Kudos to ICSI – Restriction on LLP regarding manufacturing & allied activities withdrawn with immediate effect
Forget actual sale consideration, exemption u/s 54EC is available on the basis of investment as per Stamp Duty Valuation
The date of allotment can be considered as the date of purchase and for reckoning the assets as long term capital assets.
Claim of loss not to be disallowed if the AO fails to detect any discrepancy in the documentary proofs furnished
Not a fit case for invoking revisionary powers if the AO takes a particular view during assessment and also after due consideration of the Apex Court decisions
Reopening of assessment after the expiry of 4 years of assessment, based on information from Investigation Wing without verifying the assessment records and without application of mind by AO to form a belief is correct
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
