Business deduction under section 35(1)(ii) towards Scientific research expenditure could not be disallowed if at a later point of time such registration was cancelled with retrospective effect.
Sham partnership : Where value of land contributed by assessee in stock of firm was much higher as against its negligible profit sharing in firm, entire transaction of contribution to partnership was a sham,and an attempt to device a method to avoid capital gain tax on transfer of land to firm
Delay of just 1 day in filing the return of income beyond the prescribed period and grant of benefit attached with the return filed u/s 139(1)
Surplus from assignment of loan having been taken for acquisition of capital asset is not taxable as income
Giving up of right to claim specific performance by an assessee to get conveyance of immovable property, in lieu of receiving consideration, would result in extinguishment of right in property and it would thereby attract rigour of section 2(14), read with section 2(47)
Entry in revenue records is not conclusive proof of the fact that the land is agricultural in the absence of evidence that the land is put to agricultural use
Landmark, interesting & very Practical Judgment: Stamp dutyvaluation cannot be adopted in case of sale of property under encroachment
Whether sale in cash or against cheque, draft etc is prohibited now? Whether any undertaking is needed for accepting payment against cash sale?
CBDT invites application for prescribing of certain electronic modes of payment u/s 269SUof the Income-tax Act, 1961
