UPDATES FROM TAX GURU

False claim in return of Income would be treated as case of concealment of Income or of furnishing inaccurate particulars of Income
Reopening under section 147 by the AO on the same set of facts, without there being any additional information, can only be considered as change of opinion
Where fair market value of the capital asset under transfer is less than the valuation as per Stamp value Act
Jurisdiction of AO to proceed with assessment under section 147 of IT Act, 1961
Revised return which is a defective return filed under any of the provisions of the IT Act can be rectified
True character of receipt in the hands of assessee can not be judged by utilization thereof
Depreciation is mandatory for claiming deduction under Chapter VI-A of Income Tax Act, 1961

False claim in return of Income would be treated as case of concealment of Income or of furnishing inaccurate particulars of Income

Even if there is no concealment of income or furnishing of inaccurate particulars, but on the basis thereof the claim, which is made, is ex facie bogus, it may still attract penalty provision. Related posts:Section 271(1)(c) can be invoked only if...

Reopening under section 147 by the AO on the same set of facts, without there being any additional information, can only be considered as change of opinion

As can be seen from the above the adjustment made by the assessee is according to the provisions of the Act. Since both the industrial galas fall within the block the WDV is increased by the actual cost of the asset falling within the block and...

Where fair market value of the capital asset under transfer is less than the valuation as per Stamp value Act

Where fair market value of the capital asset under transfer is less than the valuation as per SVA and such valuation as per SVA becomes final under Stamp Duty Act then the assessee is left with no choice and has to pay tax on the notional sale...

Jurisdiction of AO to proceed with assessment under section 147 of IT Act, 1961

If the AO has cause or justification to know or suppose that income has escaped assessment it can be said to have a reason to believe that an income had escaped assessment; at the time of recording reasons for initiating proceedings u/s 147 it is...

Revised return which is a defective return filed under any of the provisions of the IT Act can be rectified

Treatment of a revised return which is defective A defective return filed under any of the provisions of the Income-tax Act, 1961 can be rectified; it is not that only the return filed under section 139(1) can be rectified; the discretion given in...

True character of receipt in the hands of assessee can not be judged by utilization thereof

We have duly considered the rival contentions and the material on record. The crux of the matter is to determine the true character of the receipt in the hands of the assessee and not the utilization thereof. The utilization will not determine the...

Depreciation is mandatory for claiming deduction under Chapter VI-A of Income Tax Act, 1961

The Full Bench was constituted to consider whether for the purposes of allowing deduction under Ch. VI-A depreciation could be thrust on the assessee even though it had disclaimed the same for purposes of regular assessment. The assessee argued that...