Perfect complain of FM with PM by UP Tax Bar Association getting Appreciation from all in the Country
No tax is leviable on sale of rural agricultural land, even if no proof of whether any agricultural activity is carried on that agricultural land.
Reopening of assessment is justified if A.O. has sufficient tangible material on record to initiate re-assessment proceedings against the assessee.
When any right in respect of capital assets is extinguished and that right is transferred to someone, it would amount to transfer of a capital asset: Says Kolkata Tribunal
Opinions given by the chartered accountants in report u/s 44AB are not binding either on the assessees or on the assessing officer
