Validity of order if CIT invoked jurisdiction under section 263 on the issues other than those decided in limited scrutiny assessment under section 143(2)(i)
Short Overview As assessee's case was selected for limited scrutiny under section 143(2)(i), AO could not be ...
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The Blogs
Penalty if Assessee, the Co-operative Bank, accepted deposits in cash exceeding Rs. 20,000 from its members which is prohibited under provisions of section 269SS
Penalty if Assessee, the Co-operative Bank, accepted deposits in cash exceeding Rs. 20,000 from its members which is prohibited under provisions of section 269SS
Short Overview Where assessee, Co-operative Bank, accepted deposits in cash exceeding Rs. 20,000 from its members ...
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To assess tax on the assets seized during search, there is no necessity for extending assessee the benefit of cross-examination of witnesses.
To assess tax on the assets seized during search, there is no necessity for extending assessee the benefit of cross-examination of witnesses.
Short Overview To assess tax on the assets seized from assessee, there was no necessity for extending assessee the ...
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Validity of revision under section 263 if no reference is made by AO to TPO as regards specified domestic transaction
Validity of revision under section 263 if no reference is made by AO to TPO as regards specified domestic transaction
Short Overview When clause (1) of section 92BA had been omitted by Finance Act, 2017, with effect from 1-7-2017 from ...
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If renting out is the business of the assessee, it could be regarded as a business income: ITAT
If renting out is the business of the assessee, it could be regarded as a business income: ITAT
Shri Shanthilal Movji Bhai Thakker v. The Income Tax Officer [ITA No. 2267-2270/Chny/2019]
Short Overview of the Case:
1. Appellant has acquired the property ...
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Prior Period Expenses: No deduction if there is no evidence that expenses had been crystallized during the year
Prior Period Expenses: No deduction if there is no evidence that expenses had been crystallized during the year
Short Overview In the absence of evidence that prior period expenses crystallized during the year under consideration, AO was justified in denying ...
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Validity of addition done purely on basis of noting in diary impounded during survey without any corroborative evidence
Validity of addition done purely on basis of noting in diary impounded during survey without any corroborative evidence
Short Overview Although addition had been made purely on basis of noting in diary impounded during survey without any corroborative evidence, however, ...
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Validity of penalty levied for non maintenance of books of accounts on the basis of statements given during survey if the audit report was furnished at the time of filing income tax return
Validity of penalty levied for non maintenance of books of accounts on the basis of statements given during survey if the audit report was furnished at the time of filing income tax return
Short Overview Where AO levied penalty under ...
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Allowability of Depreciation on Server, storage and accessories procured by aasessee on lease
Allowability of Depreciation on Server, storage and accessories procured by aasessee on lease
Short Overview assessee claimed depreciation on new server, storage and accessories procured during the year on lease and the assessee incurred cost of such asset and was also ...
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Reassessment quashed as there was tangible material in possession of AO at the time of reopening and re-pening based merely on CIB Report alone
Reassessment quashed as there was tangible material in possession of AO at the time of reopening and re-pening based merely on CIB Report alone
Short Overview Even though reopening of assessment was made after expiry of four years from the ...
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Notional interest: Can interest free deposit form a part of sales consideration for calculation on capital gains?
Notional interest: Can interest free deposit form a part of sales consideration for calculation on capital gains?
There are situation wherein the buyer provides to the seller of an immovable property, an interest free deposit/ loan before the sale, which ...
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No failure on assessee’s part to disclose fully and truly all material facts during original assessment – Whether Reassessment proeeding justified?
No failure on assessee's part to disclose fully and truly all material facts during original assessment - Whether Reassessment proeeding justified?
Short Overview There was a definite reason to believe that to the tune of excess deduction income chargeable to ...
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Validity of Reassessment on the basis of information gathered during course of statement recorded under section 132(4) from searched person by investigation wing
Validity of Reassessment on the basis of information gathered during course of statement recorded under section 132(4) from searched person by investigation wing
Short Overview Joint receipt was seized during the course of search as mentioned by AO in the assessment ...
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Capital Gain exemption if multiple flats received pursuant to Joint Development Agreement
Capital Gain exemption if multiple flats received pursuant to Joint Development Agreement
ITAT Bangalore in the case of Ganga Poorna Prasad Vs ACIT has held as under:
Assessee would be entitled to deduction under section 54F on acquisition of multiple ...
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Flat purchased within 3 years from the builder when it was under construction: Whether Capital Gain Exemption available?
Flat purchased within 3 years from the builder when it was under construction:
Whether Capital Gain Exemption available?
Here is a CBDT Circular which may be helpful for the taxpayers with LTCG. It is circular No. 672 by CBDT Dated ...
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Corpus donations received by Trusts which was not registered u/s 12A/12AA are not taxable as they assume nature of “Capital receipt’
Corpus donations received by Trusts which was not registered u/s 12A/12AA are not taxable as they assume nature of “Capital receipt'
There is one interesting judgment in the case of ITO Vs. Serum Institute of India Research Foundation wherein the ...
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Corporate guarantee forms an international transaction and covered by Explanation to section 92B with retrospective effect
Corporate guarantee forms an international transaction and covered by Explanation to section 92B with retrospective effect
Short Overview The Madras High Court s latest decision in Redington India Pvt. Ltd. v. Dy. CIT, [Tax Appeal Nos. 590 and 591 of 2019, dt. ...
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Hardship allowance from developer is a capital receipt: ITAT Indore
Hardship allowance from developer is a capital receipt: ITAT Indore
Taxation of amount received by existing owner at the time of redevelopment agreement is often an issue of controversy and litigation.
Here is a case with similar issue before ITAT Indore, ...
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