Interest expense on loan for acquisition of the asset and it’s deduction while computing capital gain – Delhi ITAT held that “Deduction under section 24(b) and computation of capital gains under section 48 are altogether covered by different heads of income”
Condonation for delay in filing appeal condoned – Held that “By filing appeal belatedly, no benefit had accrued to assessee. In fact, non-filing of the appeal would act as detrimental to the interest of assessee, therefore, delay in filing of appeal could not be construed as intentional error/comission on part of assessee”.
GST: Without initiation of any adjudication proceedings, no recovery proceeding under Section 79 of the Act can be initiated for recovery of the interest amount.
Suspicion, howsoever strong, could not be reason for making additions and it could not replace evidence on record
SYNOPSIS OF ALL THE CHANGES IN ITR- 1 to 7. Also know the changes in the ITR-V mechanisms in the new ITR filing Rules
TaxAuthorities have power to declare transactions as Impermissible Avoidance Arrangement : Time to avoid aggressive tax planning
GST : Order for release of vehicle could not be passed if assessee failed to discharge the burden envisaged under the Act
Initiation of penalty proceeding on one ground and levying of penalty on different ground : Interesting Observation as to validity of Penalty Imposition
Addition under section 68 : No particular occasion required for gifts made out of natural love and affection
Interest expenses on loan advanced to sister concern at nil rate for earning interest income & AO allegation of commercial expediency
