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
Bogus F&O Loss: Unusual & sudden spurt in client code modifications undertaken by brokers was with an intention to evade taxes.
The argument that as it is a transaction between closely related parties, there is no motive of tax evasion & s. 56 (2) does not apply is not acceptable.
CBDT clarified that set off loss is allowed till AY 201617 when addition made for sections referred in Second 115BBE
‘Assessment of Firms’-some of the important issues to be kept under consideration by the Assessing Officers : CBDT Advisory
Factual misrepresentation by the Accountants is observed in tax audit report, suitable action should be taken against them: CBDT to Assessing Officers
Interesting Issue: Depreciation on Intangible asset – Expression “or any other business or commercial rights of similar nature” used in Explanation 3 to sub-section 32(1)(ii) is wide enough to include non-compete rights
