Can a taxpayer claim exemption under both Section 54 and Section 54F by investing in a single new house?
Can a taxpayer claim exemption under both Section 54 and Section 54F by investing in a single new house? …
Income Tax
Penalty u/s 270A cannot stand Without Actual Under Reporting
Penalty u/s 270A cannot stand Without Actual Under Reporting Recently, in a writ petition, the court in the case…
Once, the issue has been decided by the Hon’ble High Court in favour of the assessee, on the same very issue assessment for the subsequent assessment years cannot be reopened
Once, the issue has been decided by the Hon’ble High Court in favour of the assessee, on the same very…
Reopening order quashed as it was on the erroneous assumption that no return of income was filed – whereas the return was duly on record.
Reopening order quashed as it was on the erroneous assumption that no return of income was filed – whereas the…
ITAT quashed the entire re-assessment proceedings holding it to be barred by limitation as the escaped income was less than 50 Lakhs and the reassessment was initiated after the expiry of 3 years.
ITAT quashed the entire re-assessment proceedings holding it to be barred by limitation as the escaped income was less than…
Survey Statements Are Not Evidence: Additions Based Solely on Section 133A Disclosure Quashed by HC
Survey Statements Are Not Evidence: Additions Based Solely on Section 133A Disclosure Quashed by HC Smt. Neetu Sharma…
DTAA Rate vs. Section 206AA: Where a beneficial treaty rate exists, that rate must apply-even if the non-resident does not have a PAN
DTAA Rate vs. Section 206AA: Where a beneficial treaty rate exists, that rate must apply-even if the non-resident does not…
What counts as the “initiation of search” for non-searched persons post-Finance Act, 2021?
What counts as the “initiation of search” for non-searched persons post-Finance Act, 2021? The Madras High Court’s judgment in Shri…
Section 276C(2) demands proof of deliberate evasion, not just default.
Section 276C(2) demands proof of deliberate evasion, not just default. Recently, Hon’ble Justice S.M. Modak in a landmark Bombay…
Making a House Livable vs Making It Lovely: A Section 54 Reality Check
Making a House Livable vs Making It Lovely: A Section 54 Reality Check I recently sold my old house…
“JAGO CPC WALO!” – When the Income-Tax Department Sends Wake-Up Calls… After You’ve Already Woken Up
“JAGO CPC WALO!” – When the Income-Tax Department Sends Wake-Up Calls… After You’ve Already Woken Up If taxes ever needed…
Section 276C(2) demands proof of deliberate evasion, not just default.
Section 276C(2) demands proof of deliberate evasion, not just default. Recently, Hon’ble Justice S.M. Modak in a landmark Bombay…
Excess stock found during survey is taxable as business income and not as unexplained income under sections 69/69B: Jaipur ITAT
Excess stock found during survey is taxable as business income and not as unexplained income under sections 69/69B: Jaipur ITAT…
An assessment order making additions on matters beyond the scope and issues set out in the show cause notice is non est in law.
An assessment order making additions on matters beyond the scope and issues set out in the show cause notice is…
When the original reason fails, the AO cannot make any other addition in a reassessment proceeding: ITAT
When the original reason fails, the AO cannot make any other addition in a reassessment proceeding: ITAT Recently, ITAT…
Addition done during assessment is invalid if it is done without waiting for the DVO Report: ITAT Ahmedabad
Addition done during assessment is invalid if it is done without waiting for the DVO Report: ITAT Ahmedabad Recently,…
Purchase from Government – No addition under Section 56(2)(x) for purchase below stamp duty valuation: ITAT
Purchase from Government – No addition under Section 56(2)(x) for purchase below stamp duty valuation: ITAT In a landmark…
5 Years vs. 6 Years Controversy for utilisation of accumulated amount for trust: ITAT Held that the CPC cannot apply statutory amendments retrospectively
5 Years vs. 6 Years Controversy for utilisation of accumulated amount for trust: ITAT Held that the CPC cannot apply…
