Is a vague penalty notice invalid under the Income Tax Act?
A vague penalty notice reflects non-application of mind on AO’s part.
Taxing provisions – Opting from different interpretations
If two reasonable constructions of a taxing provision are possible, that construction which favours the assessee must be adopted
Can Deduction u/s 24(b) Be Claimed Even If Property Is Not Owned?
The methodology of arriving at the annual value for computing income chargeable under the head of House property is based on ownership rather than possession.
Whether payment of Sales Tax by adjustment is a deemed payment for Section 43B?
The adjustment made for meeting the sales tax liability on sales is a deemed payment by legal fiction.
Do Inter-corporate Deposits Attract Section 2(22)(e)?
A distinction between loan and ICDS can be made on the ground that in the case of the former, the debtor approaches the creditor while in the case of ICD, the depositor places the deposit with the recipient. Such distinction will hold good in law only in the case of unrelated transaction.
Will Incorrect Claim in Return Of Income Cost You Penalty?
The mere idea of being penalized by authorities causes panic amongst the people. Indeed, law is drafted in a way so as to ensure proper safeguards are in place. However, how liberally those are executed and interpreted is a matter of debate.
Is Refund Lost If Due Date Under Section 139 Is Missed?
The route of condonation exists wherever an assessee seeks to claim refund, deduction or exemption after the expiry of period prescribed under the Income Tax Act.
