HUF is a Relative for Gift Exemption

HUF is a “relative” for gifts exemption u/s 56(2)(v), (vi) & (vii).

Vineetkumar Raghavji Balodia vs. ITO (Rajkot ITAT)

Remission of Liability u/s 41

Non-encashment of cheques within validity period would not mean that debt had been extinguished and section 41 would apply. (KOL) 

Reopening u/s 147 : Enhanced Scope

In course of income escaping assessment initiated under section 147 for bringing to tax an item of escaped income, Assessing Officer has authority to bring to tax any other income that also escaped assessment in original assessment.

CIT vs. Best Wood Industries & Saw Mill (Kerala HC)(2011)