Prosecution u/s 276C / 278B quashed as no concealment found by Settlement Commission In a recent judgment, the Sessions Court Chandigarh quashed the prosecution u/s 276C / 278B as the Settlement Commission decided not to impose any penalties as no act of concealment of records was found on …

Exemption u/s 54G nowhere states asset in undertaking shifted in rural area should be acquired in name of assesse only – ITAT In a recent judgment, ITAT Rajkot has held that the primary condition of exemption u/s 54G is that assessee should have made investment in undertaking shifted …

Disallowance of agricultural expenses would result in agricultural income only. Agricultural expenses disallowed for want of proof can not be treated as income – ITAT In a recent judgment, ITAT Bangalore has held that disallowance of agricultural expenses would result in agricultural income only. Agricultural expenses disallowed for …

Validity of notice issued u/s 263 based on incorrect grounds or unsupported evidence can be questioned – ITAT In a recent judgment, ITAT Ahmedabad has held that validity of a revision notice issued u/s 263 the Income Tax Act, 1961 based on incorrect grounds or unsupported evidence can …

AOP granted benefit of basic exemption limit by the ITAT holding that Maximum Marginal Rate was not applicable. In a recent judgment, ITAT Lucknow has held that AOP was entitled to the benefit of the basic exemption limit which was denied by CPC applying the Maximum Marginal Rate. …

Change of address in PAN Card not result change in Jurisdictional Assessing Officer automatically – High Court In a recent judgment, Hon’ble Patna High Court has held that change of address in PAN data base only facilitates service of notice in the changed address and it does not …