Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Search warrant substantially complied with statutory requirements despite listing bank account before assessee name; search validity sustained and grounds challenging panchnama dismissed. Assessment for the year of search was correctly framed under the ordinary assessment provision while assessments for the six preceding years fall under special post-search assessment procedure, so framing under the ordinary provision for the search year is upheld. Additions based solely on a definition provision were reversed because a charging provision is required to create tax liability; the appellate authority's recharacterisation as business income was rejected since no factual or commercial basis established that the taxpayer carried on such business.
Search warrant substantially complied with statutory requirements despite listing bank account before assessee name; search validity sustained and grounds challenging panchnama dismissed. Assessment for the year of search was correctly framed under the ordinary assessment provision while assessments for the six preceding years fall under special post-search assessment procedure, so framing under the ordinary provision for the search year is upheld. Additions based solely on a definition provision were reversed because a charging provision is required to create tax liability; the appellate authority's recharacterisation as business income was rejected since no factual or commercial basis established that the taxpayer carried on such business.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
