Cutoff date for purpose of determining its taxability is date when assessee was found to be entitled to receive compensation and not date when it was actually received by assessee.

Recent Posts

• Notice issued with a delay of 2 Minutes: Reassessment Proceeding quashed by Delhi HC
• Voluntary disclosure of income does not absolve the assessee from penalties under Section 271(1)(c) and 271AAB: Pune ITAT.
• Benami Transactions: Demonetized currency retained monetary value for conversion within prescribed timelines and so it is “property” under the BPTA
• Section 249(4)(b) should not be rigidly when no ITR is filed & where the entire income assessed is disputed: ITAT Agra
• Whether negative blocking of credit ledger is allowed via the CGST Act, 2017?
• Two distinct flats situated on separate floors and lacking structural or functional integration could not be treated as one residential unit: Delhi HC.
• Key CGST Rules regarding ITC reversal and apportionment – Rule 37, 39, 42 & 43.
• GST & MSME Compliance: A short overview of the Common Mistakes
• Some important issues in Direct Tax Vivad se Vishwas Scheme:
• If the assessee has not disclosed details of a foreign bank account & does not provide other details on requested by AO, the Department is justified in making the Estimate: Delhi HC