Reopening under section 148 & not under section 153C is bad in law if it is based on incriminating materials, documents, electronic data seized from a third party, or statements recorded during the investigation
Form 26A not filed by the assessee – Whether disallowance U/s 40(a)(ia) can be made even if the payee has already offered the income to tax in its ITR
Transaction which was bona fide and not aimed to avoid any tax liability would constitute a reasonable cause within the meaning of Section 273B
Delhi HC allows 54F deduction of Rs 90 Cr, where multiple floors of residential property were purchased
Suspicion cannot substitute evidence – No Addition under Section 69A in respect of cash of Rs. 1 Cr seized at Railway Station
Reassessment Proceeding: Section 149(1)(b) of the Act would be satisfied if the cumulative value of the expenditure exceeds ₹ 50 lakhs provided that the same is related to an event or occasion.
The TAX Talk Impact: Date Extended well in advance from 31st July to 15th September – Thanks to Finance Minister Smt. Nirmala Sitharaman
Interest on compensation and enhanced compensation is an accretion to the compensation itself and so covered under the head Capital Gains: Kerala HC
“Payable” in section 40(a)(ia) covers even cases where amount is paid & not restricted to amount payable: Jharkhand HC
Only the profit element which is taxable if unrecorded sales are admitted and offered to tax in a survey action due to shortage of stock
