No penalty imposable u/s 271(1)(c) where High Court accepted substantial question of law u/s 260A against quantum appeal showing that issue is debatable

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In a recent judgment, ITAT Delhi has stated that where High Court accepted substantial question of law u/s 260A, against the quantum appeal, itself shows that issue was debatable and in such a case no penalty was imposable u/s 271(1)(c) of the Income-tax Act, 1961. Case Law Details: ITA No. 5556/Del/2011 AY: 2005-06 Asstt.Commissioner of Inome […]

Penalty u/s 271(1)(c) for mistake of not disclosing Long Term Capital Gain LTCG on the land part comprised in the block of Factory Building sold

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In a recent judgment, ITAT Delhi has set aside penalty u/s 271(1)(c) and remanded the matter to CIT(A) for mistake of assessee not disclosing Long Term Capital Gain LTCG on the land comprised in the block of Factory Building sold. Case Law Details: ITA No. 5939/Del./2013 : Asstt. Year : 2009-10 Brijbasi Art Press Ltd vs. ACIT Date […]

Section 69/69C mandates that assessee must have incurred any expenditure. Additions can not be made by just estimating the expenditure-ITAT

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ITAT Lucknow in a recent judgment has held that section 69 of the Income Tax Act, 1961 provides that the assessee must have incurred any expenditure and the additions can not be made by the Assessing Officer by just estimated the expenditure. Case Law Details: ITA Nos.35,36 & 37/Lkw/2016 Assessment years: 2004-05, 2005-06 & 2006-07 Rajendra Kumar Somani vs. […]

Special Audit u/s 142(2A) Stay Period to be excluded for Limitation concluding Block Assessment u/s 158BE-Supreme Court

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In a recent judgment, Supreme Court has upheld that special audit u/s 142(2A) was an integral step towards assessment proceedings and hence High Court was right in holding that period for which special audit was stayed shall be excluded in counting limitation for concluding block assessment u/s 158BE. Case Law Details: Civil Appeal No. 2667 OF 2007 VLS Finance Ltd. & […]

Step-by-step-wise Procedure for uploading/e-filing of TDS Returns at Traces website with effect from 01/05/2016

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Step-by-wise Procedure for e-filing of TDS Returns with effect from 01/05/2016 With effect from 01/05/2016 etds quarterly statements/returns shall not be e-filed or uploaded at TIN NSDL website. However they shall be uploaded at TRACES TDSCPC website TDS Statement Upload – User Manual  Pre-Requisites for Uploading TDS Statement To upload TDS, user should hold valid TAN […]

Custom safeguard duty imposed on the final findings of Director General (Safeguards) on goods under heading 7208/tariff item 7225 30 90 1st Schedule

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Government of India Ministry of Finance (Department of Revenue) Notification No. 1/2016-Customs (SG) New Delhi, the 29th March, 2016 G.S.R. (E). – Whereas, in the matter of import of “Hot-rolled flat products of non-alloy and other alloy Steel in coils of a width of 600 mm or more” (hereinafter referred to as the subject goods), […]

PAN Allotment Statistics Financial Year 2013-14 for Income Tax Department

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Income Tax Department PAN Allotment Statistics Financial Year 2013-14 1. PAN Allotment- Taxpayer Status Taxpayer Status PAN Allotted During FY 2013-14 Percentage ASSOCIATION OF PERSONS 70,970 0.25% BODY OF INDIVIDUALS 4,306 0.02% COMPANY 1,01,973 0.36% FIRM 2,43,789 0.86% GOVERNMENT 876 0.00% HUF 70,196 0.25% ARTIFICIAL JURIDICAL PERSON 1,444 0.01% LOCAL AUTHORITY 4,333 0.02% INDIVIDUAL 2,76,45,257 98.07% […]

Income Tax Return ITR Statistics Assessment Year 2012-13 by Income Tax Department

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Income Tax Department Income Tax Return Statistics/Analysis Assessment Year 2012-13  Income Tax Department has released Statistics of Income Tax Return for AY 2012-13 for wider use and analysis by Departmental personnel and academicians. The data has been divided into following categories: Income Tax Returns – All Taxpayer Income Tax Returns – Individuals Income Tax Returns […]

Income Tax Department Time Series Data Statistics/Analysis Financial Year 2000-01 to 2014-15

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Income Tax Department Time Series Data Statistics/Analysis  Financial Year 2000-01 to 2014-15 1. Direct Tax Collection (Rs. in crores) Corporate Tax grew from 35696 in AY 2000-01 to 454419 in FY 2015-16 (12.73 times) Personal Income Tax grew from 31764 in AY 2000-01 to 286801 in FY 2015-16 (09.03 times) 2. State/UT wise Collections (Rs. in crores) Maharashtra […]

Limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961-CBDT Circular 10/2016

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  Circular No. 10/2016 F.No.279/Misc./M-140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 26th April , 2016 Subject:- Limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961 – reg. The issue whether the limitation for imposition of penalty under sections […]
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