Validity of Redemption fine and confiscation under section 130 without initiating any proceedings under section 129
Similar types of errors is being committed by the Assessing Officers either by deliberately or due to ‘Induced ignorance’. Jharkhand HC advised CITs to conduct orientation courses for AOs.
No religion like “Hinduism” & worship of Hindu Gods is not “religious purpose” – Trust is eligible for 80G: Nagpur ITAT
No penalty for cash loan as it was never the intention of the Legislature to punish a party involved in a genuine transaction: Bangalore ITAT
Failure to attach board report along with financial statement in annual filing is compoundable offence
Section 50C is a deeming provision. Assessee is entitled to challenge the correctness of the DVO’s valuation before the CIT(A) and the Tribunal.