Depreciation on intangible assets on conversion of proprietorship into private limited company allowed as the transaction was not considered sham…
Addition made in the present year to work-in-progress to be considered as opening stock next year-ITAT directs AO ABCAUS Case…
Non raising of limitation issue and participation in assessment proceeding not precludes assessee to raise such issue at a later…
On statutory disallowances u/s 40(a)(ia) 40A(3) there cannot be any penalty u/s 271(1)(c) especially when assessee not claimed deduction of…
Repairs to preserve and maintain already existing asset and to improve its longevity eligible eligible as current repairs ABCAUS Case…
AO not required to issue draft rectification order for assessment completed u/s 144C. Only a proposed “order of assessment” can…
Draft Assessment order u/s 144C with demand and penalty notice is illegal as it partakes the character of final assessment…
Exemption u/s 54B available even if part of land is in cultivation, there is no requirement that entire land should…
Penalty u/s 271(1)(c) deleted as addition for bogus purchases was based on estimation and assesee’s conduct was not found contumacious…
Provision of section 68 applicable even if business not commenced but the sum is credited in the books of account…