Prima facie principle on approach by a fact finding authority
The following observations of the Supreme Court in the case of Omar Salay Mohamed Sait v. CIT [1959] 37 ITR…
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Today's
Wrong reopening ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Cardinal principle on additional question
The Supreme Court in their decision in National Thermal Power Co. Ltd. v. CIT 229 ITR 383 held that while…
......Read MoreTax laws provide viable options to taxpayer
A taxpayer has twin courses available to him under the Income tax Act to avoid scrutiny assessment and consequent penalty/prosecution…
......Read MoreCardinal principle of business deduction
The Supreme Court in National Co-operative Development Corporation v CIT in ITA Nos 505-07 of 2009 dated 11.9.20 held that…
......Read MoreAdditional evidence in penalty proceedings may benefit in quantum too
Penalty and assessment proceedings are independent proceedings. Penalty proceedings follow assessment proceedings and start much later so that their outcome…
......Read MoreAO is expected to investigate a transaction for commercial prudence
On the question of commercial prudence in any transaction of grant of ICDs/loans to related parties at a rate of…
......Read MoreThin line between business and other sources
There is often a dispute on whether an income earned from a commercial asset would fall under the head business…
......Read MoreSection 12A registration certificate is license to tax exemption for income receipts from non-members
The SC in CIT (Exemptions) v. IHC (2020) 424ITR325 following Delhi Gymkhana case ( 339ITR525) held that a registered society…
......Read MoreE-TDS Filing – CPC Processing – Problem Solving Module – Part II – Deductee
Download the pdf from here. periodic Sept 14
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