Retraction of statements recorded under section 132(4) ought to be immediate, finally rules Supreme Court
A search by the income tax party is followed by recording of statement u/s 132 (4) of persons searched. …
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Today's
All transactions in shares of penny stock company are not sham transactions ......Read More
Yesterday's Technical objections have no place in appeal proceedings ......Read More
Yesterday's Technical objections have no place in appeal proceedings ......Read More
Urgent need for issue of an instruction by CBDT for blanket stay in section 263 bound assessments
Section 263 empower commissioner of income tax to order for fresh assessment or revision of previous assessment framed provided such…
......Read MoreLoss from Writing off investments in subsidiary to promote top line is admissible under law
Where the assessee company makes investment in its 100 per cent. subsidiary for extension of business marked by additional capacities in…
......Read MoreEyewash proviso
In a case of transaction of purchase of immovable property from a non resident it is mandatory to deduct tax…
......Read MoreBig fat weddings
Destination wedding are not uncommon these days some of which are quite on a fat scale. In the run up…
......Read MoreDelhi High Court to the rescue of salaried employees
The Delhi High Court in a landmark decision in [2023] 452 ITR 107 (Del) provided relief to an ex-kingfisher airlines employee…
......Read MorePRINCIPLE OF CONSISTENCY MUST BE FOLLOWED and APPLIED
Assessments are governed by certain rules. Rule of consistency is one such rule. The Delhi High Court in [2023] 452…
......Read MoreEstimation of income is a prerequisite for 148A process
The Cuttack bench of the Tribunal in [2023] 102 ITR (Trib) 701 (ITAT[Ctk]) held that as the reasons recorded does…
......Read MoreDelayed actions invite penalty under the law
Whereas a right to substitute an incorrect return with a correct and complete return is given to an assessee by…
......Read MoreCPC at default
By the Delhi Tribunal pathbreaking decision in (2023] 102 ITR (Trib) 399 (ITAT[Del]) the taxpayer is required to be put…
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