The Reopening of assessment is an entirely independent and vastly different jurisdiction and cannot be confused with the revisional powers of the higher authority – Bombay High Court

The Bombay High Court in its recent judgement in the case of Saurabh Suryakant Mehta WRIT PETITION NO.3495 OF 2018 stated

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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

Held :  “The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus,

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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

Held :  Deduction of tax at source on interest income before close of the financial year concerned as provided under

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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

ITAT Delhi in the judgement of Vinod Soni Vs. ITO TDS Faridabad in ITA No. 2736/Del/2015  held the following: Section

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