Second reopening notice u/s 148 issued without completing earlier reassessment proceedings is invalid ABACUS Case Law CitationABCAUS 3370 (2020) (08)…
Capital gain to be computed first applying exemption and then provisions for set off of capital loss ABACUS Case Law…
Addition for unsecured loans tenable when profits are estimated as it is not trading account but balance sheet item ABACUS…
Inability to produce evidence by Legal representative of assessee alone should not be a basis to decide allowability of expenses. …
Depreciation disallowed on VAT portion of capital goods suspected to be purchased from grey market ABACUS Case Law CitationABCAUS 3364…
Market value of stock instead of cost no basis to determine undisclosed income. Penalty u/s 271AAB not mandatory ABACUS Case…
Expenditure on ERP Software allowed as Revenue in nature despite being treated as deferred revenue expenditure in the books of…
No Penalty u/s 271AAB unless undisclosed income found from seized material. Disclosure made in statement u/s 132(4) not sufficient to…
Penalty u/s 271(1)(c) upheld despite notice without striking off the not applicable charge as in penalty order AO specified the…
Education cess & Secondary and Higher Education Cess are allowable deduction while computing income chargeable under the head of profits…