AO does not assess income for which reasons were recorded u/s 147, he cannot assess other income u/s 147
Extension of Due Date of Various forms under Income Tax which were due on 31st July done today in view of glitches in new portal
Assessing Officer is not required to disclose the “Reason to believe to conduct a search” on the taxpayers
Section 80P Deduction allowable to Co-Operative Credit Society as it is not a Co-Operative Bank: ITAT
Whether amount yet to be received can be taxed on a hypothetical assumption arising from the amount to be received?
Claim of deduction towards TDS receivable written off, its disallowance by Assessing Officer and Validity of Penalty levied
CBIC exempts the registered person whose aggregate turnover in the financial year 2020-21 is up to two crore rupees, from filing annual GST return
Deduction is available towards Construction of houses for the needy persons by the assessee as it was not only as a social responsibility but also keeping in mind the goodwill and benefit it would yield in the long run in earning profit: Karnatak HC
Payment in a lump sum does not necessarily make the payment a capital one. It may still possess revenue character in the same way as a series of payments and may be eligible for deduction: Supreme Court
The membership fees received by the trade association are not related to any specific services rendered by it to its members and hence it is not taxable.
Non-interest bearing deposits received by assessee from letting out its premises could not be subject-matter of addition by recourse to s. 28(iv)
Reopening of assessment u/s 147 on mere change of opinion is not permissible. If the AO while framing original assessment has taken a view, he cannot turn around subsequently on change of opinion
