Assessing Officer is not bound by registration certificate issued by Registrar of Co-operative Society. AO has toconduct an inquiry into factual situation as to activities of assessee society to determine eligibility of deduction u/s 80P.
GST: SITE WHERE EMPLOYEES ARE DEPUTED FOR MACHINE MAINTENANCE QUALIFIED AS FIXED ESTABLISHMENT & HENCE REGISTRATION IS REQUIRED
Whether provisions of Section 269SS are applicable where both lender of cash and borrower are having agricultural income & neither of them has any taxable income as per I-T Act?
Once purchases have been accepted as genuine and no adverse inference has been drawn, lower authorities are not justified in making addition of balance outstanding.
Deemed Dividend u/s 2(22)(e): To apply a deeming fiction, first set of facts is to be proved beyond doubt and deeming fiction cannot be applied on basis of assumption, presumption or suspicion about first set of facts.
Revenue cannot step into the shoes of a businessman and direct how the business should be conducted. It may not be practically possible for all businesses to maintain a complete list of the gifts given to their various customers and demonstrate that a particular sales order was received as a result of a particular gift: Delhi ITAT
Issue of Share at a premium: AO can scrutinize the valuation report and he can determine a fresh valuation either by himself or by calling a final determination from an independent valuer to confront the assessee.
10% difference in stamp duty valuation vis a vis actual sale consideration could have retrospective application?
No Disallowance of commission expenses where income tax department failed to establish that parties to thetransactions ale related to each other or that the payments are not genuine orthat the payments having been made by the assessee to the recipients have found their way back to the assessee some way or the other: Kolkata ITAT
No capital gains tax in hands of assessee if sale deeds became invalid due to dishonour of post-dated cheques
