Validity of Reassessment when AO proceeded on the fallacious assumption that bank deposits constituted undisclosed income
Mere change of opinion and would be completely without jurisdiction under section 147: Supreme Court in ACIT vs. Marico Ltd
When there are only two partners and one has agreed to retire, then the retirement amounts to dissolution of the firm: Supreme Court
The compensation received for the loss of agency is a revenue receipt whereas the compensation attributable to a negative/ restrictive covenant is a capital receipt: Supreme Court
AOP is liable to tax at MMR if income of its members during relevant year exceeded basic exemption limit: Delhi ITAT