Monthly Archive:: April 2016

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

Author: | Categories: Income Tax, ITAT, Judgments No comments
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.

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

Author: | Categories: Income Tax, ITAT, Judgments No comments
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

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

Author: | Categories: Income Tax, ITAT, Judgments No comments
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

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

Author: | Categories: Income Tax, Supreme Court No comments
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:

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

Author: | Categories: Income Tax No comments
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

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

Author: | Categories: Excise/Custom No comments
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

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
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