“This is a fit case where this Assessing Officer should be saddled with substantial cost to drive home a message that this kind of attitude will not be tolerated ever”: Bombay HC in a case decided under faceless assessment scheme
No addition under section 68 possible for cash deposit in the bank account if taxpayer is following presumptive scheme of taxation
INCOME FROM UNSOLD FLATS SHALL BE TREATED AS BUSINESS INCOME OF THE DEVELOPER AND NO INCOME FROM HOUSE PROPERTY ON THE BASIS OF ANNUAL LETTING VALUE OR NOTIONAL VALUE OF RENT.
AO should deal with each objection and give proper reasons for the conclusion for section 148 Reassessment: Bombay HC
Any disallowance computed under section 14A pertaining to computation of income under normal provisions of the Act cannot be read into provisions of section 115JB
Amendment brought by Finance Act, 2021 to section 36(1)(via) and 43B, whether prospective or retrospective in effect?
Disallowance under section 14A if Assessee’s own funds exceeded investments & Assessee did not earn any exempt income during the year
Section 171(1) makes it very clear that it is applicable only where a Hindu family was already assessed as an Hindu Undivided Family (HUF)
Form 27BA Received: There is no justification for AO’s action of levying penalty u/s 271CA by treating the person as assessee in default.
Sale consideration against property not paid but retained in Escrow Account: Tax implication while computing capital gains u/s 48
The word “wilful attempt” cannot be inferred merely on failure to pay tax in time for prosecution proceeding u/s 276C : Madras HC
The tax authorities should not get over zealousness to protect the interest of the revenue, 20% pre- deposit is not mandatory for stay: HC
Section 44BB & the services or facilities provided by a non-resident assessee vis a vis TDS provision
