For the purpose of an income to qualify as business income, profit motive is not an essential ingredient : SC
Capital gains exemption u/s 54F: Property acquired by means of perpetual lease for unlimited period would amount to purchase
Once the assessment of the assessee was completed u/s. 44AD, there cannot be any application of sec. 68/69A of the I.T. Act: Bangalore ITAT
Legalistic approach should be avoided. Facts should be viewed in natural perspective having regard to the computation of the circumstances of case: Supreme Court
Even in the absence of a title deed, taxpayers can hold the property. The point of time at which taxpayer holds the property is to be taken into consideration in determining the capital gain
Interest component will partake the character of the “amount due’ u/S 244A becomes an integral part of principal which is not paid. Interest on Interest is payable on income tax refund: HP High Court
Revision under section 264 & Denial of assessee’s application on the ground of assessee not having filed revised return within prescribed time
GST : Medicines, consumables and implants used in the course of providing healthcare services to in-patients & Composite service provisions
Mother and two minor sons having common interest in the inherited business carried on for the benefit of all by one of them would constitute ‘BOI’s
Interesting Issue: Assessee initially purchased land for construction of house to avail capital gain exemption but later changed his mind and instead, purchased a residential house
Interesting case: Software engineers could not be excluded from the definition of workman and remuneration received by them could be duly treated as ‘wages’
Appellate authorities can allow the ground even if claim for relief/exemption has not been made part of the original or revised return
