Penalty u/s 271(1)(c) could not be levied on income declared in revised return filed suo motu under section 139(5)

AO allows capital gain exemption on that part of construction expenditure which is incurred after the sale of original asset ignoring the amount of earlier structure purchased

Key notable observations in GST Annual returns –

ICAI’s Revised Code of Ethics 2019 Applicable w.e.f. 1 April, 2020

Officer conducting search has discretion not to seize even higher quantity of gold jewellery based on factors including family customs and traditions

Cash seized during 2014 election returned

An interesting judgment discussion tax implication of bogus purchase through Hawala Operator

No disallowance on non-deduction of tax just because assessee didn’t furnish PAN of transporter to dept.

AO couldn’t change method of determining FMV of shares consistently accepted in prior years

Please Note, Section 80G approval couldn’t be denied just because there was possibility of misuse of donations.

No capital gain tax on sum received by partners towards their share in assets on retirement from firm

Where retiring partners were paid sums on reconstitution of assessee-partnership firm in proportion of their share

Entire sale consideration was paid to bank to the credit of loan account- Still capital gain tax payable ?

No capital gain tax on sum received by partners towards their share in assets on retirement from firm

Annual Maintenance Contract (AMC) expenditure of computer attracts TDS @10% as technial or professional charge under section 194J ? -Interesting Observation by Lucknow ITAT

QR Code may be made compulsory for Shops

Gold Investment- Holding, Documentations & Precautions

Dividend–Deemed dividend under section 2(22)(e) is not applicable on Inter-corporate deposit