Be cautious : Exempt agricultural income can not be accepted in the absence of evidences regarding the performance of agricultural activity or expenditure or sale of the agriculture produce
Penalty u/s 271(1)(c) is to be imposed if the assessee’s disclosure is not voluntary but under compulsion and he fails to offer any explanation at the assessment stage or at the penalty proceedings
Assessee is liable for penalty u/s 271B if no reason is furnished in respect of any reasonable cause for not getting the accounts audited as required u/s 44AB
Trust is eligible for benefit u/s 11 when the activities of the trust are purely religious and spiritual in nature
If a request for cross examination is made prior to completion of assessment then full opportunity must be afforded to the assessee
Housing Loan Interest Deduction: Taxpayer is entitled to deduct only simple interest payable & not interest on interest – CA Naresh Jakhotia
HC now directed nodal officer to address grievances with regard to technical glitches taking place while uploading TRAN-1
Capital gain exemption is available if capital gain is invested up to scheduled date of filing of revised ITR:
No reassessment after 4 years permissible if dedication was consciously allowed by Income tax authorites during original assessment
