Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
For a vegetable-market commission agent claiming status as a kachha arhtia, sale proceeds handled for principals do not constitute turnover for tax-audit purposes; gross commission alone is relevant under the CBDT Circular. Status must be verified because no conclusive material ruled out own-account purchases or sales. The penalty issue was restored for limited verification: proof of exclusive agency eliminates the audit obligation and penalty; otherwise, the penalty's sustainability must be determined in accordance with law.
For a vegetable-market commission agent claiming status as a kachha arhtia, sale proceeds handled for principals do not constitute turnover for tax-audit purposes; gross commission alone is relevant under the CBDT Circular. Status must be verified because no conclusive material ruled out own-account purchases or sales. The penalty issue was restored for limited verification: proof of exclusive agency eliminates the audit obligation and penalty; otherwise, the penalty's sustainability must be determined in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4899 
