Daily Archive: Monday, March 28, 2016

Sukanya Samriddhi Account Rules 2016. Amendment and Revised Rules Government Notification

Author: | Categories: Sukanya Samriddhi No comments
Sukanya Samriddhi Account Rules 2016 Government Notification The Government has amended Sukanya Samriddhi Account Rules 2014 by 2016 Rules MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 18th March, 2016 G.S.R.323(E).- In exercise of the powers conferred by section 15 of the Government Savings Banks Act,


Mere AIR information that deposits made in bank account not indicative that income has escaped assessment u/s 147

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a recent judgment, ITAT Amritsar has upheld that the mere AIR information that deposits were made in a bank account do not indicate that these deposits constitute an income which has escaped assessment. Case Details: ITA No.129(Asr)/2015 Assessment year:2005-06 Ashwani Kumar vs. Income Tax Officer Date of Order/Judgment: 23/02/2016 Facts of


Additions u/s 69A upheld for maximum peak bank deposits instead of closing balances for the day

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a recent judgment, ITAT, Amritsar has ruled that CIT(A) was right in taking the the highest amount of cash deposits in the Bank Account at any point of time as maximum peak credit instead of considering the closing balances for the day instead for making addition u/s 69A Case Details:


Assessing Officer to apply directly for PAN allotment in arrears demand cases without PAN

Author: | Categories: Income Tax, Instructions No comments
Income Tax Department has issued an instruction ( ITBA-PAN Instruction No.4) dated 1st March, 2016 to all Chief/Principal Commissioners regarding allotment of Permanent Account Number (PAN) in arrears demand cases. The instruction has been issued in response to the references received from field formations about the requirement of allotment of PAN