Income contained in unverified transaction can only be taxed and not the amount of entire transaction. ITAT upheld tax on…
20 years aged person capable enough to give tips for purchasing shares. ITAT deletes penalty u/s 271(1)(c) for subjective disallowance…
Reopening us 147 based on material found in search not permissible. In such cases section 153C applies for framing assessment…
AO can not extrapolate numbers on seized dumb document into lakhs. Addition made by deciphering erased figures by forensic report…
Peak credit theory not applicable if deposits are unexplained u/s 68. High Court overruled ITAT decision where CA was providing…
Expression ‘’derived’’ is narrower then ‘’attributable to’’ in section 80IA or like sections. Income derived from secondary source not the…
Loss on sale of foreign cars held as business loss not capital loss u/s 50 as the imported cars did…
Income Tax to write off arrear demands of Rs 25 Lakhs or more for 186 cases . CBDT writes letter…
Supplying back ground sound audio to film is manufacture u/s 80-IB of the Income Tax Act. Providing audio Software to…
Tax Recovery Officer has no power to declare alienation of property as null and void when sale is made under…