Gross Profit rate can not be same each year. AO could not step into the shoes of businessman to determine…
Non-furnishing reopening reasons despite request vitiates the reopening of assessment. Order passed u/s 148 quashed and declared illegal by ITAT…
Assessment in individual status bad when notice issued to HUF Assessment set aside when notice u/s 148 was issued in…
Disallowance us 40A(3) when income-profits are estimated. ITAT following Allahabad High Court judgment deletes additions for cash payments u/s 40A(3)…
Income declared us 132(4) is voluntary offer, the statement cannot be considered as detection by the Revenue. Penalty u/s 271(1)(c)…
Surplus arising from educational activities after meeting the expenses incurred do not disentitle the trust from exemption u/s 10(23C)(iiiad) of…
Compensation from builder for nuisance-inconvenience held as capital receipt against income other sources as casual income as assessed by AO…
Unreasonable penalty shakes confidence reduces voluntary compliance by the taxpayers. Revenue officials should be careful and reasonable in levying penalty-…
Assessment on the basis of AIR without notice us 143(2) void ab initio without jurisdiction and liable to be quashed,…
No concealment penalty without recording findings to bonafide of the explanation offered by the assessee with reasoning. ITAT deletes penalty…