Section 54 Cost of new residential house includes cost of land construction materials labour & other cost of construction of residential house
Where there were divergent views on the issue and even if it is ultimately settled against the assessee, extended period cannot be invoked.
It is an admitted position that the alleged expenses incurred by the Assessee were business expenses of the company and therefore no personal benefit accrues to the Assessee as alleged by the authorities below. Hence, this Section 2(22)(e) of Income Tax Act, 1961 cannot be invoked by alleging that Assessee had benefitted.
ACIT Vs Smt. Shobhakaver Surana (ITAT Chennai) It could very well be seen that the assessee is a trading concern. It has maintained category-wise stock details which has been valued at average cost. The assessee is subjected to Tax Audit which contain quantitative details and well valuation of stock under each category. There is no evidence […]
ITAT Bangalore remits Amasebail’s Sec. 80P claim to AO based on delay condonation application. Key considerations for deduction eligibility discussed.
P.S.K. Engineering –Construction & Co. Vs ADIT (ITAT Chennai) ITAT have perused the entire order but could not understand from the order whether opportunity was granted to the assessee before denying the deduction u/s.80IA of the Act. The ld.DR could not answer whether opportunity was granted or not. Every quasi-judicial order has to be a […]
Supplier of goods or services or both who can seek an advance ruling on any of issues specified in clauses (a) to (g) of Section 97(2).
Indian Telegraph Right of Way (Amendment) Rules, 2022 – New Rule 10A. Usage of street furniture for installation of small cells and telegraph line, 10B. Establishment of telegraph infrastructure over private property
MAT credit u/s. 115JA cannot be denied on Surcharge, education cess and additional surcharge – secondary and higher education cess
Assessee assigned the reason for condoning the delay was that, ‘his daughter was hospitalized in the month which is a reasonable cause
