No addition of unexplained cash credits u/s 68 can be made based on the statements recorded of third party during search and seizure without providing any opportunity to the assessee to cross examine the same –
Penalty u/s 271(1)(c) dont gets automatically attracted, simply because assessee had not offered certain receipts to tax under bonafide belief that the same was not taxable
If stamp duty is more than the fair market value, reworking of LTCG without referring the matter to valuation officer by the AO is against the mandate of section 50C
CBDT Action plans for the first Quarter of FY 2019-20 stipulates auction sale of 20% properties attached till 31.03.2019 per TRO
Interesting case- If there is no incriminating material found during the course of search AO cannot make any addition on the basis of information called during assessment proceeding.
Forex fluctuation gains on loan taken for purchase of ships entitled to benefit of tonnage taxation scheme Inbox x
Revisionary proceedings could be initiated by CIT if view taken by AO was clearly unsustainable in law
Interest income is not seperately assessable & can be adjusted against interest expenditure incurred by the assessee
Kerala Cricket Association Vs Addl CIT – Whether Writ Courts are not expected to dispose of the entire appeal merely on the basis of their decision on any particular issue under consideration?
