Legal fiction created in Section 50 is confined to the computation of capital gains and does not alter the nature of the asset or affect eligibility for exemptions under other sections
ITAT Jaipur Estimates Profit at 1.52% on Turnover of Rs. 7.96 Crores Amid Audit Lapses and Cash Irregularities
Entire purchases cannot be disallowed; only profit embedded in unverifiable purchases can be taxed: ITAT Delhi
Expenditure towards salaries and wages could not be represented as ‘asset’ as per section 149(1)(b)- Reassessment proceedings beyond 3 years quashed by Delhi HC
ITAT allowed deduction towards interest paid against FDR Interest as it was business-linked and served as collateral for loan facilities
Slump Sale: Non-transfer of receivables shown as consideration due did not violate slump sale conditions
Notice was issued without obtaining prior approval from the appropriate authority as mandated under Section 151(ii) of the Act.
No Addition u/s 68 can made, in respect of any investment, loan, or advance not credited during the year under consideration.
Non-filing of GSTR-3B and non-payment of GST, if wilful, constitutes “suppression of facts” and attracts penalty under Section 74 of the CGST Act
Legal ownership through a registered deed is not a prerequisite for claiming the exemption, provided there is substantial compliance through investment and possession
Foreign Tax Credit: The requirement under Rule 128 to file Form 67 within the due date is directory, not mandatory.
ITAT Jodhpur Quashes Reassessment as Notice under Section 148 Issued by Jurisdictional AO Instead of Following Faceless Assessment Scheme
