ITO vs. Yadu Steels & Power Pvt. Ltd (ITAT Delhi)

Under Section 68 onus is upon assessee to prove three ingredients, i.e., identity and creditworthiness of credit entries. As to how onus can be discharged would depend on facts and circumstances of each case. It is expected of both sides – assessee and Ld.AO, to adopt reasonable approach. Assessee before us is a private limited company. It cannot issue shares in manner in which a public limited company does. It generally depend on persons known to its directors or shareholders directly or indirectly to buy its shares. Once monies are received and shares are issued, it is not as if share-subscribers and assessee lose touch with each other and become incommunicado. Onus thus is upon assessee to prove identity, creditworthiness of subscribers and most importantly genuineness of transactions under section 68 Read the rest of this entry »

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CBDT Notification Reg Centralised Verification Scheme, 2019

The CBDT has issued a Notification dated 30th January, 2019 by which it has formulated a scheme called the Centralised Verification Scheme, 2019. The scheme provides for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer in the context of E-Assessment Read the rest of this entry »

State Budget: Uttar Pradesh 2019-20

West Bengal Budget 2019-20 (Bengali)

West Bengal Budget 2019-20 (English)

THE FINANCE BILL, 2019

Interim Indian Union Budget 2019-20 (1) [English]

Speech of Piyush Goyal Minister of Finance February 1, 2019

Interim Budget 2019-2020