The date of allotment can be considered as the date of purchase and for reckoning the assets as long term capital assets.
The date of allotment can be considered as the date of purchase and for reckoning the assets as long term…
IT Judgement
Claim of loss not to be disallowed if the AO fails to detect any discrepancy in the documentary proofs furnished
Claim of loss not to be disallowed if the AO fails to detect any discrepancy in the documentary proofs furnished…
Not a fit case for invoking revisionary powers if the AO takes a particular view during assessment and also after due consideration of the Apex Court decisions
Shriniwas Engineering Auto Components Pvt Ltd Vs PR CIT Not a fit case for invoking revisionary powers if the AO…
Reopening of assessment after the expiry of 4 years of assessment, based on information from Investigation Wing without verifying the assessment records and without application of mind by AO to form a belief is correct
ACIT Vs Perfect Corporate Services Ltd Reopening of assessment after the expiry of 4 years of assessment, based on information…
Penalty u/s 271(1)(c) dont gets automatically attracted, simply because assessee had not offered certain receipts to tax under bonafide belief that the same was not taxable
Penalty u/s 271(1)(c) dont gets automatically attracted, simply because assessee had not offered certain receipts to tax under bonafide belief…
If stamp duty is more than the fair market value, reworking of LTCG without referring the matter to valuation officer by the AO is against the mandate of section 50C
If stamp duty is more than the fair market value, reworking of LTCG without referring the matter to valuation officer…
Landmark Judgement: Section 50C applicable even in respect of capital gain exemption u/s 54F
BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION IN THE HIGH COURT OF JUDICATURE AT B INCOME TAX APPEAL NO.981 OF 2016 Jagdish C.…
Even temporary transfer attracts capital gain
Even temporary transfer attracts capital gain RAJENDRA MINING SYNDICATE vs. COMMISSIONER OF INCOME TAX HIGH COURT OF ANDHRA PRADESH Chandra…
ITC on passenger vehicles shall be available when those are leased to vendors on rent.
ITC on passenger vehicles shall be available when those are leased to vendors on rent : AAR, Madhya Pradesh : (Narsimha…
Know the Changes in Income Tax Form For AY 2019-20
1. If the taxpayer is a director in a company at any time during the tax year, following details need…
Interest income is not seperately assessable & can be adjusted against interest expenditure incurred by the assessee
Interest income is not seperately assessable & can be adjusted against interest expenditure incurred by the assessee Marvel Vivacity Condominium…
Kerala Cricket Association Vs Addl CIT – Whether Writ Courts are not expected to dispose of the entire appeal merely on the basis of their decision on any particular issue under consideration?
Kerala Cricket Association Vs Addl CIT – Whether Writ Courts are not expected to dispose of the entire appeal merely…
CIT(A) can not refuse to adjudicate the additional grounds raised by the assessee if directed by ITAT
CIT(A) can not refuse to adjudicate the additional grounds raised by the assessee if directed by ITAT Agrico Fincap Ltd…
Interesting Judgement: Period of holding commences from the date of agreement to purchase and date of possession is irrelevant .
Interesting Judgement: Period of holding commences from the date of agreement to purchase and date of possession is irrelevant .…
Beneficial Judgement- Deemed dividend could only have been assessed in the hands of a person who was shareholder of lender company
Beneficial Judgement- Deemed dividend could only have been assessed in the hands of a person who was shareholder of lender…
![[2019] 104 taxmann.com 59 (Bombay) IT : Once Commissioner (Appeals) had passed order after verification of merit of claim of expenditure and depreciation, Tribunal was not right in law in reversing said conclusion without examining its correctness Section 254 of the Income-tax Act, 1961 - Appellate Tribunal - Orders of (Non-speaking orders) - Assessment year 2006-07 - Assessing Officer passed an order of reassessment, in which, additions were made by disallowing assessee-company's claim of expenditure as well as claim of depreciation - On appeal, Commissioner (Appeals) allowed both claims after verifying merit of claims - Commissioner (Appeals) found that in another year in assessee's own case Tribunal allowed depreciation on ground that assets were ready to use though assessee could not commence commercial production due to lack of working capital - Commissioner (Appeals) also found that Assessing Officer had changed its opinion from earlier Assessing Officer and disallowed impugned amounts - Whether Tribunal was not right in law in merely reversing order of Commissioner (Appeals) without any discussion or even any conclusion justifying of additions made by Assessing Officer - Held, yes Shirpur Gold Refinery Ltd.](https://thetaxtalk.com/wp-content/uploads/2019/04/Untitled-1048-min.png)
ITAT couldn’t reverse order of CIT(A) without examining correctness of additions made by AO
ITAT couldn’t reverse order of CIT(A) without examining correctness of additions made by AO [2019] 104 taxmann.com 59 (Bombay) IT : Once…
Sum received by partner on retirement from firm isn’t chargeable to tax in hands of partner
[2019] 104 taxmann.com 58 (Bombay) IT: In view of section 45(4), amount received by a partner on her retirement from a partnership…
Reassessment notice held bad in law as it was sanctioned by CIT on ground which was different from the ground of AO
Reassessment notice held bad in law as it was sanctioned by CIT on ground which was different from the ground…
