Even fresh issue of shares attract the provision of section 56(2)(x) if issued below its FMV
Even fresh issue of shares attract the provision of section 56(2)(x) if issued below its FMV- CA Naresh Jakhotia …
IT Judgement
Exception to the rule – ‘Failure to deal with an argument does not constitute a ‘mistake apparent from the record’ does not apply to a case where a fundamental submission is omitted to be considered by the ITAT’.
S. 254(2): The law in CIT vs. Ramesh Electrical Co 203 ITR 497 (Bom) that failure to deal with an…
No deduction towards interest u/s S. 36(1)(iii) for new unit even in the case of an assessee already in the same business
No deduction towards interest u/s S. 36(1)(iii) for new unit even in the case of an assessee already in the…
The basic condition precedent of ‘reason to believe’ applies even to s. 143(1) intimations.
The basic condition precedent of ‘reason to believe’ applies even to s. 143(1) intimations. Conclusion in Short: The mere…
Reopening u/s 147 for 100% dis-allowance of Bogus Sales/ Purchases as against 2.50% dis-allowance done during regular assessment
Reopening u/s 147 for 100% dis-allowance of Bogus Sales/ Purchases as against 2.50% dis-allowance done during regular assessment Conclusion in…
Threshold limit u/s 194IA for TDS not to be checked with the Amount mentioned in sale deed vis a vis individual share of each co-owner
Threshold limit u/s 194IA for TDS not to be checked with the Amount mentioned in sale deed vis a vis…
Delhi ITAT on penny stock – Order quashed for want of cross examination
Delhi ITAT on penny stock – Order quashed for want of cross examination SMT. NIRMAL SHARMA, Vs. 516, EXPRESS TOWER,…
Even if no interest is earned on advances, interest genuinely paid on unsecured loans taken for business purpose could not be disallowed.
Even if no interest is earned on advances, interest genuinely paid on unsecured loans taken for business purpose could not…
Additional shares are allotted pro -rata to shareholders including assessee based on their existing shareholding not liable for taxation under section 56(2)(x).
Ease of doing business is what is said by the politicians and is delivered by the Judiciary. Actually, it should…
Shares issued below fair market value- No tax if issued on proportionate basis
Shares issued below fair market value- No tax if issued on proportionate basis Presently section 56(2)(x) of the Income Tax…
Assessee is free to adopt the adopt a method of his choice to determine FMV of shares u/s 56(2)(viib)
Assessee is free to adopt the adopt a method of his choice to determine FMV of shares u/s 56(2)(viib) DCIT…
Premium is abnormally high as per test of human probabilities is not sufficient for its taxation
Premium is abnormally high as per test of human probabilities is not sufficient for its taxation An important judgement was…
Non availability of vendors at the given address does not make purchase as Bogus
Non availability of vendors at the given address does not make purchase as Bogus Here is an important judgmeent by…
Power of Attorney which does not enable enjoyment of property does not result in a “transfer”. CBDT Circular No.495 dated 22.9.1987 reads more into s. 2(47)(vi) than warranted
Power of Attorney which does not enable enjoyment of property does not result in a “transfer”. CBDT Circular No.495 dated…
Delay of 1163 days in filing the appeal due to languid and inane conduct of the assessee cannot be condoned as it would result in the limitation period becoming otiose
Delay of 1163 days in filing the appeal due to languid and inane conduct of the assessee cannot be condoned…
Cases are to be decided by Court on legal principles and not on one’s own moral views
Cases are to be decided by Court on legal principles and not on one’s own moral views “In our opinion,…
Company Law: Highlights of Companies (Amendment) Ordinance 2019
Company Law: Highlights of Companies (Amendment) Ordinance 2019 Number of changes and amendment affecting almost every company is the part…
Withdrawal of appeal from ITAT & HC: Circular No. 3 of 2018
Withdrawal of appeal from ITAT & HC: Circular No. 3 of 2018
