A mere making of claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding income of the assessee

Reopening of an assessment on mere change of opinion without any tangible material is unsustainable

Assets of a company in liquidation cannot be disposed of at the mere pleasure of the company

By virtue of Article 13.4 of India–Mauritius DTAA, capital gain tax is not liable to be charged in India in respect of transfer of shares by a Mauritian company held in an Indian company to another Mauritian company

Indo-Canada Treaty: A special provision in the Income-tax Act cannot be pressed into service to deny the benefit which is otherwise due to FII under the tax treaty provisions notwithstanding their conflict with the domestic law of income tax

Income earned by a co-operative society from interest on FDRs / Saving balances with commercial banks qualifies for exemption u/s 80P(2)(a)(i)

Section 143(2)(ii) clearly stipulates service of notice and not issuance of notice. For details view www.taxmann.com

Provisions of section 56(2)(v) applied only to gift on or after 1-9-2004. Source: www.taxmann.com

Income tax

IT - Loss claimed by assessee on a/c of fluctuation in foreign exchange rate as on balance sheet date is allowable as expenditure u/s 37(1) [SC] : Taxmann.com

Wealth tax

WT - When urban land is utilized for construction of a building with prescribed authority’s approval then that land ceases to be urban land [Ker.]source: www.taxmann.com