Discount vs rent
The Gujarat High Court in [2022] 19 ITR-OL 438 (Guj) came to the rescue of the taxpayer when the revenue…
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Today's
Unwarranted additions- Need for Provision to Annex Computation of Income and Supporting Notes with ITR and Tax Audit Report ......Read More
Yesterday's 54F exemption is protected even in multiple ownership of residential properties ......Read More
Yesterday's 54F exemption is protected even in multiple ownership of residential properties ......Read More
IPO expenses
The Tribunal in [2022] 27 ITR (Trib)-OL 1 (ITAT[Ahm] held that where the expenditure had been incurred for study of…
......Read MoreLimitation band
Section 26 of the Benami Property Transactions Act, 1988 deals with adjudication of benami property. Sub-section (7) thereto reads the…
......Read MoreEffect of varying treatments in books and income tax
Varying treatments to an expenditure in the books/balance sheet and income tax return could sometime prove into a disastrous tax…
......Read MorePreconditions to notice for reassessment
The tax officer has both powers to assess or reassess incomes. By the ruling in [2019] 16 ITR (Trib)-OL 35…
......Read MoreLong term lease fail to meet business tests…rentals assessable under house property/other sources
Of the property lease transaction the objects in the memorandum or deed alone may not decide the head under which…
......Read MoreFailure to challenge even one particular ITAT order can prove detrimental to revenue in their appeals before Courts
The High Court in [2020] 429 ITR 570 (Kar) has been very emphatic in stating that it is not open…
......Read MoreSafeguards u/s 151 and 148A
In dismissing the ground that sanction u/s151 for issue of notice u/s 148 has been given in mechanical manner the…
......Read MoreLevy of taxes based on circumstantial evidence without following procedure of law
Here is a reopened case of a diamond merchant reported at [2021] 92 ITR (Trib) 647 (ITAT[Surat]) in which the…
......Read MoreINFRINGEMENT OF RIGHT TO LIVELIHOOD—business interests overweigh flight risks/economic interests
Justice Ms. Rekha Palli of the Delhi High Court in a very fine and reasoned order in quashing the look…
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