The assessee filed return of income declaring a huge loss. Pursuant to the search and seizure operations u/s.132 and issuance of notice u/s.153A, assessee revised the loss return declaring as nil income. Assessment was completed on the NIL income only.…
Category: IT Caselaw
Fair Market Value of property to be consider on the date of Execution of Agreement and not on the date of Registration
The assessee has entered into agreement to sale of its factory line and building on 14–8‑2007 wherein consideration of Rs. 27.62 crores was decided and assessee received a sum of Rs.14.39 crore by cheque at the signing of the agreement.…
Doctors attending the medical conferences is allowable expenditure U/s 37
AO noted that assessee had incurred various expenses towards appointment of faculty doctor or assessee ‘s consultant doctor in a medical conference. AO completed assessment and made additions of that expenditure to assessee’s income. The CIT(A) granted partial relief to…