The primary issue revolved around the non-fulfillment of conditions under Section 54F, which requires the construction of a ...

ITAT Kolkata held that condonation of delay in filing of an appeal is liable to be allowed as sufficient cause shown.

16. Where on consideration of material on record, one view is conclusively taken by the Assessing Officer, it is not open to ...

ITAT Ahmedabad held that notice issued u/s. 274 without specifying ground for imposition of penalty u/s. 271 (1) (c) i.e.

Property selling by NRIs in India has its own set of rules in regard to tax and compliance regard. This mastermind has created a scratch outline as a effective way to understand taxes and generally ...

The sumptuary allowance for judges as defined under the Supreme Court and High Court Judges Acts is exempt from being treated as income under the Income Tax Act, 1961. However, for other judicial ...

Section 54F Exemption allowed even if land is purchased (for construction of a new residential house) beyond 2 years from the date of sale of Asset ...

Before CIT (A) held that addition can be made in cases where the consideration received against issue of shares exceed the FMV of such shares. AO must compute the value as per Rule 11UA and thereafter ...

ITAT Mumbai held that addition towards bogus purchases unwarranted as GP rate on sale of alleged bogus purchases is more than the GP rate of other purchases. Accordingly, appeal allowed the addition ...

Karnataka High Court held that proceedings initiated against deceased person are null and void and the same cannot be continued against his/her legal representative. Accordingly, order of Single Judge ...

Kerala High Court held that revisionary proceedings by PCIT u/s. 263 rightly exercised since claim of provision for bad and doubtful debts was assumed by assessing officer to be correct without ...

ITAT Kolkata held that expenditure towards sales promotion expenses allowed as deduction under section 37 (1) of the Income Tax Act since bills along with other evidences related to the same is duly ...