Anti-Profiteering clause & Charging more price than what could have been charged by issuing wrong tax invoices vs. Constitutional validity thereof
In absence of any investigation, much less gathering of evidence by the AO, an addition cannot be sustained merely based on inferences drawn by circumstance.
Validity of detention of Vehicle with goods Goods being transported under an invoice and e-way bill bearing a valid GSTN
Invocation of rule 8D without recording satisfaction as to non-correctness of assessee’s claim of suo motu disallowance under section 14A is contravention of mandate laid down under section 14A(2)
Addition made under section 68 could not be sustained if no opportunity had been allowed to assessee to cross-examine alleged entry operators.
Section 45(3) is applicable only in case of transfer of a capital asset by a partner to a firm and not on transfer of stock
ITR Alert: Income Tax Dept modifies Return Preparation Software and Schema and the same is available for filing now.
So long as there is no change in ownership of the firm and its properties, for the simple reason that the partnership of the firm stood reconstituted, there is no transfer of capital assets.
Amount received at the time of retirement from partnership firm after surrendering her right, title and interest, same was said to be received for consideration and, thus, same could not be taxable in hands of the assessee , as capital gains or income from other sources .
The introduction of new partners to a partnership firm owning immovable assets and consequent reduction in the share ratio of present partners does not entail any relinquishment of their rights in the partnership property.
Revaluation of assets, admission of new partners and then retirement of old partners: Capital Gain Implications
When order passed by AO is palpably bad in law and exceeds its jurisdiction, relegating a litigant to appeal remedy will be wholly futile
Interesting Judgement : if a taxpayer incurs expenditure in cash due to business expediency and is not accused of suppressing its income, then no addition can be done due for the lack of vouchers
