Section 10B Direct Taxes
Income of the 10B unit had to be excluded at the source itself before arriving at the gross total income and since this income was not at all to be in the income of the assessee…
Section 142(2A) Direct Taxes
In view of amended section 142 (2A) AO can direct special audit not only after considering the nature and complexity of accounts but also considering multiplicity of transactions or specialized nature of business activities…
Section 153A Direct Taxes
Assessment order passed under section 143(3) read with section 153A could not be held as valid in case it is passed on a non-existing entity, especially after department had been fully informed about the dissolution of the firm…
Section 14, Section 36(1)(iii) Direct Taxes
Since assessee was doing business of investment in shares and not carrying out business of earning interest on FDRs, therefore, interest on FDRs was to be assessed as income from other sources and not as business income…
Section 43(6)(c) & 50 Direct Taxes
Harmonious reading of sections 43(6)(c) and section 50 brings out that where an asset is demolished, ansd the block of asset ceases to exist, then difference between the written down value and the salvage received…