IT Judgement

Whether Penalty under section 271(1)(c) is attracted on Declaration of additional income after being summoned by DIT(Inv.) if revised return is filed within period u/s 139(5)

6 years ago

Whether Penalty under section 271(1)(c) is attracted on Declaration of additional income after being summoned by DIT(Inv.) if revised return…

IT Judgement

No Bogus LTCG as assessee is a habitual investor having portfolio of investment in shares in crores and is still holding investment in shares in several crores

6 years ago

No Bogus LTCG as assessee is a habitual investor having portfolio of investment in shares in crores and is still…

IT Judgement

Sale of software by NRI is taxable in India as Royalty Income ?

6 years ago

Sale of software by NRI is taxable in India as Royalty Income ? Short Overview : What had been transferred by…

IT Judgement

Transfer of a capital asset by partner to firm, by way of capital contribution: Whether section 50C overrides section 45(3)?

6 years ago

Transfer of a capital asset by partner to firm, by way of capital contribution: Whether section 50C overrides section 45(3)?…

IT Judgement

Whether the suit is tenable in the absence of successor Karta being brought on record?

6 years ago

Whether the suit is tenable in the absence of successor Karta being brought on record? Madhuri Doulatram Choitram Vs Lachmandas…

IT Judgement

Capital gains exemption admissible even if assessee didn’t get legal title to land due to pending litigation

6 years ago

Capital gains exemption admissible even if assessee didn’t get legal title to land due to pending litigation Short Overview : The…

Income Tax IT Judgement

While a family arrangement/settlement does not amount to a “transfer” u/s2(47) as it only recognizes “pre-existing rights” between the parties, the same applies only to members of the families and not to transfers made by corporate entities.

6 years ago

While a family arrangement/settlement does not amount to a “transfer” u/s2(47) as it only recognizes “pre-existing rights” between the parties,…

Income Tax IT Judgement

Bogus accommodation entries to be taxed as Income from undisclosed sources under section 68

6 years ago

Bogus accommodation entries to be taxed as Income from undisclosed sources under section 68 Short overview: Assesssee did not furnish…

IT Judgement

If the character of agricultural land is transformed into an environment-friendly residence at the time of registration of sale deed, it becomes a capital asset & income accrued will not be exempt u/s 2(14)

6 years ago

If the character of agricultural land is transformed into an environment-friendly residence at the time of registration of sale deed,…

IT Judgement

Interesting Issue: Taxation of CA firm on transfer of “Client Relationship and Goodwill” — Whether capital receipt , business income or capital Gain Income ?

6 years ago

Interesting Issue: Taxation of CA firm on transfer of “Client Relationship and Goodwill” — Whether capital receipt , business income…

IT Judgement

Landmark Judgment: No disallowance u/s 40a(ia) if there is a shortfall in deduction or if deduction is done in wrong section

6 years ago

Landmark Judgment: No disallowance u/s 40a(ia) if there is a shortfall in deduction or if deduction is done in wrong…

IT Judgement

Books of accounts cannot be rejected for failure to file confirmation from parties: ITAT

6 years ago

Books of accounts cannot be rejected for failure to file confirmation from parties: ITAT Citation: ABCAUS 2562 (2018) (10) ITAT…

IT Judgement

Interest expenditure having direct nexus with interest income is clearly allowable to the assessee

6 years ago

Interest expenditure having direct nexus with interest income is clearly allowable to the assessee Business expenditure Interest Expenditure Assessee filed…

IT Judgement

Whether the Appellate Tribunal has rightly allowed the respondent’s appeal to grant registration under Section 12A of the Income Tax Act, 1961

6 years ago

Whether the Appellate Tribunal has rightly allowed the respondent’s appeal to grant registration under Section 12A of the Income Tax Act, 1961 …

IT Judgement

Landmark Judgment : Non-service of section 148 Notice within stipulated period will result in invalid assessment

6 years ago

Landmark Judgment : Non-service of section 148 Notice within stipulated period will result in invalid assessment Short Overview : Though AO…

IT Judgement

Prosecution upheld by Delhi High Court for non-filing of return u/s 139(1) despite refund claim

6 years ago

Prosecution upheld by Delhi High Court for non-filing of return u/s 139(1) despite refund claim Sec. 276CC of the Income…

IT Judgement

Demonetization special: When books of account of the assessee are not reliable and rejected by the authorities then there is no reason to make addition u/s 40A(3)or section 68 of the Income Tax Act

6 years ago

Demonetization special: When books of account of the assessee are not reliable and rejected by the authorities then there is…

IT Judgement

Capital Gain on Conversion of partnership firm into company if the land is revalued before the conversion and the appreciation credited to the current account of partners

6 years ago

Capital Gain on Conversion of partnership firm into company if the land is revalued before the conversion and the appreciation…

IT Judgement

Whether Penalty under section 271(1)(c) is attracted on Declaration of additional income after being summoned by DIT(Inv.) if revised return is filed within period u/s 139(5)

No Bogus LTCG as assessee is a habitual investor having portfolio of investment in shares in crores and is still holding investment in shares in several crores

Sale of software by NRI is taxable in India as Royalty Income ?

Transfer of a capital asset by partner to firm, by way of capital contribution: Whether section 50C overrides section 45(3)?

Whether the suit is tenable in the absence of successor Karta being brought on record?

Capital gains exemption admissible even if assessee didn’t get legal title to land due to pending litigation

While a family arrangement/settlement does not amount to a “transfer” u/s2(47) as it only recognizes “pre-existing rights” between the parties, the same applies only to members of the families and not to transfers made by corporate entities.

Bogus accommodation entries to be taxed as Income from undisclosed sources under section 68

If the character of agricultural land is transformed into an environment-friendly residence at the time of registration of sale deed, it becomes a capital asset & income accrued will not be exempt u/s 2(14)

Interesting Issue: Taxation of CA firm on transfer of “Client Relationship and Goodwill” — Whether capital receipt , business income or capital Gain Income ?

Landmark Judgment: No disallowance u/s 40a(ia) if there is a shortfall in deduction or if deduction is done in wrong section

Books of accounts cannot be rejected for failure to file confirmation from parties: ITAT

Interest expenditure having direct nexus with interest income is clearly allowable to the assessee

Whether the Appellate Tribunal has rightly allowed the respondent’s appeal to grant registration under Section 12A of the Income Tax Act, 1961

Landmark Judgment : Non-service of section 148 Notice within stipulated period will result in invalid assessment

Prosecution upheld by Delhi High Court for non-filing of return u/s 139(1) despite refund claim

Demonetization special: When books of account of the assessee are not reliable and rejected by the authorities then there is no reason to make addition u/s 40A(3)or section 68 of the Income Tax Act

Capital Gain on Conversion of partnership firm into company if the land is revalued before the conversion and the appreciation credited to the current account of partners

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