An apt Memorandum on the problem being faced in relation to New Income Tax Portal by Chartered Accountants Association, Jalandhar
The real Tax Terrorism: Taxpayers unable to file Trust Registration forms, Appeal, Rectification application u/s 154, etc.
Every legitimate and genuine act on the part of the taxpayer resulting in reduction of tax liability cannot be treated as device for avoidance of tax
When there was no material on record to prove that any interest was paid for earning tax-free income under s. 10(33), no disallowance could be made by invoking s. 14A.
Deferred sales tax liability credited by assessee under capital reserve account was a capital receipt & could not be termed as remission/cessation of liability for levy of income tax
If profit or loss of business carried on by wife or minor children is clubbed with assessee’s income then he is also entitled to set off his loss against such income.
Where the plain literal expression of the statutory provisions produces manifestly unjust results, which could never have been intended by the legislature, the Court can modify the language to achieve the intention of the legislature and produce a rational construction.
Holding of legal title of new house within a period of one year is not a condition for capital gain exemption u/s 54
Release of shares in house property by co-owners in favour of one in lieu of obligation to pay cash, tantamounts to purchase for exemption u/s 54
Business expenditure disallowance not justified if based merely on conjecture and surmise and not on any material
GST: The transaction of depositing timer by the applicant with the Government Timber depot for disposal would amount to “supply”
Revision under section 263 for erroneous and prejudicial order for capital gain exemption if agricultural land is purchased in the name of son
Deduction towards advance given for purchase of land by the developers and written off in the books of accounts.
