Interesting case on Transitional credit if Input tax credit on the basis of documents evidencing payment of duty
Beneficial interpretation : Even capital gain computed u/s 50 is eligible for capital gain exemption u/s 54F. It’s an interesting Income Tax Act -1961.
For penalty u/s 271(1)(c), the specific ground which forms the foundation has to be spelt out in clear terms.
When assessee had substantial mixed funds comprising of internal and external funds to take care of the investments, no disallowance can be made under Rule 8D(2)(ii)
When the Tribunal itself has recorded conflicting findings of the AO and the CIT(A) and the High Court has overlooked this fact, it is a fit case for remand
No penalty on Income Tax Department for delay in release of utility for filing ITR – Letter by Honest Taxpayer
One More : AO cannot make disallowance resulting into a total disallowance u/s 14A, which is more than the exempt income
FMV u/s 50C can be used to compute capital gains only after giving opportunity of being heard to assessee
