amount?

Pls tell ASAp........
Bye

My client got the 12A registration from Guwahati (Assam) and now when we tried to get the 80G exemption from Dibrugarh (Assam), the Commissioner has denied giving the 80G exemption on the ground that both 12A & 80G registration should be from the same place. How far is he correct?

One of my Group Company likely to form a Employee Welfare Fund (EWF) for the benefit of the employees.Company will deduct few percentage of salary from all the employees after the declaration and Company also contribute large amount of funds to the EWF. Now question is whether that amount is allowed as deduction under the Income Tax Act or not, if yes, under which section