This article aims at highlighting the meaning of Satisfactory Explanation to Assessing Officers with respect to Section 68 of the Income Tax Act, 1961.
This article aims to highlight the meaning of ‘Purpose of charitable activity’ in the context of surplus arising from the activity during the period. Whether surplus defeats the purpose of charitable activity??
This article aims to highlight the meaning of ‘Cost of new residential house’ in the context of deduction under section 54 of Income Tax Act. To resolve the controversy of claiming deduction under section 54/54F of the Act, ‘cost of new residential property includes cost of land’.
If this healthy rule is not followed, the result will only be undue harassment to assessees and chaos in administration of tax laws. Thus, recognising the principle of natural justice which encourages equity, fairness and equality, must be followed at every staggered procedure.
To understand the phrase ‘reasons to believe’ it is fair to discuss provisions of section 147 of Income Tax Act, 1961.This article aims at highlighting the importance of ‘reasons to believe’phrase on invocation of provisions of section 148/147 Income Tax Act, 1961.
This article aims at highlighting the retrospective amendment in provisions of section 115BBE of the Income Tax Act, 1961 and its applicability.
