Income from purchase and sale of shares was liable to be taxed under the capital gain instead of income under the head business and profession as the frequency, magnitude of transaction in a systematic manner could not be the criteria to hold that assessee was engaged in the business activity of shares.
In case an order is passed without following a prescribed procedure, the entire proceedings would not be vitiated. It would still be possible for authority to proceed further after complying with the particular procedure.
Mere fall in GP rate could not be the ground for making in-depth inquiry. As per section 145(3), books could be rejected only in the situation where AO was not satisfied about the correctness / completeness of the accounts of the assessee.
Smt. Rashmi Mujumdar Vs DCIT (ITAT Indore) We are surprised to note that the Ld.CIT(A) did not allowed the claim of silver articles weighing 609 grams and 280 grams valuing Rs.24,639/- and Rs.9856/-. CBDT instruction No.1916 dated 11.5.1994, CBDT directs the income tax authorities conducting the search not to seize the jewellery ornaments found during […]
The facts of the case reveal that the Assessee-University conducts examinations through various colleges affiliated to it. The affiliated colleges function as the examination centre. These affiliated colleges/centres in holding the examinations incur various types of expenditure both administrative and procedural. The Assessee-University reimburse these expenses to the affiliated colleges/centres.
CIT Vs Gundecha Builders (Bombay High Court) In the present facts it is undisputed that the respondent assessee is in the business of development of real estate projects and letting of property is not the business of the respondent assessee. Rental income received from unsold portion of the property constructed by real estate developer is […]
ssessment made by AO in the name of the legal heir without issuing notice u/ 148 was not valid as the notice under section 148 was required to be issued to a correct person and not to a dead person and the same was not a merely a procedural requirement but was a condition precedent to the impugned notice being valid in law.
The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley releases a Compendium of Instructions on GST Refunds and a Copy of the Operational Manual on Internal Audit
Government decides to allow one more opportunity to employees of Public Sector Insurance Companies who joined on or before 28th June, 1995 The Government of India has decided to allow one more opportunity to employees of Public Sector Insurance Companies (PSICs) who joined on or before 28th June 1995, to opt for Pension, as a […]
In the matter f Issue of Share at High Premium AO should not resort to rely on circumstantial evidence or on test of human probabilities but on factual evidence of passing of benefit to the shareholders/directors. Hence ITAT remanded the matter back to AO to re-assess whether the assessee was used as a vehicle to pass on the benefit to the shareholder / director.
