No taxation U/s 56(2)(vii) if the transaction of sale was pursuant to genuine agreement to sale entered earlier
Excess availment of Input tax credit pertaining for the FY 2017-18 & FY 2018-19: An overview of the circular No.183/15/2022 Dt.27/12/2022:
Pune ITAT allows deduction u/s. 80P(2)(a)(i) & 80P(2)(d) in respect of interest income on its investment
Whether expenditure incurred in removing encumbrances has intimate connection with the transfer and is deductible?
Computation of capital-gains has to be made as per law existing as on the 1st day of April of the relevant assessment year
If agreement to sale was entered earlier prior to introduction of section 43CA, section 56(2)(vii) or section 50C the notional tax cannot be levied.
Plain literal interpretation of statutory provision has to be avoided if results in absurd and unreasonable consequences: Supreme Court
If cash sales transaction is recorded in regular books of accounts, sales are made out of stock-in-trade then no addition U/s 68 could be sustained.
Whether capital gain exemption could be denied if the builder fails to give Possession within 3 years?
Provisions of Section 68 are not applicable on the sale transactions recorded in the books of accounts as sales are already part of the income which is already credited in P&L account.
