Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Income declared under the IDS-2016 became chargeable to tax under the Income-tax Act in the previous year in which the declaration was made when the declarant failed to pay the tax, surcharge and penalty within the prescribed time. As the declaration was filed on 28.09.2016, the Tribunal held that the Revenue could not reopen and assess that amount in AY 2013-14. The reassessment and corresponding addition for that year were therefore unsustainable in law, and the addition was deleted.
Income declared under the IDS-2016 became chargeable to tax under the Income-tax Act in the previous year in which the declaration was made when the declarant failed to pay the tax, surcharge and penalty within the prescribed time. As the declaration was filed on 28.09.2016, the Tribunal held that the Revenue could not reopen and assess that amount in AY 2013-14. The reassessment and corresponding addition for that year were therefore unsustainable in law, and the addition was deleted.
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