Section 274 provides for the procedure to be followed while imposing the penalty – Non-compliance make the notice defective
Utilization of capital gains within time specified would entitle assessee to claim of deduction under section 54 even if sale deed is not executed
Addition done without referring the valuation to the DVO: Court restored the file to AO for valuation
Intimation U/s 143(1) is not an assessment for the purposes of Section 147 and so it is not necessary for the AO to come across some fresh tangible material to form a belief that income has escaped assessment.
Short Overview of the SC judgement on taxability of surplus amount after revaluation of assets credited to partners’ capital account:
Rejected paddy seeds taxable at 5% under GST and not eligible for exemption as per Notfication No. 2/2017 CT (Rates)
Why costs should not be imposed on JCIT for in acting in reckless illegal Manner – Asked Rajasthan HC
Capital gain exemption if Sale deed not done within 2 years: Beneficial provisions must be liberal to accommodate rules laid down broadly to verify compliance and must not be interpreted literally.
