Income Tax – Reopening of assessment under sections 147 and 148, Validity of notice for reason to believe and change of opinion - Appellants, brothers who along with two other shareholders sold shares of two companies under share purchase agreements, were assessed under section 143(3) for one Appell...
Income Tax – Revision under section 263, Allowability of donations to charitable society for welfare of workers, Possible view taken by AO after enquiry - Appellant, engaged in manufacturing of bidi through home bidi rollers, claimed expenditure towards donations debited in the profit and loss accou...
Income Tax – Assessment under section 143(3) after search under section 132, Explanation 2 to section 148, Prior approval under section 148B, Administrative approval under CBDT Instruction cannot substitute statutory approval - Return of the relevant year was selected for scrutiny and notice under s...
Income Tax – Addition under section 68 on share application money received by a company prior to the amendment effective from 1.4.2013 - The case of the Respondent company was reopened under section 147 on information from the Investigation Wing that the share applicants were companies controlled by...
Income Tax – Addition under section 56 read with section 50C on registration of properties in the year under consideration - The Appellant Revenue made an addition in the hands of the Respondent company for the difference between the stamp duty value and the agreement value of properties registered...