February 5, 2023

Category : Law

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
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 Law Recent Case Laws Tax

In terms of section 194A(1), The time of deduction of tax u/s 194A(1) is undisputedly time at which interest is to be credited to account of payee or when it is paid in cash/cheque or draft therefore, deduction of tax at source on interest income before close of financial year concerned as provided under section 194A(4) would not obligate assessee bank from penalty for not deducting tax at source at time of credit of said income in payee’s account – HC Allahabad

Taxcharcha
Held :  Deduction of tax at source on interest income before close of the financial year concerned as provided under Section 194 A (4) of...
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
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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