148: If the reopening is based on information received from the investigation dept, the reasons must show that the No deposit forex september 2013 independently applied his mind to the information and formed his own opinion. If the reopening is done mechanically, it is void. Also, if the reasons refer to any document, a copy should be provided to the assessee.
No independent application of mind by the AO to the material forming the basis of the reasons recorded is evincible from the reasons. The AO, in the reasons, has just stated the information received and his conclusion about the alleged escapement of income. As to what the AO did with the information made available to him, is not discernible from the reasons. The AO had held that a multi layered holding structure was deliberately created to avoid taxes in India and to conceal the information about the ultimate beneficiaries. India in itself cannot be held against an assessee.
Because of advancement of technology, the globe has become a villge. So, the nature of business has changed a lot. In our humble opinion, assessees are free to decide the manner in which they want to run their businesses. Limited scrutiny: The CBDT Circulars which restrict the right of the AO in limited scrutiny cases apply only in cases where the AO seeks to do comprehensive scrutiny to find if there is potential escapement of income on other issues.
The limitation period for filing a Rectification Application has to be computed from the date of “communication” of the order and not from the date of passing the order. The fact that the order was pronounced in open court is not relevant because the parties will not be aware of the mistakes therein until after perusal of the order. So far as the arguments of the Ld. It is equally well settled that the notice of reopening can be supported on the basis of reasons recorded by the Assessing Officer. The third principle of law which is equally well settled and which would apply in the present case is that reopening of the assessment would not be permitted for a fishing or a roving inquiry. Finance Act 2012 with retrospective effect from 01.
1962 has bearing while ascertaining payments made to non-residents is taxable under the Act or not. However, it does not change the fundamental principle that there is an obligation to deduct TDS only if the sum is chargeable to tax under the Act. It is indisputably true that such explanation inserted with retrospective effect provides that obligation to comply with subsection of Section 195 would extend to any person resident or non-resident, whether or not non-resident person has a residence or place of business or business connections in India or any other persons in any manner whatsoever in India. 151: If the AO reopens on the basis of information received from another AO without further inquiry, it means he has proceeded “mechanically” and “without application of mind”. If the CIT does not give reasons while according sanction, it implies that he has also not applied his mind. At the same time, satisfaction has to be recorded of the given case which can be reflected in the briefest possible manner.
The fact that the parties to whom payments were made did not appear before the AO does not justify a disallowance if the assessee has discharged the initial onus and produced documentary proof. The assessee cannot compel the appearance of the parties before the AO. The details furnished by the respondent assessee were sufficient for the Assessing Officer to take further steps if he still doubted the genuineness of the payments to examine whether or not the payment was genuine. Under section 82 of Companies Act 1956, as it was applicable for the relevant assessment year, shares in a company is a moveable property, transferrable in the manner provided by its Articles of Association.
Rule 6DD: No disallowance can be made for cash payments if the transaction is genuine and the identity of the payee is known. 40A must have nexus to the failure of such object. It doesn’t require any investment to get this bonus, Let’s start Live Forex trading with the Free Real Money and cash-out any profits you made through the Bonus. Register a Real Account and complete the verification procedure. The No Deposit Bonus is available only for the accounts that passed the second-level verification. The client agrees that in the event the company suspects any fraudulent activity involving the bonus, the latter can be declared void and the trading result can be canceled. If you fail to submit the proper documents then your account will be refused to get no-deposit credit into your trading account.