To claim depreciation under section 32 mere possession and use the property for the purpose of business or profession is enough
The primary objective of the assessee is to be seen. If the main intention is to exploit the immovable property by way of commercial activities it must be held as business income.
Section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.
A.O can not be termed as erroneous simply on the basis of an opinion which is framed in the mind of the Commissioner that the conclusion is prejudicial to the interest of revenue unless there is adequate proof for that.
Notice u/s 158BC is a procedural act and any mistake in such notice can be rectified u/s 292B. Hence, Block assesseement proceedings cannot be held to be void merely due to the fact that block period was mentioned wrongly in the notice and that notic
neither reserve nor the surplus of the assessee is a part of the capital employed in the business of the company.
Validity of Amendment – Arbitrary amendment - Insertion of clause (f) to s.43B In original section 43B certain payments were held allowable only on actual payment s.43B was amended by inserting clause (f) to disallow liability towards leave encashm
The discount given to the 'stamp vendors' is neither 'brokarage nor 'commission'. Hence TDS provisions are not applicable
Order of penalty MUST clearly state the reasons of penalty !
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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