Ajay Agrawal

PARTNER

AJAY K AGRAWAL AND ASSOCIATES

CA

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Experience
  • PARTNER 01-04-1994 - 27-05-2021
    AJAY K AGRAWAL AND ASSOCIATES

    CA


Education
  • CHARTERED ACCOUNTANT 14-01-1994 - 27-05-2021
    ICAI

    DIRECT TAX , BANK TREASURY AUDITS , LITIGATION


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Ajay Agrawal: Read My 16 Published Articles


“Rule of alternate remedy” Article 226 of the Constitution of India refers to power of High Court's to issue certain writs throughout the territory in relation to which it exercises jurisdiction. Article 226 of the Constitution sub clause 1 and 2 are as below: Notwithstanding anything in Article 32 every High Court shall have powers, throughout the territories in relation to whi......

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Delhi High Court  on Faceless Assessment - Validity of assessment where no show-cause notice cum draft assessment order was issued, as mandated under Section 144(B) [sic: Section 144B] of the Income Tax Act, 1961 DELHI HIGH COURT SMART VISHWAS SOCIETY VERSUS NATIONAL FACELESS ASSESSMENT CENTRE DELHI (EARLIER NATIONAL E-ASSESSMENT CENTRE DELHI) & No.- W.P.(C) 5348/2021 & CM No. 16497......

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Section 2(7) define (7) "assessee" means a person by whom income-tax or super-tax or any other sum of money is payable under this Act, and includes— (a) every person in respect of whom any proceeding under this Act has been taken for the assessment of his income or of the income of any other person in respect of which he is assessable, or of the loss sustained by him or by such other p......

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ITAT MUMBAI : - MUKESH KAMLESHWAR BHATT C/O KHIWANI AND CO. VERSUS ITO (INTERNATIONAL TAXATION) -1 (2) (1) , MUMBAI- No.- ITA No. 273/Mum/2019, Dated.- June 1, 2021 Penalty u/s 271(1 )(c) - disallowances of claimed expenses in the LTCG - AO has denied certain expenditure, which were claimed to have been incurred in connection with the acquisition of the flat for claiming ded......

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Properties purchased before the commission of the offencecannot fall within the definition of “proceeds of crime” and cannot be attached or confiscated under the Act. ANDHRA PRADESH HIGH COURT KUMAR PAPPU SINGH, S/O. KAPIL DEO SINGH, SMT. RAMA DEVI, W/O. KUMAR PAPPU SINGH, JAI MAAKALI PULP PVT. LTD., M/S. SRI MARUTI FISH FARMS VERSUS UNION OF INDIA, MINISTRY OF FINANCE, THE DEPUTY DI......

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The new Income Tax Returns (ITRs) e-filing website was launched on June 7, with new features to make the process smoother. "The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers," the Central Board of Direct Taxes (CBDT) said in a statement The new portal (www.incometax.gov.in) will be integrated with the immediate processin......

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Section 2(h) of Indian Succession Act, 1925 defines: Will” means the legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death.   A Will therefore, is a legal declaration of the intention to the testator, to be carried out after his death by an executor(the person who disposes of or oversees the settleme......

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Right of Appeal is a creature of Statute. A person has no inherent right of appeal and hence, it cannot come under the category of fundamental rights. An appeal is a continuation of assessment proceedings. Assessment proceedings complete when appeal against order of assessment is decided by Tribunal CIT vs. Mayur Foundation (2005) 274 ITR 562(Guj.)   Section 246 confers ......

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DELHI HIGH COURT :-   M/S. MELOT TECHNOLOGIES PVT. LTD. VERSUS DIRECTORATE OF ENFORCEMENT & ORS. No.- W.P.(C) 5290/2021, CM APPL. 16289/2021 & CM APPL. 17201/2021, Dated.- May 27, 2021 Money Laundering - freezing of petitioner’s bank account - It is the petitioner’s case that the impugned order had been passed without providing it with a copy of the show-cause notic......

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Issue of Notice Under Section 148  of the Income Tax Act to Amalgamating Company name would be fundamentally illegal and without jurisdictionPr. CIT Vs Maruti Suzuki India Limited (Supreme Court)- Appeal Number : Civil Appeal No 5409 of 2019-Date of Judgement/Order : 25/07/2019    reported in  (2019)107 taxmann.com 375,   in paragraph 33, has categori......

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The Bombay High Court held on 28 February 2020 in Sesa Goa Limited that the education cess, and higher and secondary education cess (cess) is an allowable business expense in the year of payment, since the word “cess” is conspicuously absent from the descriptions of amounts not deductible under section 40 of the Income tax Act, 1961 (ITA), specifically section 40(a)(ii), dealing with......

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Denial of grant permission to the petitioner to make additional commitment/payment - respondent have rejected the application of the petitioner and have not granted permission for making the additional financial commitment/payment of USD 300 million on account of the objection raised by the Enforcement Directorate -Remittance of equity subscription/loan/corporate guarantee/bank guarantee or thro......

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Under Liberalized Remittance Scheme all individuals including minors are allowed to freely remit up to 2.5 lakh dollars per financial year (Apr-Mar) for making investment in shares, debt instruments, buying immovable properties, paying expenses related to travelling, medical treatment, studying, gifts and donations, maintenance of close relatives and so on.. The Finance Act 2020 has inserted new s......

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To avail credit of  foreign tax credit,  file  Form 67 on or before the standard due date for filing your tax returns. The 31st of July is the last date for the previous assessment year.  How to Fill the form The procedure to fill Form 67 was provided by the CBDT on the 9th of September 2019 via a vide notification. It can be summarized as follows:  The form m......

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1  MADRAS HIGH COURT PALANIAMMAL PALANIAPPAN VERSUS INCOME TAX OFFICER, WARD 2 (2) , CIRCLE-2, SALEM No.- WP No.12793 of 2018 And WMP No.15016 of 2018 Dated.- April 26, 2021     Reopening of assessment u/s 147 - assessee submitted that notice issued beyond the period of limitation of six years from the end of the relevant assessment year - HELD THAT:- I......

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Old Provision  U/s 148 Substituted Provision Of Section 148/ 148 A by Finance Act 2021   1. File ITR online u/s 148 for the respective assessment year. In  E- proceedings there is option to file ITR u/s 148.  1. Section 148A.(a) The Assessing Officer shall, before issuing any notice under section 148-    Conduct any enquiry, if required, with prior......

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