Daily Archive: Sunday, December 4, 2016

Penalty started for concealment levied for inaccurate particulars and concealment both is invalid-ITAT

Author: | Categories: Income Tax, ITAT, Judgments No comments
Penalty initiated for concealment levied for inaccurate particulars and concealment both is invalid. AO must frame a precise charge u/s 271(1)(c)-ITAT ABCAUS Case Law Citation: ABCAUS 1073 (2016) (12) ITAT Assessment Year: 2009-10 Date of Judgment: 29-11-2016 Important Case Laws cited: Zoom Communications P Ltd 327 ITR 510 (Del),

 

Guidance Note on FATCA and CRS updated 30-11-2016

Author: | Categories: Income Tax No comments
GUIDANCE NOTE ON FATCA and CRS updated 30-11-2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Foreign Tax & Tax Research Division Guidance Note on Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) updated as on 30th November 2016 Purpose of the

 

Misuse of Jan-Dhan Accounts for depositing undisclosed cash money by persons who have never filed returns of income-CBDT warning

Author: | Categories: Finance Ministry, Income Tax No comments
Misuse of Jan-Dhan Accounts post demonetisation. Among rumors of freezing of JDY accounts, CBDT wanrns such account holders not to consent to deposit of undisclosed money in their accounts Ministry of Finance 04-December, 2016 Tax Investigations unearth mis-use of Jan-Dhan Accounts; Account holders once again urged by CBDT not to consent

 

Sales incomplete till goods delivery unless insurable risk passes to buyer. FOR destination basis sales invoice reversal for year end goods in transit valid

Author: | Categories: Income Tax, ITAT, Judgments No comments
Sales incomplete till goods delivery unless insurable risk passes to buyer. FOR destination basis sales invoice reversal for goods in transit at the year end valid-ITAT ABCAUS Case Law Citation: ABCAUS 1072 (2016) (12) ITAT Assessment Year: 2011-12 Date of Judgment: 29-11-2016 Important Case Laws cited: Morvi Industries Limited