Undisclosed Income vis-a-vis asset disclosed in the Regular Returns
Interest accrued on deposit is business income
Sale of residential house and investment in new house – Even though registration is not complete assessee is entitled to exemption u/s. 54F
NOT VALID
Original assessment proceedings are relevant to ascertain the recording of satisfaction – No reason in original assessment proceedings for levy of penalty – Penalty imposed liable to be cancelled – A.Ys. 1996-97 to 2001-02
Debts pending since long – In most cases recovery barred by limitation – Debts written off in books of account – Allowable as deduction – A. Y. 1998-99
Held by the Hon`ble Court that it had come on the records that due to bad financial position no interest has been charged in order to safe guard the principal and assessee acted as an prudent person. Therefore no notional interest, on interest free l
Held that the disallowances under section 40(b) cannot be made for the specific services rendered by the partner which are not in the capacity of partner
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