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
If assessee trust had not defaulted in any of the limb of section 13, the exemption under section 11 could not be denied.
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)
Amount withdrawn by legal heir from the Capital Gain Deposit Accounts Scheme-1988 (CGDAS) of the deceased is Tax Free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.
