Brief Income Tax Updates:
• Disallowance of purchases made from grey market be restricted to profit element embedded therein, where purchases themselves are not doubted: ITAT
• As determined by stamp duty authorities or consideration received or accruing as a result of the transfer to the assessee whichever is more, shall be value of property: ITAT
• Addition u/s 68 cannot sustain where not made based on any seized material found during Search & is rather based on post-search enquiries: ITAT
• For purpose of granting exemption, a restricted meaning has to be given to the expression agricultural land u/s 2(14) (iiib) of the Act: ITAT
• Writ remedy against recovery of tax arrears, is not available where assessee is not in a position to challenge such demand for interest: HC
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