CBDT issues SOP for handling writ petitions where assessment is made under the Faceless Assessment Scheme 2019 or penalty is passed under Faceless Penalty Scheme, 2021 if NaFAC/CBDT is one of the respondents
Validity of disallowance of partners remuneration under section 40(b) on income declared during survey
Foreign travel expenses claimed in respect of wife not allowable if wife wasn’t an employee of assessee’s concern
If there is no positive credit standing in the electronic credit ledger on the date of the order, passed under Rule 86-A, that order would be read to create a lien upto limit specified
Consultancy fees paid for studying & preparing a strategy to reduce cost of production is eligible for deduction: HC
Sec. 68 additions justified if assessee failed to prove identities & creditworthiness of investors: HC
sum received by the assessee on sale of additional FSI, is not exigible for long term capital gains and the same is to be excluded under normal provisions of the Act
If there is an inseparable and the intention is to carry on the business of letting out the commercial property then rental income us taxable as “Profits and gains of business or profession”.
Kudos for excellent Representation by Maharashtra Tax Practitioners’ Association on issues faced by Taxpayer & Professionals on New Income Tax Portal
