Judgments

  • Income Tax

Issue of bonus shares not taxable. ITAT deleted addition made u/s 56(2)(vii)(c) 

Issue of bonus shares not taxable. ITAT deleted addition made u/s 56(2)(vii)(c) of the Income Tax Act 1961 In a…

11 months ago
  • Income Tax

Excess stock of gold found during survey cannot be isolated with regular stock in trade – ITAT

Excess stock of gold found during survey cannot be isolated with regular stock in trade to be treated unexplained investment…

11 months ago
  • Income Tax

Margin of profits in Arhat business is not comparable with previous years

Margin of profits in Arhat business is not strictly comparable with previous years unlike other business ventures. It depends upon…

11 months ago
  • Income Tax

ITAT allows profits from sale of plots converted into stock in trade as capital gain

ITAT allows profits from sale of plots earlier converted into stock in trade as capital gain with indexation benefit ABCAUS…

11 months ago
  • Income Tax

Redemption of ULIP not exempt u/s 10(10D) is taxable as capital gains – ITAT

Redemption of ULIP not exempt u/s 10(10D) taxable as capital gains not income from other sources, ITAT allows benefit of…

11 months ago
  • Income Tax

ITAT refused additional evidence as assessee failed to give reasons for not filing before AO

ITAT refused to admit additional evidence when were available with assessee before the completion of the assessment and no reasons…

11 months ago
  • Income Tax

Fixed Deposit Interest income of Clubs taxable, principle of mutuality not apply – Supreme Court

Interest income earned on fixed deposits of Clubs are taxable under Section 2(24) of the Income Tax Act and principle…

11 months ago
  • Service Tax

Show cause was illegal as classification of services mentioned was erroneous – Supreme Court

Service Tax show cause was illegal as classification of services mentioned was completely erroneous – Supreme Court In a recent…

11 months ago
  • Income Tax

Consideration used in section 48 does not have any reference to market value

Consideration used in section 48 does not have any reference to market value but only to consideration referred to in…

11 months ago
  • Income Tax

Assessee not permitted to bypass assessment/ reassessment by invoking jurisdiction of High Court

Income Tax Act provides complete machinery for assessment/reassessment of tax, assessee is not permitted to abandon that machinery and invoke…

12 months ago