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Compensation received in lieu of ‘right to sue’ is not taxable. Decision held In Chheda Housing Development Corporation Vs Addl. CIT (ITAT Mumbai) on dated 29/05/2019
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There is no case for disallowance of expenditure u/s 14A relatable to exempt income when there is no exempt income
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In K.C. Builders (Supra), the Supreme Court held in para¬26 that once the finding of concealment and subsequent levy of penalties under Section 271 (1)(c) of the Act has been struck down by the Tribunal, there is no concealment, u/s 276¬C and 277 read with Section 278 of the Income Tax Act, 1961. Chattisgarh High Court again confirmed in M/S System India Castings vs The Principal Commissioner Of …. on 26 June, 2019
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Registered U/s 12AA gives advance to trust not registered u/s 12AA where trustee are entitled for 20% of profits of the said concern.- exemption u/s 11 will be denied.
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Amount found deposited in a foreign bank is taxable in India u/s 68 & 69 if the assessee is a “Not Ordinary Resident” and to check the residential status of the assessee we have to understand section 6(1) of the Income Tax act 1961.
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Tribunal can not dismiss an appeal for default of non appearance of the assessee or his council appeal has to decided on merits.
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BANGALORE TRIBUNAL on 4.6.2019 held that 271(1)(c) – non strike of limb in SCN-No penalty can be imposed. DESAI AND COMPANY vs. DCIT
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धारा 133(6) 131(1) के संबंध में महत्वपूर्ण जानकारी
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Sec 276B- TDS deducted and deposited after a long period of 12 months -First time mistake-minimum 3 months rigorous imprisonment and fine- Deductor is not supposed to finance their business through Government money
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The proceedings u/s 153C could be initiated against a party only if the document seized during the search and seizure proceedings of another person belonging to the assessee concerned.