September 25, 2022

Where Problems Meet Solutions

Category : Income Tax

Income Tax Income Tax Income Tax Latest Law News Recent Case Laws Tax

The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be drawn while invoking the provision of section 50C of the Act. – Bombay High Court

Taxcharcha
by Taxcharcha0148
Held :  “The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be...
Income Tax Income Tax Income Tax Latest Recent Case Laws

HC wrong in taking the technical view of dismissing the appeal on the ground of delay when it has to decide the question of law between the parties in any case in respect of earlier assessment year – Supreme Court

Taxcharcha
by Taxcharcha0169
Held :  The High Court should not have taken such a technical view of dismissing the appeal in the instant case on the ground of delay,...
Income Tax Income Tax Income Tax Latest Recent Case Laws Tax

The exemption of Rs. 50 lakh in s. 194-IA(2) is applicable w.r.t. the amount related to each transferee and not with reference to the amount as per sale deed. Each transferee is a separate income tax entity and the law has to be applied with reference to each transferee as an individual transferee / person – ITAT Delhi

Taxcharcha
by Taxcharcha0285
ITAT Delhi in the judgement of Vinod Soni Vs. ITO TDS Faridabad in ITA No. 2736/Del/2015  held the following: Section 194-IA(2) provides that Section 194-IA(1)...
Income Tax Income Tax Income Tax Latest Law Recent Case Laws

Reliance by the AO on statements of third parties without giving the assessee an opportunity of cross-examination is a gross failure of the principles of natural justice and renders the assessment order a nullity -ITAT Delhi

Taxcharcha
by Taxcharcha0218
The additions made merely on the statement of the third party and without providing an opportunity of being heard and cross examine the basis of...
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