Often in closely held businesses such as jewelry shops etc, family members also give participation so that amounts incurred by…

Bombay High Court in 428ITR398 held that unless the amount paid has any income element in it there shall arise…

In order to avoid the application of section 68, all that the law requires from the assessee is a satisfactory…

The Kerala High Court in CIT v. Smt. Lakshami B Menon (2003) 264ITR76 held that land and building would be…

In 249ITR47 the assessee had let out the tablespace to various persons with all furniture, fixtures, light, air conditioners. The…

According to rule 27 of ITAT Rules, the respondent in appeal before the Tribunal even without filing an appeal could…

In 250ITR772 the assessing officer alleged that the higher price paid by the assessee to the cane growers was in…

AS-9 lays down that when uncertainties exist regarding the determination of the amount in its collectability, the revenue shall not…

Income tax law by design has provisions with enabling powers to authorized officers for waiver of interest to provide respite…

The Madras High Court in 308ITR154 held that amount collected as contingency deposits for payment of possible tax liability would…