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

If assessee trust had not defaulted in any of the limb of section 13, the exemption under section 11 could not be denied.

“SEBI PROCEDURAL GUIDELINES FOR PROXY ADVISORS”

Freebies to the doctors by pharmaceuticals companies are allowable as deduction: Mumbai ITAT

Conversion of Capital Assets in to Stock In Trade: Investment for the purpose of capital gain exemption can be done from the date of sale of Stock in Trade

All About Provision For Bad And Doubtful Debts In Respect Of Rural Advances Of Certain Banks: Section 36(1)(viia)

How to prepare GOA – SOF for Appeal to ITAT

Amount withdrawn by legal heir from the Capital Gain Deposit Accounts Scheme-1988 (CGDAS) of the deceased is Tax Free

Final view of Supreme on section 40(a)(ia): (a) Disallowance correct even if there is nothing “payable”. (b) Amendment by FA-2010 is not retrospective in nature (c) Amount disallowable even if contract is on freelance basis

Word “family” connotes a group of people-a single person, male or female, cannot not constitute a family.

Tax has to be levied on the right person, irrespective of benefit to Revenue: Supreme Court

Supreme Court observation in Commissioner Of Income Tax Vs. Calcutta Export Company

Even Belated return can be Revised. Revised Returns can also be Revised further

TDS Traces sites levying penalty for late filing of TDS return for first Quarter

Sale of Flat Received under Joint Development Agreement& Capital Gain Taxation

“Corporate Compliance Calendar – August, 2020”