Element of undisclosed investment in undisclosed purchases upheld. Peak credit of purchases rejected. AO to work out number of fund…
Deduction us 54-Old fund used for construction of new house. It is not mandatory that only the sale consideration of house…
TDS not applicable on provisions if payee not identifiable to whose account the credit for such TDS is to be…
Revisionary power us 263-Merely raising query not sufficient. Blindly accepting only part reply is incorrect assumption of facts and non-application…
Assessment finality on search date reached if time for issuing notice us 143(2) had expired. In such cases additions can…
Understated sales rates-AO must bring evidence on record. Assessing Officer should make inquiry from parties to whom sales made to…
No Penalty us 271(1)(c) for claiming excess depreciation in regular course with firm belief that it is legally allowable and…
Reassessment-TDS certificate-PL Account Receipt Difference. It is a settled law that an assessment could not be reopened only on the…
Lost misplaced passbook entries-Account holder presumed to know bank deposits withdrawals details even if account is closed as there is…
Reassessment notice issued with sanction from JCIT was void as under proviso to sub-section (1) of section 151 sanction was…