Income Tax Department conducts searches in Delhi-NCR on Automobile Manufacturing Group, Company Operating Chartered Flights and Real Estate Groups
ITAT: Addition based on information from FT&TR Div,Panama Papers not sustainable for lack of evidence.
Pre-Condition to deposit 20% of the disputed tax for stay of recovery proceedings can be relaxed in appropriate cases: Delhi High Court
The Constitution confers on the High Courts the power to give relief, it is the duty of the Courts to give such relief in appropriate cases and the Courts would be failing to perform their duty if relief is refused without adequate reasons: Supreme Court in a case of reassessment proceeding
“The court is very reluctant to interfere with the sufficiency of the findings and reasonings of the recorded reasons and was impressed by the gross negligence of the AO”: Calcutta HC
Master Circular – Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances
