Taxmann's Tax Practice Manual

C ont ents PAGE

About the Author Preface to Eighth Edition Prelude

I-5 I-7 I-9

Book One : Law Relating to Tax Procedures Division One Tax Practice 1.1 1.2 1.3 1.4 1.5

Tax Practice Tax Practitioner Tax Engagements Relationship with client 2I¿FH 0DQDJHPHQW

4 15 26 28 48

Division Two Pre-assessment Procedures 2.1 2.2 2.3

Advance Tax & Self Assessment Tax Return of Income PAN - Permanent Account Number TAN - Tax Deduction and Collection Account Number

I-29

80 86 107

3 4 . % 4 . / #

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Division Three Assessment 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9

3URFHHGLQJV LQ D )DFHOHVV 0DQQHU Assessment - Principles & Issues Summary Assessment Scrutiny Assessment Post-Search Assessment Best Judgment Assessment Assessment Order Re-opening of Assessment 5HFWL¿FDWLRQ Revision

120 134 206 209 215 221 225 228 241 249

Division Four Appeals 4.1 4.2

Appeals to CIT (Appeals) Appeals to ITAT/High Court/Supreme Court

270 293

Division Five Interest, Fees, Penalty and Prosecution 5.1 5.2 5.3 5.4 5.5

Interest Payable by Assessee Fees Payable by Assessee Penalties Waiver of Interest and Penalty Prosecution

323 330 333 380 387

Division Six Refunds 6.1 6.2 6.3 6.4

Necessity Relevant provisions Claim of refund Withholding of refund u/s 241A

407 408 408 408

3 4 . % 4 . / #

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6.5 6.6 6.7

Interest payable by the department Condonation of delay for claiming refund Income Declaration Scheme (IDS)

409 410 411

Division Seven Settlement Commission - ITSC, Interim Board & Dispute Resolution Committee (DRC) 7.1 7.2 7.3 7.4 7.5 7.6 7.7 7.8 7.9 7.10 7.11 7.12 7.13 7.14 7.15 7.16 7.17 7.18 7.19 7.20 7.21

Background Recent changes (OLJLELOLW\ FULWHULD IRU ¿OLQJ VHWWOHPHQW DSSOLFDWLRQ Computation of additional tax 3URFHGXUH IRU ¿OLQJ DSSOLFDWLRQ Admission of application Calling report from CIT Declaring application as invalid Enquiry by ITSC 3DVVLQJ RI ¿QDO RUGHU Organisational structure Additional income Fast track arrangements Powers of ITSC Immunity from prosecution and penalty - Sec. 245H(1) Bar on subsequent application New abatement provisions &KHFN OLVW IRU ¿OLQJ VHWWOHPHQW DSSOLFDWLRQ Finance Act, 2021 - Paradigm shift in the provisions relating to Income Tax Settlement Commission Discontinuation of ITSC Interim Board for Settlement Dispute Resolution Committee

414 415 415 416 416 416 417 417 417 418 418 421 421 422 423 424 424 425 425

426 430

Division Eight Summons, Survey, Search 8.1

Summons

433

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8.2 8.3 8.4

Calling Information Survey Search & Seizure

438 443 452

Division Nine TDS and TCS 9.1 9.2

TDS - Deduction of Tax at Source Tax Collection at Source - TCS

487 528

Division Ten Recovery of Tax 10.1 10.2 10.3

Recovery of tax - General Stay of Demand Recovery

538 542 550

Division Eleven Special Procedures 11.1 11.2 11.3 11.4 11.5 11.6 11.7 11.8 11.9 11.10 11.11

SFTRA - Statement of Financial Transaction or Reportable Account AAR - Authority for Advance Ruling A & D - Amalgamation and Demerger AOP - Association of Persons Firm LLP - Limited Liability Partnership 7UXVW 0XWXDOLW\ &KDULW\ HUF - Hindu Undivided Family NR - Non-Resident Transfer Pricing DRP - Dispute Resolution Panel

555 560 567 574 577 586 602 647 666 677 687

Division Twelve Approvals 12.1

'LFWLRQDU\ 0HDQLQJ

693

3 4 . % 4 . / #

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12.2 12.3 12.4 12.5

Purpose Administrative or Internal Approvals Approvals by Central Government etc.

Other Approvals

694 694 697 701

Division Thirteen STT, Deemed Dividend, Tax on Liquidation, Reduction and Buy Back, MAT, AMT 13.1 13.2 13.3 13.4 13.5

Securities Transaction Tax - STT, Commodities Transaction Tax - CTT Deemed Dividend Tax on Liquidation, Reduction and buy back 0LQLPXP $OWHUQDWH 7D[ 0$7 $OWHUQDWH 0LQLPXP 7D[ $07

705 712 714 718 725

Division Fourteen RTI, Ombudsman 14.1 14.2

RTI - Right to Information Ombudsman

729 738

Division Fifteen Drafting of Deeds 15.1 15.2 15.3 15.4 15.5 15.6 15.7 15.8 15.9 15.10

Introduction Document Deeds poll and indenture Stages in business contracts Simple words Figures and words Components or parts of a document Non-operative parts of a deed Operative parts of a deed Stamp duty

748 749 749 749 749 750 750 750 753 755

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15.11 15.12

Registration Precautions

756 757

Division Sixteen Agreement, MOU 16.1 16.2 16.3 16.4 16.5 16.6 16.7

$JUHHPHQW 0HDQLQJ RI When agreement deemed to be void Who can sign an agreement An agreement does not require attestation Stamp duty on agreement differs from State-to-State Registration in case of Immovable property worth Rs. 100 or more is compulsory )RU 028¶V UHIHU &KDSWHU FDVH VWXGLHV

759 759 759 760 760 760 760

Division Seventeen Gift, Wills, Family Arrangements 17.1 17.2 17.3

Gift Wills Family Arrangements

762 767 774

Division Eighteen Power of Attorney etc.

18.1 18.2

Power of Attorney Indemnity and Guarantee

778 780

Division Nineteen Lease, Rent, License etc.

19.1 19.2 19.3 19.4 19.5

Lease Rent Leave & license Lease v. License Advantages of lease

783 783 784 784 785

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Division Twenty Sale/Transfer of Properties 20.1 20.2 20.3

0RYDEOH 3URSHUW\ Immovable Property Taxation of Immovable Property Transactions

787 790 799

Division Twenty One Tax Audit 21.1 21.2 21.3 21.4 21.5 21.6 21.7 21.8 21.9 21.10

0HDQLQJ RI $XGLW Objective Applicability of tax Audit (Section 44AB) &RPSXWDWLRQ RI 7RWDO 7XUQRYHU LQ FHUWDLQ 6SHFL¿HG FDVHV Reporting Due dates of tax audit Penalty for non-compliance (Section 271B) Tax audit checklist for professionals Documentation for tax audit Compliance with standards of auditing in tax audit

820 821 821 823 823 824 824 824 825 826

Division Twenty Two Income Computation & Disclosure Standards 22.1 22.2 22.3 22.4 22.5 22.6 22.7

Why ICDS ?

Applicability 6LJQL¿FDQW $PHQGPHQWV LQ UHODWLRQ WR QRWL¿HG ,QFRPH Computation and Disclosure Standards 1RWL¿HG ,QFRPH &RPSXWDWLRQ DQG 'LVFORVXUH 6WDQGDUGV Income Computation and Disclosure Standard I: Accounting Policies Income Computation and Disclosure Standard II: Valuation of Inventories Income Computation and Disclosure Standard III: Construction Contracts

831 831 831 833 834 835 838

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22.8 22.9 22.10 22.11 22.12 22.13 22.14

Income Computation and Disclosure Standard IV: Revenue Recognition Income Computation and Disclosure Standard V: Tangible Fixed Assets Income Computation and Disclosure Standard VI: Effect of change in Foreign Exchange Rates Income Computation and Disclosure Standard VII: Government Grants Income Computation and Disclosure Standard VIII: Securities Income Computation and Disclosure Standard IX: Borrowing Cost Income Computation and Disclosure Standard X: Provisions, Contingent Liabilities and Contingent Assets

841 842 845 847 849 851 853

Division Twenty Three Virtual Digital Assets 23.1 23.2 23.3 23.4 23.5 23.6 23.7

Background Recent developments 'H¿QLWLRQ Tax on income from virtual digital assets Tax Deduction At Source – Section 194S Gifting of Virtual Digital Assets Conclusion

857 858 859 859 860 860 861

Division Twenty Four 6LJQLÀFDQW $PHQGPHQWV E\ )LQDQFH $FW

Division Twenty Five Prohibition of Benami Property Transactions Act, 1988 25.1 25.2 25.3 25.4

Introduction Key Definitions Prohibitions under Benami Act Authorities and Jurisdiction

912 912 914 915

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25.5 25.6 25.7 25.8 25.9 25.10 25.11 25.12 25.13 25.14 25.15 25.16 25.17 25.18 25.19 25.20 25.21 25.22

Notice and attachment of property involved in benami transaction 0DQQHU RI 6HUYLFH RI QRWLFH Adjudication of Benami property Confiscation of Benami Property 0DQDJHPHQW DQG 3RVVHVVLRQ RI WKH SURSHUW\ FRQILVFDWHG Procedure and Powers of Appellate Tribunal Appeals to Appellate Tribunal Rectification of mistakes Right to Representation Appeal to High Court Penalties under Benami Act Proof of entries in records or documents and Previous Sanction Certain Transfers to be null and void Offences by Companies Notice not to be invalid on certain grounds Prosecution of action taken in good faith Proceeding against legal representative Act to have overriding effect

917 919 919 921 921 922 922 923 923 924 925 925 926 926 926 927 927 927

Book Two : Case Studies Division Twenty Six Tax Practice 26.1 26.2 26.3 26.4 26.5 26.6 26.7

Form 39 &HUWL¿FDWH E\ $VVHVVLQJ 2I¿FHU &HUWL¿FDWH E\ WKH VHQLRU Form 40 Form 38 Letter of engagement (from client to the tax practitioner) Schedule of recommended fees by ICAI (The Institute of Chartered Accountants of India)

933 935 936 937 938 939 942

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26.8 26.9 26.10 26.11 26.12 26.13 26.14 26.15 26.16 26.17 26.18 26.19 26.20 26.21 26.22 26.23 26.24

Power of attorney : General 3RZHU RI DWWRUQH\ 6SHFL¿F Vakalatnama Time sheet 8QLTXH ¿OH 1R LQ FRPSXWHU *URXSLQJ RI ¿OHV )URQW VLGH DQG LQVLGH RI ¿OH 606 Case diary 0HVVDJH VOLS Daily report Dispatch register Inward register Due date register 0HPR SUHVHQFH UHTXLUHG 0HPR IRUZDUGLQJ HWF 0HPR UHTXLVLWLRQ

953 955 957 959 960 962 963 965 966 967 968 969 970 971 972 974 976

Division Twenty Seven Pre-Assessment Procedures 27.1 27.2 27.3 27.4 27.5 27.6 27.7 27.8 27.9

Proforma of Notice u/s 210(3) Draft Reply to Notice issued u/s 210(3) after the last day of February Draft Reply to Notice issued u/s 210(3) and advance tax paid PAN Application - Instructions TAN Application - Instructions Correction/change in PAN data or surrender of PAN Correction/change in TAN data or surrender of TAN Notice u/s 272B for having Duplicate PAN Reply to Notice issued u/s 272B

977 979 981 982 988 989 994 995 996

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Division Twenty Eight Assessment - Principles and Issues 28.1 28.2 28.3 28.4 28.5

Basics - Assessment Procedure Scrutiny Assessment - Tools Scrutiny Assessment - Issues Re-opening of Assessment Post-Search Assessment

1000 1044 1087 1220 1246

Division Twenty Nine 5HFWLÀFDWLRQ RI 0LVWDNH 29.1 29.2 29.3 29.4 29.5 29.6 29.7

)LOLQJ D 5HFWL¿FDWLRQ DSSOLFDWLRQ XQGHU VHFWLRQ WR WKH prescribed Income Tax authority Credit not allowed for TDS in intimation u/s 143(1) Interest wrongly charged u/s. 234B/234C Error of principle - Same income considered twice 'HGXFWLRQ X V ,$& QRW LQFUHDVHG DQG 7RWDOOLQJ 0LVWDNH 'HGXFWLRQ X V ,$ KDV WR EH DOORZHG DW D KLJKHU ¿JXUH WKDQ claimed in the return of income with reference to business income as assessed Set off not allowed for brought forward losses in the past

1285 1290 1292 1294 1296 1298

1300

Division Thirty Revision 30.1 30.2 30.3 30.4 30.5 30.6

Ad hoc GLVDOORZDQFHV RXW RI H[SHQVHV 7LPH IRU ¿OLQJ appeal has expired Disallowance out of expenses - Deduction u/s 80HHC not increased correspondingly Addition for low withdrawals and deduction u/ss 80TTA and 80G not granted Revision Petition to challenge $VVHVVHH¶V LQFRPH IURP UHWDLO WUDGH DQG FRYHUHG E\ VHF 44AF - Ad hoc disallowance out of expenses Explanation LQ UHVSRQVH WR 1RWLFH X V 1R LQWHUHVW offered on FDR of ` 1 Crore

1303 1309 1313 1316 1319 1322

3 4 . % 4 . / #

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30.7 30.8

&,7 SURSRVHV DJDLQVW SRVW VHDUFK DVVHVVPHQW 'LVDOORZDQFH XQGHU VHFWLRQ iii) cannot be attracted where own surplus fund has been utilised to give interest free loans to its sister concern

1324 1331

Division Thirty One Appeals to CIT(Appeals) 31.1

Reconciliation of Income Returned and Assessed

1338

31.2

Filing an Appeal to CIT (Appeals) in response of an order u/s. 143(3) under the new Faceless Appeal Scheme, 2021 Ad hoc disallowances out of manufacturing and DGPLQLVWUDWLYH H[SHQVHV &KDOOHQJLQJ E\ ¿OLQJ DSSHDO before CIT(Appeals) Surrender of ` 15,00,000 during search retracted 5HWUDFWLRQ QRW DFFHSWHG E\ $VVHVVLQJ 2I¿FHU )LOLQJ ¿UVW appeal Assessment reopened - Income of Benamidar included in reassessment - Filing of Appeal Books of account rejected and income estimated by invoking sec. 145 read with sec. 144 - Routine disallowance of expenses - Filing of appeal before CIT(Appeals) 1R UHDO GHOD\ LQ ¿OLQJ DSSHDO Condonation of delay Additional grounds of appeal before CIT(Appeals) $GGLWLRQDO HYLGHQFH 5XOH $ Ad hoc GLVDOORZDQFHV LQ ¿UVW \HDU RI EXVLQHVV Written submissions before CIT(Appeals) Routine disallowance out of expenses on ground of XQYHUL¿DEOH QDWXUH DQG DOOHJHG SHUVRQDO XVH Petition to grant stay of demand Disallowances and Addition for low withdrawals - Draft of First Appeal Power of Attorney to argue before CIT(Appeals) 0DWHULDO SULYDWHO\ REWDLQHG E\ $2 8VHG ZLWKRXW JLYLQJ opportunity to the assessee

1340

31.3 31.4 31.5 31.6 31.7 31.8 31.9 31.10 31.11 31.12 31.13 31.14 31.15 31.16 31.17

1345

1354

1357 1361

1365 1366 1368 1370 1372 1374 1378 1381 1383 1387 1389

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31.18 31.19 31.20 31.21

Disputes in the Directors of the Company - Inability to produce record before AO Withdrawal of appeal before CIT(Appeals) Order by CIT(Appeals) granting withdrawal of appeal The authorities have to be guided by the legal evidence and not on general observations based on statements, reports from investigation wing probabilities, human behaviour, modus operandi etc.

1391 1394 1395 1396

Division Thirty Two Appeals to - ITAT - High Court - Supreme Court 32.1 32.2 32.3 32.4 32.5 32.6 32.7 32.8 32.9 32.10 32.11 32.12 32.13 32.14 32.15 32.16 32.17 32.18 32.19 32.20

Appellate Tribunal Check List - Proforma Appellate Tribunal Check List - Filled in Filing an appeal before ITAT &RYHULQJ OHWWHU IRU ¿OLQJ 3DSHU %RRN DQG 3RZHU RI $WWRUQH\ before ITAT Power of Attorney to argue ITAT appeal Paper Book Index Filing Cross Objections to ITAT Petition for delay condonation Stay Petition before Appellate Tribunal Additional grounds of appeal and additional evidence 3HWLWLRQ IRU UHFWL¿FDWLRQ RI PLVWDNH EHIRUH ,7$7 Written Submissions before ITAT Objections to departmental Paper Book 5HTXHVW WR ,7$7 WR GLUHFW $VVHVVLQJ 2I¿FHU IRU SURGXFWLRQ of relevant documents Request for preponement Compilation of decisions relied upon Another Compilation - Additional evidence Effect to ITAT Order Effect to ITAT Order - Response to outstanding demand Appeal to High Court against ITAT Order

1401 1403 1409 1408 1410 1412 1414 1417 1419 1422 1425 1428 1436 1439 1442 1443 1445 1446 1449 1453

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32.21

SLP - Settlement Commission could not dispose of by the cut off date - Abatement of the proceedings to AO as per sec. 245HA - High Court declined to interfere

1456

Division Thirty Three Interest payable by assessee 33.1

Interest payable by assessee

1461

Division Thirty Four Penalties 34.1 34.2 34.3 34.4 34.5 34.6 34.7 34.8

34.9 34.10 34.11

Keeping penalty proceedings in abeyance : Brief Petition Keeping penalty proceedings in abeyance : Detailed Petition Routine Disallowances out of Expenses - Concealment Penalty u/s 271(1)(c) - Explanation RQ 0HULWV 5HSO\ WR $VVHVVLQJ 2I¿FHU IRU SHQDOW\ X V c) Addition because method of accounting is changed by the $VVHVVLQJ 2I¿FHU First Appeal partly allowed - Both the assessee and GHSDUWPHQW KDYH ¿OHG DSSHDO WR ,7$7 ,7$7 DSSHDO LV pending decision - Explanation on merits Concealment penalty - Addition of ` 2 Lac on agreed basis Loss reduced on assessment - Old decisions in favour RI QR SHQDOW\ LQ VXFK FDVHV /HJDO SRVLWLRQ QXOOL¿HG E\ amendment in Explanation 4 to sec. 271(1)(c) w.e.f.

1.4.2003 - Whether applicable to assessment year 2002-03 IRU ZKLFK DVVHVVPHQW LV FRPSOHWHG LQ 0DUFK Dropping the penalty proceedings u/s 271AAC as addition X V LV QRW WHQDEOH Application to grant immunity from imposition of penalty u/s 270A $Q DSSOLFDWLRQ WR WKH $VVHVVLQJ 2I¿FHU WR JUDQW LPPXQLW\ from imposition of penalty under section 270A and from LQLWLDWLRQ RI SURFHHGLQJV XQGHU VHFWLRQ & RU VHFWLRQ && VKDOO EH PDGH LQ )RUP 1R

1466 1468 1471 1472 1476

1478

1486 1488

1490 1493 1495

3 4 . % 4 . / #

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Division Thirty Five Prosecution 35.1 35.2 35.3

Hearing opportunity by CIT before launching prosecution 1497 - Filing of petition 'HSDUWPHQW KDV DOUHDG\ ¿OHG SURVHFXWLRQ 7KH DVVHVVHH 1500 ZDQWV WR ¿OH D SHWLWLRQ IRU FRPSRXQGLQJ &RYHULQJ /HWWHU Compounding Petition 1501

Division Thirty Six Refunds 36.1 36.2 36.3 36.4 36.5 36.6 36.7 36.8 36.9 36.10

Revalidation of Refund Voucher Proforma of Indemnity Bond Letter of Grievance Refund due to Order of CIT(Appeals) Refund Voucher lost by bank Indemnity Bond - Refund Voucher lost by bank Petition for fresh refund in case of deceased Indemnity Bond by Legal Heir $I¿GDYLW 5HIXQG GXH WR 2UGHU RI ,7$7 Refund - Due to claim of advance tax challan not taken on Return of Income

1508 1506 1507 1508 1509 1511 1512 1514 1515 1517

Division Thirty Seven Dispute Resolution Panel 37.1

Filing objections against the draft order of Dispute 5HVROXWLRQ 3DQHO ZLWKLQ WKH VSHFL¿HG SHULRG LQ )RUP 1R $

1519

Division Thirty Eight Survey 38.1

Survey u/s 133A - Books of account and other documents impounded - Statements recorded - Inspection, photocopy DQG FHUWL¿HG FRS\ RI 6WDWHPHQWV UHFRUGHG

1521

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38.2 38.3 38.4

Survey u/s 133A - No proceeding pending - Release of 1524 impounded books etc. &,7 FDOOLQJ UHSRUW IURP $VVHVVLQJ 2I¿FHU 5HOHDVH RI 1526 Books of account etc. impounded u/s 133A Actual release of books of account etc. u/s 133A by 1527 $VVHVVLQJ 2I¿FHU

Division Thirty Nine Search & Seizure 39.1 39.2 39.3 39.4 39.5 39.6 39.7 39.8 39.9 39.10 39.11 39.12 39.13 39.14 39.15 39.16 39.17 39.18 39.19

Departmental Rules for Searches and Seizures Seizure of Ornaments - CBDT Circular Performa of Search Warrant Preliminary Statement of person searched before actual commencement of search Language in which statement can be recorded Search party asking for some minute details towards the close of the search when the person is exhausted Unlikeable situation may surface such as incomplete cash book Requisition of books of account of earlier years Incomplete and haphazard data on computer Purchase of immovable property Enquiry about jewellery - Whether new?

Purchase of agricultural land by minors, gift received and gift given An irrelevant question by the search party Surrender of income to seek immunity from penalty for concealment in the case of a search Surrender of income to seek immunity from penalty for concealment in the case of a search by harmonizing various items Panchnama - Search & Seizure action u/s 132 $QQH[XUHV WR 3DQFKQDPD 1DWXUH DQG VLJQL¿FDQFH Annexure for Books of Account etc.

Annexure for Bullion/Jewellery

1530 1534 1535 1538 1539 1540 1541 1542 1543 1545 1546 1548 1549 1550 1551

1553 1557 1559 1560

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39.20 39.21 39.22 39.23 39.24 39.25 39.26 39.27 39.28 39.29 39.30 39.31 39.32 39.33 39.34 39.35 39.36 39.37 39.38 39.39 39.40 39.41 39.42 39.43

Annexure for Cash Annexure for Other Assets Annexure for Stock 6HDUFK DQG 6HL]XUH ,QVSHFWLRQ 3KRWRFRS\ DQG &HUWL¿HG copy of statements recorded Restraint Order u/s 132(3) - Proforma Life of Restraint Order u/s 132(3) 9HU\ ROG UHVWUDLQW 2UGHU X V IRU 16&V 3RVW 2I¿FH insists for its formal recall for payment of maturity value of NSCs Omnibus or highly generalised restraint order to bank Restraint order for bank account of persons not searched, etc.

Restraint order issued for disclosed bank accounts 5HVWUDLQW RUGHU IRU EDQN DFFRXQW RSHQHG LQ FXUUHQW ¿QDQFLDO year Restraint order issued for stock-in-trade and sealing of warehouses Restraint order issued for residential house and its sealing Revoking Restraint order u/s 132(3) Search and Seizure - Cash Seized - Release for adjustment WRZDUGV $GYDQFH 7D[ IRU FXUUHQW ¿QDQFLDO \HDU DQG H[LVWLQJ tax liabilities Request for release of assets seized for payment of tax Release of Jewellery against Bank Guarantee Request for release of seized valuables - All assessments completed - Due taxes paid Interest u/s 244A on cash kept deposited in PD Account Requisition u/s 132A - Proforma of Warrant Proforma of notice u/s 153A(a) Objection to notice u/s 153A(a) and request for inspection, copy etc.

Formal compliance of notice u/s 153A Assessee not aware of requisition u/s 132A - Notice from $VVHVVLQJ 2I¿FHU X V $ 5HSUHVHQWDWLRQ EHIRUH $', ,QYHVWLJDWLRQ DQG $VVHVVLQJ 2I¿FHU

1561 1562 1563 1564 1566 1568 1570

1572 1575 1577 1579 1582 1585 1588 1590

1592 1594 1596 1598 1600 1602 1604 1607 1609

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39.44

Requisition u/s 132A - Cash seized by police handed over in supurdagi of Court - Objections before Court

1611

Division Forty Tax Deduction at Source 40.1 40.2 40.3 40.4 40.5 40.6 40.7

Proforma of Notice u/s 201(1) Proforma of Report of Short Deduction/Collection Proforma of Report for Challans mismatch Reply to the Notice u/s 201(1) Proforma of Order u/s 201(1) Shortfall in deduction of TDS due to ERQD ¿GH wrong LPSUHVVLRQ XQGHU ZURQJ SURYLVLRQ RI 7'6 GRQ¶W DWWUDFW disallowance u/s 40(a)(ia) $SSOLFDWLRQ IRU JUDQW RI FHUWL¿FDWH IRU GHWHUPLQDWLRQ RI appropriate proportion of sum (other than Salary), payable to non-resident, chargeable to tax in case of the recipients

1618 1621 1623 1624 1626 1628

1631

Division Forty One Recovery of Tax 41.1 41.2 41.3 41.4 41.5

)RUPDO /HWWHU IRU 6WD\ RI 'HPDQG XSRQ ¿OLQJ DSSHDO EHIRUH CIT(Appeals) Stay of concealment penalty when its quantum appeal is GHFLGHG LQ DVVHVVHH¶V IDYRXU :KHUH DSSHDO GHFLGHG LQ DVVHVVHH¶V IDYRXU LQ HDUOLHU \HDUV - Stay of Demand 3HWLWLRQ WR &,7 WR 'LUHFW $VVHVVLQJ 2I¿FHU IRU 6WD\ 5HOHDVH RI $WWDFKPHQW PDGH X V

1642 1645 1647 1650 1652

Division Forty Two Trust, Mutuality, Charity 42.1 42.2 42.3 42.4

Charitable Trust Deed Corpus Donation Letter Form 10A Form 10AB

1653 1663 1664 1675

3 4 . % 4 . / #

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Division Forty Three Firm 43.1 43.2 43.3 43.4 43.5 43.6 43.7 43.8 43.9

Simple Partnership Deed Partnership Deed for a new Firm Partnership Deed upon conversion of proprietary business into a partnership Covering letter to Client Deed of Retirement Partnership Deed for recording change in constitution on account of simultaneous admission and retirement of partners 1RWLFH E\ 0LQRU XSRQ DWWDLQLQJ PDMRULW\ Public Notice of Dissolution Dissolution Deed of a Partnership Firm

1684 1687 1694 1700 1702 1706

1714 1715 1716

Division Forty Four LLP - Limited Liability Partnership 44.1 44.2 44.3 44.4 44.5 44.6 44.7 44.8 44.9 44.10 44.11 44.12

Simple LLP Agreement LLP Agreement for a new LLP LLP Agreement on conversion Covering letter to client Consent letter of partner being an individual Consent letter of designated partner being an individual Consent letter of partner in capacity of a nominee of a body corporate Consent letter of designated partner in capacity of a nominee of a body corporate Resolution by company to become partner and appoint nominee 5DWL¿FDWLRQ RI WKH //3 $JUHHPHQW Resolution to ratify the LLP Agreement Subscriber Sheet

1721 1731 1743 1753 1755 1756 1757 1758 1759 1760 1762 1763

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Division Forty Five Right to Information - RTI 45.1 45.2 45.3 45.4 45.5 45.6 45.7 45.8

Form of Application Intimation for deposit of further fee Form of Notice to third party Transfer of application to other State Public Information 2I¿FHU Forwarding of Application/Appeal Form of supply of information to the applicant Rejection Order Appeal under section 19 of the Right to Information Act, 2005

1764 1769 1770 1771 1773 1775 1777 1778

Division Forty Six Agreement, MOU 46.1 46.2 46.3 46.4 46.5

Awarding Contract by Government Corporation Selling Agency Agreement Agreement between a company and its director to be appointed as an employee to create employer-employee relationship 6KRZURRP VSDFH LQ 0XOWLSOH[ $JUHHPHQW EHWZHHQ D FRPSDQ\ DQG 1RQ 3UR¿W 2UJDQLVDWLRQ to support the program initiated by the Non-Profit Organisation through grant

1781 1790 1793

1796 1799

Division Forty Seven AOP - Association of Persons 47.1

Formation of Association of Persons (AOP)

1802

Division Forty Eight HUF - Hindu Undivided Family 48.1 48.2

0HPRUDQGXP RI WRWDO SDUWLWLRQ Petition u/s 171

1808 1812

3 4 . % 4 . / #

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48.3 48.4 48.5 48.6

'UDIW QRWLFH X V E\ $VVHVVLQJ 2I¿FHU FRQGXFWLQJ enquiry of claim of partition of the HUF Compliance to Notice u/s 171(2) by members of HUF Order u/s 171 0HPRUDQGXP RI 5HXQLRQ

1814 1816 1818 1819

Division Forty Nine GIFT 49.1 49.2 49.3 49.4 49.5 49.6 49.7 49.8

*LIW &RQ¿UPDWLRQ 0HPRUDQGXP IRU JLIW RI 6HFXULW\ $I¿GDYLW IRU JLIW E\ &KHTXH WR PLQRU $I¿GDYLW IRU JLIW WR +8) $I¿GDYLW IRU JLIW RI 2UQDPHQWV Gift Deed for Gift to sister by Cheque 5HFHLSW RI JLIW IURP +8) RI 0DPD 0DWHUQDO XQFOH 6HFWLRQ DGGLWLRQV QRW WHQDEOH RQ JURXQGV WKDW UHODWLYHV gave gift without any occasion

1821 1823 1825 1826 1828 1830 1832 1834

Division Fifty Wills 50.1 50.2 50.3

Simple Will – giving entire Estate to wife Legacy in favour of various family members Joint Will of husband and wife

1836 1837 1834

Division Fifty One Family Arrangements 51.1 51.2

0HPRUDQGXP RI )DPLO\ $UUDQJHPHQW EHWZHHQ WZR 1841 Separate Families Partnership - Family Arrangement for immovable property 1845

Division Fifty Two Power of Attorney 52.1 52.2

General Power of Attorney by a lady proprietress Power of Attorney by Karta of HUF

1849 1852

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52.3 52.4 52.5

Special Power of Attorney General Power of Attorney by a Firm to its employee Special Power of Attorney to execute a Sale Deed

1855 1857 1860

Division Fifty Three Indemnity and Guarantee 53.1 53.2 53.3

Indemnity Bond for Refunds due (Apart from Interest) Indemnity by a Partner Retaining Assets and Liabilities to $QRWKHU 3DUWQHU RQ WKH 'LVVROXWLRQ RI WKH ¿UP Indemnity to Bank

1862 1864 1866

Division Fifty Four Lease, Rent, Leave and License 54.1 54.2

Letting out premises with processing equipments Leave and License Agreement

1868 1871

Division Fifty Five Sale/Transfer of Properties 55.1 55.2 55.3 55.4 55.5 55.6 55.7 55.8 55.9

Draft letter for Sale of Vehicle Assignment of certain business assets Assignment of partnership business to a Private Limited Company as a going concern Agreement to Sell – Land/House Special Power of Attorney to present a sale deed before Sub-Registrar Sale deed- Flat Developer Agreement LLP - Contribution of immovable property Family Arrangement for immovable property contributed by Partners to the Partnership Firm

1874 1876 1878 1880 1883 1885 1888 1892 1893

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Division Fifty Six Tax Audit 56.1 56.2 56.3 56.4 56.5

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1894

1898 1900 1905 1906

Division Fifty Seven Prohibition of Benami Property Transactions Act, 1988 57.1 57.2 57.3

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1907 1929 1933 1933

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3.1.3

Burden of Proof, Onus and Shifting of Burden

3.1.4

Deeming Provisions

3.1.5

Previous Year

3.1.6

CBDT Circulars

3.1.7

Res Judicata

3.1.8

Notice

3.1.9

Service of Notice

3.1.10

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3.1.11

Order Sheet

3.1.12

Affidavit

3.1.13

Statement on Oath

3.1.14

Capital v. Revenue

3.1.15

Business Expediency

3.1.16

Method of Accounting

3.1.17

Stock in Trade

3.1.18

Effect of Book Entries on Accrual of Income

3.1.19

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3.1.20

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3.1.23

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3.1.24

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3.1.25

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3.1.26

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3.1.27

Powers of Assessing Officer

3.1.28

Assessing Officer’s Duty

3.1.29

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3.1.30

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3.1.31

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3.1.32

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3.1.33

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3.1.34

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3.1.35

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3.1.36

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3.1.37

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3.1.38

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3.1.39

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3.1.40

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3.1.41

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Para 3.1.3 139

R.B. Shreeram Durga Prasad & Fatehchand Nursing Das v.

Settlement Commission Prakash Chand Nahta v. CIT

Dr. C. Balakrishnan Nair v. CIT

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Mithlesh Kumar Tripathi v. CIT

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i

ii

iii

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Life Insurance Corpn. of India v. CIT

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142 Para 3.1.4

ipso facto

i

ii

Tax Practice Manual AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

: : : : : : :

Mahendra B. Gabhawala TAXMANN MAY 2022 8th Edition 9789356220768 1994 HARDBOUND

Rs. : 4495 | USD : 108

Description Tax Practice Manual is an exhaustive (2,000+ pages), amended (by the Finance Act, 2022) & practical guide (330+ case studies) for Tax Professionals of India.

This book will be helpful for the Chartered Accountants, Lawyers/Advocates, and Tax Practitioners to assist them in their day-to-day tax work.

This book is divided into two parts: ·

Law Relating to Tax Procedures, including Tax Practice (covering 25+ topics)

·

330+ Case Studies (covering 30+ topics)

The Present Publication is the 8th Edition, authored by Mahendra B. Gabhawala. This book is amended by the Finance Act 2022 with the following noteworthy features: ·

Law Relating to Tax Procedures o o

[Lucid Explanation in a Practical Manner with Checklists & Necessary Tips] for the law relating to the Tax Procedures [Exhaustive Coverage of Case Laws]

o

[Fine Prints & Unwritten Lines] of the law are explained in a lucid manner

o

[Elaborated & Threadbare Analysis] of every aspect of Tax Practice

o

[330+ Case Studies] to deal with real-life animated situations/problems faced

·

Tax Practice

·

Case Studies

·

o ·

by tax practitioners

Draft Replies For the Notices sent by the Department

o

Petitions to the Department

o

[Complete Guide to Drafting of Deeds & Documents] covering the following:

Drafting & Conveyancing 

Affidavits



Wills



Special Business Arrangements



Family Arrangements



Power of Attorney



Lease, Rent & Leave and Licenses

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Indemnity and Guarantee

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Charitable Trust Deeds, etc.

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