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Time limit for completion of Block Assessment of Search cases [Section 158BE of the Income Tax Act, 1961]
Time limit for completion of Block Assessment of
Search cases [Section 158BE of the Income Tax Act, 1961]Section 158BE of the Income tax Act, 1961 provides the
time-limit for completion of block assessment as 12 months...
Disallowance for marked-to-market loss [Section 40A(13)]
Disallowance
for marked-to-market loss [Section 40A(13)]
“Marked to market” (MTM) is an accounting and trading practice
that updates an asset’s value to its current market price, rather than its
original purc...
Reclassification of Business Loss as Speculation Loss and Its Impact on Penalty Under Section 270A
Whether the reclassification of business loss as speculation
loss (due to contract settlement without actual delivery) constitutes
“under-reporting of income” under section 270A justifying imposition of
penalty, d...