Income Tax Archive

Number of Taxpayers added after Demonetization-clarification on different figures given at PM Speech, FM Statement etc.

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Number of Taxpayers added after Demonetization-clarification on media reports on different figures given at PM Speech, FM Statement, Rajya Sabha Reply etc. Press Information Bureau  Government of India Ministry of Finance 18-August-2017 19:37 IST Clarification regarding number of Taxpayers added after Demonetization  Various news reports/articles have appeared in the

 

Non-renewal of THC cannot deprive supporting manufacturer of deduction u/s 80HHC(1A)

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Non-renewal of THC cannot deprive supporting manufacturer of deduction u/s 80HHC(1A). Lgislative intent is to extend benefit either to exporter or to supporting manufacturer and not to both – High Court ABCAUS Case Law Citation: ABCAUS 2033 (2017) (08) HC Assessment Year :  1996-97 Important Case Laws Cited/relied upon

 

Promotion and posting in the grade of Principal CIT-CBDT Order. List of 68 officers promoted

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Promotion and posting in the grade of Principal CIT-CBDT Order. List of 68 officers promoted , 60 new postings and 10 Transfer Postings Promotion and posting in the grade of Principal CIT-CBDT order Central Board of Direct taxes has promoted 67 officers to the grade of PrCIT (level 15

 

Penalty us 271(1)(b) for failure to file return u/s 153C has no statutory basis – ITAT

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Penalty us 271(1)(b) for failure to file return u/s 153C. Provisions of section 271(1)(b) does not empower AO to impose the penalty for delay or failure to file the returns in response to notice u/s 153C – ITAT   ABCAUS Case Law Citation: ABCAUS 2032 (2017) (08) ITAT Important

 

Income contained in unverified transaction can only be taxed and not the entire transaction -ITAT

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Income contained in unverified transaction can only be taxed and not the amount of entire transaction.  ITAT upheld tax on profit embed in alleged bogus purchase ABCAUS Case Law Citation: ABCAUS 2031 (2017) (08) ITAT The issue involved: The only issue involved in present two appeals filed by the

 

20 years aged person capable enough to give tips for purchasing shares. ITAT deletes penalty u/s 271(1)(c)

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20 years aged person capable enough to give tips for purchasing shares. ITAT deletes penalty u/s 271(1)(c) for subjective disallowance of commission paid for tips given to customers- ITAT   ABCAUS Case Law Citation: ABCAUS 2030 (2017) (08) ITAT Assessment Year :  2010-11 Brief Facts of the Case: During

 

Reopening us 147 based on material found in search not permissible – ITAT

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Reopening us 147 based on material found in search not permissible. In such cases section 153C applies for framing assessment  which excludes application of section 147 – ITAT   ABCAUS Case Law Citation: ABCAUS 2029 (2017) (08) ITAT Assessment Year :  2007-08 Important Case Laws Cited/relied upon by the