Penalty notice issued after completion of assessment proceedings illegal. Where no proceedings relevant to assessment year are pending penalty notice…
Penalty u/s 271(1)(c) invalid for assessment made in search cases u/s 158BC of the Income Tax Act. Penalty proceedings initiated…
Delay in submission of form 15G 15H not make bank assessee in default for non deduction of tax at source.…
Revision u/s 263 Limitation where assessment completed u/s 143(1) was reopened u/s 147. Jurisdiction u/s 263 could not be exercised…
Exemption u/s 54B-Use of land for agricultural purposes for full two years not necessary. Even if only Kharif crop was…
Carried forward depreciation set off with short term capital gain u/s 50 is allowed in view of the amended provisions…
Penalty us 271(1)(b) for failure to file return u/s 153C. Provisions of section 271(1)(b) does not empower AO to impose…
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…