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Income Tax - Highlights / Catch Notes

Home Highlights December 2015 Year 2015 This

Unaccounted purchase - Even if we consider the first purchase to ...

Income Tax

December 24, 2015

Unaccounted purchase - Even if we consider the first purchase to have been made out of unaccounted income, the estimated profits from the unaccounted sales would be more than sufficient to justify the source. - AT

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  1. Levy of purchase tax - assessee has provided new TV sets in lieu of the old TV sets - even exchange/barter will fall within the definition of sale / purchase - HC

  2. Profit on purchase and sale of gold bonds - Except one transaction of purchase and sale, there is no other transaction during the previous year - held as investment in nature - HC

  3. Input Service Distributor (ISD) - ISD can distribute the credit even to only one unit - AT

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