IT Judgement

Interesting Judgment : Statement recorded during survey u/s 133A are not conclusive piece of evidence by itself for reassessment u/s 148

6 years ago

Income Tax Act, 1961, Section 148 Reassessment—Reason to believe—Statement recorded under section 133A—No other tangible evidence Conclusion: The word “may” used…

IT Judgement

Interest received on advances is a Business Income or Income from Other Source?

6 years ago

Interest received on advances is a Business Income or Income from Other Source? Short Overview : Since lower authority had failed…

IT Judgement

Relief u/s 54 i.e Exemption out of ‘LTCG’ earned on sale of Residential House Property can be claimed by the Assessee father where new Residential House property was purchased in the name of Son within the time allowed u/s 54 : Case Well Argued by CA. M.R. Sahu

6 years ago

Relief u/s 54 i.e Exemption out of ‘LTCG’ earned on sale of Residential House Property can be claimed by…

IT Judgement

GST: Allowability of Input tax credit on Supply of medicines used to provide medical facilities to employees and pensioners in hospital

6 years ago

GST: Allowability of Input tax credit on Supply of medicines used to provide medical facilities to employees and pensioners…

IT Judgement

Interesting case: Disallowance under section 14A for Expenditure against exempt income if No dividend income is not claimed as exempt by assessee

6 years ago

Interesting case: Disallowance under section 14A for Expenditure against exempt income if No dividend income is not claimed as…

IT Judgement

Penny stock case dismissed by Ahmedabad Bench of ITAT

6 years ago

Penny stock case dismissed by Ahmedabad Bench of ITAT Bhagwatiben Vinodkumar Surani vs ITO.pdf Penny stock case dismissed by Ahmedabad…

IT Judgement

Timing of Taxation of Capital Gain: Assessee’s rights in the immovable property extinguished on the receipt of the last cheque

6 years ago

Timing of Taxation of Capital Gain: Assessee’s rights in the immovable property extinguished on the receipt of the last cheque…

IT Judgement

Allowability ofSet off of loss of Sham and collusive transactions between sister concerns

6 years ago

Allowability ofSet off of loss of Sham and collusive transactions between sister concerns Short Overview : Loss on sham and collusive…

IT Judgement

Validity of Penalty under section 271AAB if notice issued by AO is defective

6 years ago

Validity of Penalty under section 271AAB if notice issued by AO is defective Short Overview : It was incumbent upon AO…

IT Judgement

Validity of Reassessment of any other income coming to notice of AO during section 147 proceedings

6 years ago

Validity of Reassessment of any other income coming to notice of AO during section 147 proceedings Short Overview: As there was…

IT Judgement

No Penalty under section 271(1)(c) for difference of opinion as to claim of expenditure

6 years ago

Penalty under section 271(1)(c)—Concealment or furnishing of inaccurate particulars—Leviability—Non-acceptance of bona fide claim Facts of the case: AO made disallowance…

Income Tax IT Judgement

Validity of Addition under section 68 on the basis of Creditworthiness of the persons from whom booking advances received, proved

6 years ago

Income from undisclosed sources—Addition under section 68—Creditworthiness of the persons from whom booking advances received, proved Short Overview : Where out…

IT Judgement

Textile manufacturer receiving subsidy under TUFS scheme is a capital receipt or revenue receipt for income Tax purposes ?

6 years ago

Textile manufacturer receiving subsidy under TUFS scheme is a capital receipt or revenue receipt for income Tax purposes ? Short…

IT Judgement

Landmark Judgment: If AO passes reassessment order without disposing of objections raised by assessee, such assessment order will be without jurisdiction and only consequence which can follow is to declare the assessment order null and void

6 years ago

Landmark Judgment: If AO passes reassessment order without disposing of objections raised by assessee, such assessment order will be without…

IT Judgement

Validity of assessment Order passed after amalgamation in the name of non-existent company

6 years ago

Validity of assessment Order passed after amalgamation in the name of non-existent company Short Overview : Assessment orders framed after amalgamation…

IT Judgement

No Bail in case of GST invoices issued without any supply of the goods to buyers on commission basis

6 years ago

No Bail in case of GST invoices issued without any supply of the goods to buyers on commission basis IN…

IT Judgement

Deduction u/s 80P(2): If the income isderived from the business of banking, then only it will fall within the exemption.If it arises from and out of the business with third party as in case of investment of surplus assets, the exemption is not available

6 years ago

Deduction u/s 80P(2): If the income isderived from the business of banking, then only it will fall within the exemption.If…

IT Judgement

Capital gains on Joint development agreement if Agreement is not registered

6 years ago

Capital gains on Joint development agreement if Agreement is not registered Short Overview : Where no possession had been given by…

IT Judgement

Interesting Judgment : Statement recorded during survey u/s 133A are not conclusive piece of evidence by itself for reassessment u/s 148

Interest received on advances is a Business Income or Income from Other Source?

Relief u/s 54 i.e Exemption out of ‘LTCG’ earned on sale of Residential House Property can be claimed by the Assessee father where new Residential House property was purchased in the name of Son within the time allowed u/s 54 : Case Well Argued by CA. M.R. Sahu

GST: Allowability of Input tax credit on Supply of medicines used to provide medical facilities to employees and pensioners in hospital

Interesting case: Disallowance under section 14A for Expenditure against exempt income if No dividend income is not claimed as exempt by assessee

Penny stock case dismissed by Ahmedabad Bench of ITAT

Timing of Taxation of Capital Gain: Assessee’s rights in the immovable property extinguished on the receipt of the last cheque

Allowability ofSet off of loss of Sham and collusive transactions between sister concerns

Validity of Penalty under section 271AAB if notice issued by AO is defective

Validity of Reassessment of any other income coming to notice of AO during section 147 proceedings

No Penalty under section 271(1)(c) for difference of opinion as to claim of expenditure

Validity of Addition under section 68 on the basis of Creditworthiness of the persons from whom booking advances received, proved

Textile manufacturer receiving subsidy under TUFS scheme is a capital receipt or revenue receipt for income Tax purposes ?

Landmark Judgment: If AO passes reassessment order without disposing of objections raised by assessee, such assessment order will be without jurisdiction and only consequence which can follow is to declare the assessment order null and void

Validity of assessment Order passed after amalgamation in the name of non-existent company

No Bail in case of GST invoices issued without any supply of the goods to buyers on commission basis

Deduction u/s 80P(2): If the income isderived from the business of banking, then only it will fall within the exemption.If it arises from and out of the business with third party as in case of investment of surplus assets, the exemption is not available

Capital gains on Joint development agreement if Agreement is not registered

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