Delhi HC confirms ITAT order for AYs 1989-90, 1993-94, 1997-98, 1999-2000 and 2000-01, holds that depreciation not to be deducted while computing exempt income from operating warehouses under erstwhile Sec. […]
Case Law Income Tax
RECTIFICATION U/S 154 OF INCOME TAX ACT
RECTIFICATION UNDER SECTION 154 OF INCOME TAX ACT Hello readers, we all understand rectification just as correction in any order passed by Income tax authority concerned so let’s review […]
Tribunal cannot consider new material or information which comes to the possession of the AO after passing the assessment order
254(1): The Tribunal cannot consider new material or information which comes to the possession of the AO after passing the assessment order. The appellate procedure is designed to adjudicate matters […]
No denial of credit of insurance service/repair service used for motor car to firm even if car is in name of partner
Credit of insurance/repair of motorcar is available to assessee-firm even if car is in name of partner, provided car is shown as assets in books of firm and depreciation and […]
No need to pass sec. 201 order before initiating penalty proceedings if TDS default isn’t disputed
Where there is some dispute with regard to the amount of tax deducted and amount of tax deposited and/or delay in deposit and/or the interest payable thereon then the passing […]
No transfer can take place under an unregistered Joint Development Agreement
There can be no “transfer” u/s 2(47)(v) of the Act read with sec 53A of the Transfer Of Property Act,1882 under an unregistered agreement in view of sub-section (1A) of […]
Rents of unsold flats weren’t business incomes just because they were shown as stock-in-trade in wealth-tax proceedings
Where assessee-property dealer, disclosed rental income derived from letting out of unsold flats as ‘income from house property’, rental income could not be treated as business income merely because assessee […]
AO gets flak from High Court for assuming discrepancies in stock when assessee had explained such discrepancies
HIGH COURT OF DELHI Commissioner of Income-tax v. Zohra Emporium Section 145 of the Income-tax Act, 1961 – Method of accounting – Rejection of accounts (Unaccounted purchases etc.) – Assessment […]
No sec. 68 additions on failure of assessee to furnish PAN of creditors if their creditworthiness was established
HIGH COURT OF MADRAS Commissioner of Income-tax v. Mark Hospitals (P.) Ltd Section 68 of the Income-tax Act, 1961 – Cash credit (Burden of proof) – Assessment year 2006-07 – […]
Assessment order wasn’t valid as AO had less than 60 days to make assessment after excluding period of stay
Where as per proviso to Explanation (1) to section 153, after excluding period of stay, period available with Assessing Officer for making assessment was less than 60 days, assessment order […]