Landmark Judgment by Jaipur ITAT: No disallowance u/s 40A(3) if identity of sellers & source of cash payment were established.
Benefit of Sec. 54G exemption isn’t available if land was notified as urban land after its sale: High Court
No penalty if Declaration is made under section 132(4) by duly substantiating manner in which such undisclosed income was derived; including those undisclosed income in the return filed under section 153A and the payment of taxes is done thereon
Addition under section 56(2)(viib) for issue of shares at premium & validity of rejection of DCT method adopted by assessee for valuation of shares
Benefit of set off of loss of Partnership Firm: AO could examine applicability of section 79 only in the year in which loss was set off, and not in the year in which assessee claimed the loss to be carried forward.
Thank You Respected Finance Minister !! 24 Taxpayers & Professionals association got united on a call protest call by WMTPA
“The CBDT is directed to leniently consider the said representation after giving an opportunity of hearing to the petitioner and to pass a reasoned order thereupon”: High Court of Uttarakhand
No Notional taxation if the difference in the stamp duty valuation & actual transaction value is not exceeding 20%
Income declared during survey & Year of taxability: Assessment year for which declaration had been made or the year in which survey was conducted?
Statements recorded under section 132(4) cannot be made the sole basis for making additions unless it is supported by any documentary evidence
Premium for hedging foreign exchange fluctuations as regards loan availed of for purchase of fixed asset is a Capital on revenue expenditure?
Validity of Addition under section 69 if Assessee deposited cash in bank account when cash book was showing negative balance
