Income Tax

  • Income Tax

DVO Report not sufficient information for reopening assessment u/s 147

DVO Report based on mere estimate not sufficient information for the purpose of reopening assessment u/s 147. ITAT deleted addition…

5 years ago
  • Income Tax

Car purchased by cash gift from wife and mother-held as unexplained cash

Motor car purchased by cash gift from wife and mother-ITAT upheld addition for unexplained cash as mere filing confirmations not…

5 years ago
  • Income Tax

Deduction against FDR interest allowed for interest paid on unsecured loans taken to make investment

Interest on FDRs-deduction of Interest paid on unsecured loans taken to make investment in bank FDRs allowed u/s 57(iii) in…

5 years ago
  • Income Tax

No entity could earn gross receipts, only profit embedded to be treated as income.

No entity could earn gross receipts, only profit embedded to be treated as income. ITAT upholds the order of CIT(A)…

5 years ago
  • Income Tax

CBDT instructs internal audit of registration process of charitable trusts / institutions

CBDT has decided to subject the registration process of charitable trusts / institutions to internal audit and has issued detailed…

5 years ago
  • Income Tax

Ad-hoc disallowance not within permissible arena of taxing statute

Ad-hoc disallowance not within permissible arena of taxing statute which is essentially welfare in nature – ITAT  ABCAUS Case Law…

5 years ago
  • Income Tax

Transfer of vehicle registration not necessary for claiming depreciation.

Transfer of vehicle registration not necessary for claiming depreciation. Transfer of ownership of vehicles is governed by the Sale of…

5 years ago
  • Income Tax

No deemed rental house property income when flats held as stock in trade

No deemed rental house property income can be computed when flats are held as stock in trade - ITAT deletes…

5 years ago
  • Income Tax

Bogus donation racket for approved research association u/s 35(1)(ii) -CBDT Advisory

Bogus donation racket for approved research association u/s 35(1)(ii) by Shri Arvindo Institute of Applied Scientific Research Trust-CBDT Advisory F.…

5 years ago
  • Income Tax

AO exceeded jurisdiction in dropping penalty on issues pending in quantum appeal-ITAT

AO exceeded jurisdiction in dropping penalty on issues pending in quantum appeal-ITAT upholds exercise of revisional powers by CIT u/s…

5 years ago