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 ...

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 ...

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 ...

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 ...

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 Agra held that addition towards interest paid on CC is liable to be deleted since interest free advance given to potato growers (farmers) were out of the business expediency. Accordingly, ...

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 ...

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

The primary question before the Delhi High Court was whether the Income-tax Appellate Tribunal (ITAT) was correct in holding that the invocation of Section 263 for the assessment year 1982-83 was not ...

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

Subsequently, the Commissioner of Income Tax (CIT) invoked Section 263 of the Income Tax Act, citing that the AO had not adequately examined the compensation received by the assessee for land at ...