Budget 2020: Whether Concessional Income Tax Rates benefit would be available if the income tax return is filed belatedly U/s. 139(4)
New Proposed Time Schedule for Registration, Approval or Renewal of Charitable Trust with the Income Tax Department as proposed by Finance Bill – 2020 [U/s 12AB or U/s 10(23C)
Though the assessee has not proved the genuineness of the purchases and sales, yet if the AO has accepted the sales, the entire purchases cannot be disallowed.
Purchase of property below its stamp duty valuation: Amendment done w.e.f AY 2014-15 will not apply to a purchase transaction of immovable property for which full consideration in the pre-amendment period.
Salary to partners would be as mutually agreed between partners” & allowability of the same in the hands of the unregistered firm u/s 40(b)
Electronic assessment proceedings, though laudable, “can lead to erroneous assessment” if officers are not able to understand the transactions and statement of accounts of an assessee without a personal hearing : Madras HC
No disallowance under section 40A(2) if there is no material on record to demonstrate that payment made was excessive and unreasonable
