Tenet Tax Daily December 21 2019
In case assessee purchases new house after the due date prescribed u/s 139(1) Sec. 54 exemption will not be available
In case assessee purchases multiple residential units in same building Sec. 54 exemption is available
Tenet Tax Daily December 20 2019
In case there are many transactions of share sale and purchase, the Profits can be held as business income and not Capital gains
Tenet Tax Daily December 19 2019
For computing general reserve for Balance of P&L A/c couldn’t be included
Tenet Tax Daily December 18 2019
Where AO received directions from CIT u/s. 144A to make appropriate order, the same can be made after Assessee’s objection are disposed off
For initiating reassessment proceedings of current AY information obtained during previous assessment can be the basis
Tenet Tax Daily December 16 2019
Commissioner Appeals is required to pass a speaking order and cannot dispose the appeal by holding that AO’s order was self-speaking and did not require interference
Tenet Tax Daily December 14 2019
Tribunal cannot review its earlier order u/s 254: ITAT
Tenet Tax Daily December 13 2019
Error apparent from record for section 154 purposes does not include failure to consider an argument in appeal
Tenet Tax Daily December 12 2019
If same income that is declared by assessee is also dealt in another application filed before Settlement Commission, the application filed by first person can be reviewed even though the application was initially rejected.
Tenet Tax Daily December 11 2019
Cash payments made by assessee to farmers allowed even in absence of names of farmers
Tenet Tax Daily December 10 2019
For computing book profit as per MAT, provision for gratuity not to be considered since it is not an ascertained liability
Tenet Tax Daily December 09 2019
Concluding that money lending wasn’t principle business of assessee on the basis that majority of assessee’s funds were invested in shares held incorrect
Tenet Tax Daily December 06 2019
Assessment completed by issuing notice u/s 142(1) to be quashed: ITAT
Tenet Tax Daily December 05 2019
Additions made by AO without verifying facts – matter set aside by ITAT
Tenet Tax Daily December 07 2019
Date of execution of documents to be taken as the date for transfer of property
Tenet Tax Daily December 04 2019
Powers of CIT(A) are not limited to only the issues in appeal – he can confirm, modify or annul entire assessment
Tenet Tax Daily December 03 2019