Special Audit- Wrong Call
In 267ITR345 the assessing officer sought various information to complete assessment correctly and such information could not be supplied by…
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Today's
54F exemption is protected even in multiple ownership of residential properties ......Read More
Yesterday's Club expenditure ......Read More
Yesterday's Club expenditure ......Read More
Non-application of mind may frustrate notice and consequent order
Validity of notice is key to an assessment. In Durga Ferrous P Ltd. CIT in ITA No. 672/Del/2019 dated 13…
......Read MoreAbsence of documentary evidence is no ground to reject an explanation
A fine judgment is rendered by the Delhi Tribunal in 80ITR (Trib) 436 holding as genuine a loss incurred in…
......Read MorePrima 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…
......Read MoreCardinal 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…
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