Beneficial judgement for taxpayers : Reassessment merely on the basis of Information emanated from investigation wing without application of mind is void
Capital gains exemption if plot purchase & house construction started prior to the date of transfer of original asset
12 very senior officers of rank of Chief Commissioners, Principal Commissioners, Commissioners of Income Tax department given compulsorily retirement under Rule 56 by Finance Ministry
Loss in share trading couldn’t be disallowed alleging it bogus if transactions were carried on stock exchange
Rent received from letting of terrace of building is income from House property or Income from other sources
Disallowance under section – AO directed to consider only those investments which had yielded exempt income during the year.
Agricultural land at the date of the sale would continue to be agricultural land until permission for non-agricultural use is granted and the land is put to non-agricultural use by the purchaser
The provision of s. 68 does not provide that the business of the assessee must start and then after the addition u/s 68 can be made.
AO can impose penalty u/s 271AAB in case where a search is initiated u/s 132 and during such operation assessees admits undisclosed income and specifies the manner in which such income has been derived.
Prosecution for delay in payment of TDS: Be careful about observation in ITO vs. Firoz Abdul Gafar Nadiadwala (ACCM)
Loss due to vacancy allowance is deductible even if the property remains vacant for the entire year – Vikas Kehav Garud Vs. ITO (2016) 71 Taxmann 214 (Pune ITAT)
GST & Hostel services : Hostel facility provided for less than Rs. 1,000 per day with other services without any charge is exempt from GST
