Addition under section 69C on bogus purchases if there is no dispute with regard to corresponding sales
Capital gains chargeability on transfer of know-how of an underdeveloped product having no cost of acquisition
Expenses incurred on developing and maintaining land in connection with real estate activity & its deduction against forfeited amount
Penalty is not leviable where the penalty proceedings were initiated long after the completion of assessment and order was silent about the levy of penalty
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
