ITAT slammed AO for invoking sec. 153A in absence of any incriminating material found during search
ITAT slammed AO for invoking sec. 153A in absence of any incriminating material found during search [2020] 114 taxmann.com 536 (Ranchi-Trib.) Where…
Income Tax
Penny stock case dismissed by Ahmedabad Bench of ITAT
Penny stock case dismissed by Ahmedabad Bench of ITAT Bhagwatiben Vinodkumar Surani vs ITO.pdf Penny stock case dismissed by Ahmedabad…
In a Partnership firm of father and son, father has retiremd and son continues the firm as a proprietor without communicating the fact to the bank. AO want to assessee the income as income of firm and not of Individual partner.
In a Partnership firm of father and son, father has retiremd and son continues the firm as a proprietor without…
4 Person purchased land and sold part of it after construction. Whether its an income of an AOP or Individuals?
4 Person purchased land and sold part of it after construction. Whether its an income of an AOP or Individuals?…
Assessment and taxation of trust is always a matter of interesting issues. The taxation and assessment differs as the concept of “application” of income needs to be imported while making an assessment.
Assessment of Trust: Excess application (i.e., Deficit) in earlier years can be adjusted against income of subsequent years …
Where assessee-HUF consisted of only two coparceners, viz., Karta and his son, on Karta dying intestate, son’s share in HUF would become property of son’s HUF, and father’s share would come to son in his individual capacity and assessee-HUF would be taxable only in respect of half of properties acquired by HUF headed by Karta (father)
Where assessee-HUF consisted of only two coparceners, viz., Karta and his son, on Karta dying intestate, son’s share in…
Timing of Taxation of Capital Gain: Assessee’s rights in the immovable property extinguished on the receipt of the last cheque
Timing of Taxation of Capital Gain: Assessee’s rights in the immovable property extinguished on the receipt of the last cheque…
Rent to Father – Not a Tax Evasion Tool : Mumbai ITAT
Rent to Father – Not a Tax Evasion Tool : Mumbai ITAT Here is a significant Ruling by ITAT Mumbai…
Validity of reassessment notice issued in the name of deceased assessee along with his legal heirs
Income Tax Act, 1961, Section 147 Reassessment—Notice—Validity—Notice issued in the name of deceased assessee along with his legal heirs Conclusion: Since…
Membership received from its own members came within the principle of mutuality. Once assessee is governed by principle of mutuality, even if there are difference class of members, some of whom are not entitled to vote, the club would not be cease to be governed by principle of mutuality.
Membership received from its own members came within the principle of mutuality. Once assessee is governed by principle of mutuality,…
Old Tax Regime Vs. New Tax Regime: Which one is better?
Old Tax Regime Vs. New Tax Regime: Which one is better? Union Budget 2020 has introduced a dual tax regime…
E- Invoicing under GST – Are you Ready?
E- Invoicing under GST – Are you Ready? The concept of e-Invoicing is going to be introduced under GST.…
Whether B2B transactions of tour operator also liable for TCS?
Whether B2B transactions of tour operator also liable for TCS? Query] Whether B2B transactions are also covered by the Tax…
Power of CIT appeal to admit additional evidence & existence of Reasonable cause
Income Tax Act, 1961, Section 251 Appeal [CIT (A)]—Powers—Admission of additional evidence—Reasonable cause Conclusion: As all the notices issued by the…
लग सकती है पेनल्टी अगर टैक्स इनवॉइस पे सिग्नेचर नही है तो !
लग सकती है पेनल्टी अगर टैक्स इनवॉइस पे सिग्नेचर नही है तो !
“Limited Scrutiny ‘ cases can be converted into “Complete Scrutiny” with the approval of CIT only if there is potential escapement of income exceeding Rs. 5 Lakh (Rs. 10 Lakh for metro cities)
“Limited Scrutiny ‘ cases can be converted in to “Complete Scrutiny” with the approval of CIT only if there is …
Allowability ofSet off of loss of Sham and collusive transactions between sister concerns
Allowability ofSet off of loss of Sham and collusive transactions between sister concerns Short Overview : Loss on sham and collusive…
No Trust on “Trust” : Draconian provision for trust to renew their registration
No Trust on “Trust”: Draconian provision for trust to renew their registration One of the most chronicle amendments in the…
