Allegation that the Co is a penny stock co whose share price has been artificially rigged by promoters/brokers/operators to create non-genuine LTCG is not sufficient.
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