Where assessee sold certain property and utilized a part of the consideration towards purchase of new house, however, failed to deposit unutilized consideration in specified accounts before due date under section 139(1), AO was justified in restricting deduction under section 54F proportionately.
A tax like Goods and Services Tax was highly publicised and termed as popular. We had yet not seen a celebration of New Tax regime, but that has followed with great hue and cry. These celebrations mean nothing.
While upholding the compounding guidelines issued by the Central Board of Direct Taxes (CBDT), a division bench of the Delhi High Court held that the amount of compounding fee can be more than the principal amount if there is willful default in the payment of tax on the part of the assessee.
Section 12A of the Income Tax Act nowhere empowers the Commissioner of Income Tax to assess the objects vis-a-vis the donation received by the Charitable Trust in the first year of its establishment. At the stage of Section 12A the Commissioner is not to examine the application of income.
Miss Indira Vasanji Shah Vs. DCIT (ITAT Mumbai) owners of the plot have authorised the developer to take the plot and the moment the assessee has booked the flat and flat has been allotted to the assessee, a valuable right has created. It is a capital asset and that right continued till the assessee entered […]
We direct that in computing the taxable turnover for the relevant years, the appellant would be entitled to a deduction of the trade discount, following the parameters laid down in paragraph 40 of the judgment in Southern Motors (supra) and as explained above.
A tax like Goods and Services Tax was highly publicised and termed as popular. We had yet not seen a celebration of New Tax regime, but that has followed with great hue and cry. These celebrations mean nothing. The special sessions of Parliament or special or extraordinary meetings of Council would mean nothing to the assessees unless they obtain easy access to the website and portals.
M/s Navodaya Education Trust Vs Sri. Sunki Rajender Reddy (Karnataka High Court) The petitioner – Trust in question having the cloak of an Educational Trust, to enjoy the exemption from Income Tax obtained the approval under Section 10(23-C) of the Act, was thoroughly misused and abused by the Trustees who appear to be Members of […]
On the facts and circumstanced of the case, the learned Commissioner (Appeals) has erred in law in deleting the addition of Rs. 2,21,09,600 holding that the provision of section 50C of the Income Tax Act, 1961 cannot be invoked in this case when there was a transfer of immovable property in view of the provisions of section 2(47)(vi) of the Income Tax Act, 1961
1. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in holding that Rule 8D cannot be invoked in the case of the assessee and in directing the A.O. to delete the addition of Rs.3,55,234/- made u/s 14A r.w.Rule 8D.
