Income Tax Raids in Pink city revealed unaccounted & unrecorded transactions exceeding Rs. 1400 crore in 3 Groups
Assessee utilized net consideration to re-modify the new house : Whether Capital Gain Exemption would be available ?
AO should assign reasons for grant of lower deduction certificate if assessee has applied for nil deduction certificate
Validity of addition to income by estimation of profit at higher rate merely on basis of suspicion and conjectures, without rejection of books
Capital gains: Stamp duty value as on date of agreement or as on date of registration is relevant for computing capital Gain amount ?
If the own funds are sufficient to cover interest free advances, proportionate disallowance of interest is not warranted
CBDT Circular issued under section 119 of the IT Act is binding on the IT Authorities. AO’s jurisdiction is limited to the issue identified by the CASS in case of ‘Limited Scrutiny’ cases
Failure to produce reconciliation difference in creditor’s account is liable for addition as undisclosed income u/s 68
Allowability of deduction if payments were not supported by the bills raised and only self-made vouchers were maintained by assessee.
Validity of Penalty under section 271(1)(b) if Assessee did not comply with notice under section 142(1) but Assessment order was passed under section 143(3), and not under section 144
If no cash is involved in the transactions and transactions is done by way of journal entries then AO is not justified in making addition u/s 68