LTCG accepted by ITAT, Delhi as neither the Assessing Officer conducted any enquiry nor has brought any clinching evidence to disprove the evidences produced by the assessee.
HC quashes reassessment initiated after 6 years to disallow deduction of programme rights claimed by ‘Asianet
AO couldn’t issue reassessment notice on second ground if notice issued on first ground was set-aside by HC : SC
Prosecution can be launched even if there is a time for filing income tax return u/s 139(4) if return is not filed u/s 139(1) & notice is issued u/s 142(1)
GST registration required for a manufacturer of exempt supplies where he is liable to pay tax on reverse charge basis
Landmark Judgement : Investment in Farm House is eligible for deduction under section 54 of Income Tax Act
Mere fact that the assessee is shown as a co-owner of the property does not mean that the capital gains are partly assessable in her hands if the facts show that the other co-owner bought the property from his own funds and showed it as his sole property in the balance sheet
Compensation received by flat owner from builder for hardship caused due to redevelopment of the building is a non-taxable receiptCompensation received by flat owner from builder for hardship caused due to redevelopment of the building is a non-taxable receipt
Deeming fiction cannot be extended beyond the object for which it was enacted – SC in CIT v. Amarchand N. Shroff (1963) 48 ITR 59
