Last date for furnishing Belated/Revised return for AY 2024-25 in the case of Resident individuals extended by 15 days – Thanks to Bombay HC
Mere review of the same documents that had been submitted during the original assessment does not warrant reopening of assessment: Bombay HC
Interest earned on Borrowed Funds kept for acquiring coal mine is not revenue receipt even if coal mine is aborted, borrowings are repaid: Delhi HC
Foundation of the assessment is erroneous and void ab initio as notice under section 143(2) issued by another AO to whom jurisdiction was transferred much later: ITAT
“Human probabilities” and the concept of penny stock may not justify additioni without assessee’s involvement
Interest on surplus fund during pre-commencement of the business – Whether Business Income or Other source Income?
