Capital gain arose in the year assessee relinquished his rights in the property at the time of allotment by executing agreement to sell ABCAUS Case Law Citation: ABCAUS 2832 (2019) (03) ITAT The Income Tax Department had challenged the order of the CIT(A) in deleting the capital gain …

RBI reiterates its stand on Stressed Assets as per Revised Framework on Resolution of Stressed Assets dated 12.02.2018 According to the press release issued by the RBI, there have been some media reports about the stance of the Reserve Bank of India with regard to the Revised Framework …

Settlement Commission not precluded from proceeding despite non disclosure of prosecution for the period in question as pre-requisites not require so. ABCAUS Case Law Citation: ABCAUS 2831 (2019) (03) HC The Petitioner Income Tax Department had approached the Hon’ble High Court for quashing the order of the Income …

Simply because order of Settlement Commission was not liked by department, it would not invite different opinion by the High Court unless order is questioned on merits or manner of discharge or on perversity ABCAUS Case Law Citation: ABCAUS 2830 (2019) (03) HC In the instant case, the …

Write off for non moving stores based on technical committee recommendation pursuant to an audit objection raised by the C&AG allowed by High Court ABCAUS Case Law Citation: ABCAUS 2829 (2019) (03) HC Important Case Laws Cited/relied upon by the parties Forest Industries Travancore Ltd. v. Commissioner of …

ITD conducted search in Kashmir Valley -undisclosed cash/jewellery and property found Income Tax Department (ITD) conducted search actions at 5 locations in the Kashmir Valley on 14th March, 2019. Few places in Jammu were also searched. As per tweet of Finance Ministry, these actions are part of the …