Income Tax Archive

Assessment on the basis of AIR without notice u/s 143(2) void ab initio without jurisdiction and liable to be quashed, as no notice issued – ITAT

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Assessment on the basis of AIR without notice us 143(2) void ab initio without jurisdiction and liable to be quashed, as no notice issued – ITAT ABCAUS Case Law Citation: ABCAUS 1141 (2017) (02) ITAT Assessment Year : 2006-07 Date/Month of Pronouncement: February, 2017 Brief Facts of the Case:

No concealment penalty without recording findings to bonafide of the explanation offered by the assessee with reasoning. ITAT deletes penalty u/s 271(1)(c)

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No concealment penalty without recording findings to bonafide of the explanation offered by the assessee with reasoning. ITAT deletes penalty u/s 271(1)(c) ABCAUS Case Law Citation: ABCAUS 1140 (2017) (02) ITAT The Grievance: The assessee is aggrieved with the levy of penalty u/s 271(1)(c) of the Income-tax Act, 1961

Deemed dividend-share premium not part of accumulated profits. Proportionate taxation u/s 2(22)(e) to be made if more than one shareholder satisfy conditions-ITAT

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Deemed dividend-share premium not part of accumulated profits. Proportionate taxation u/s 2(22)(e) to be made if more than one shareholder satisfy conditions-ITAT  ABCAUS Case Law Citation: ABCAUS 1139 (2017) (02) ITAT Assessment Year : 2009-10 Date/Month of Pronouncement: February, 2017 Important Case Laws Cited/relied upon: Commissioner of Income Tax

Poem guidelines not applicable to companies with turnover or gross receipts up to Rs 50 crores. CBDT Circular No. 08 of 2017

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Poem guidelines not applicable to companies with turnover or gross receipts up to Rs 50 crores  Circular No 08 of 2017 F. No. 142/11/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated: 23rd February, 2017 Subject: Clarification for determination of Place of

DG Income Tax-Exemptions action illegal in not taking decision on assessee’s application seeking approval under Section 80 IB(7)(c)-Allahabad HC

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DG Income Tax-Exemptions action illegal in not taking decision on assessee’s application seeking approval under Section 80 IB(7)(c)-Allahabad HC ABCAUS Case Law Citation: ABCAUS 1138 (2017) (02) HC The Substantial Question of Law in assessee’s appeal: Whether the finding recorded by the Tribunal to the effect that after 13.12.2011

Non acceptance of Tax under PMGKY-2016 by banks due to lack of awareness of prescribed challan and certain technical reasons. CBDT direction to banks

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Non acceptance of Tax under PMGKY-2016 by banks due to lack of awareness of  prescribed challan and certain technical  reasons. CBDT direction to banks F. No. 370/06/20 16-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block , New Delhi 22nd February,

No Interference with findings of facts unless relevant evidence not considered or finding arrived by ITAT placing reliance on inadmissible evidence-Allahabad High Court

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No Interference with findings of facts unless relevant evidence not considered or finding arrived by ITAT placing reliance on inadmissible evidence-Allahabad High Court ABCAUS Case Law Citation: ABCAUS 1137 (2017) (02) HC Assessment Year : 2009-10 Date/Month of Pronouncement: February, 2017 Brief Facts of the Case: The appeal was admitted by the Lucknow Bench
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