Category: Income Tax
Fixed medical allowance to employees taxable without proof that medical expenditure actually incurred. ITAT upheld addition u/s 201(1) for short deduction of TDS ABCAUS Case Law Citation:ABCAUS 3273 (2020) (02) ITAT In the instant case, the appeal was filed by the Branch Manager of LIC (the assessee) against …
Profit on Bogus purchase/ accommodation entries @ 5% upheld by the High Court. Only profit element embedded is to be taxed not entire purchase ABCAUS Case Law Citation:ABCAUS 3272 (2020) (02) HC Important case law relied upon by the parties:Kaveri Rice Mills vs. Commissioner of Income-Tax, (2006)157 Taxman …
For Revision u/s 263, records include records relating to assessment proceedings of preceding assessment years ABCAUS Case Law Citation:ABCAUS 3271 (2020) (02) ITAT Important case law relied upon by the parties:Rotork Controls India Private Limited v. CIT reported in (2009) 314 ITR 62(SC)CIT v. Gabriel India Ltd., reported …
Addition u/s 56(2)(ii) deleted as Law cannot operate in vaccum de-horse ground realities though deeming section not requires any incriminating material ABCAUS Case Law Citation:ABCAUS 3270 (2020) (02) ITAT Section 56(2) of the Income Tax Act, 1961 (the Act) is a deeming provision which creates an artificial …
Non striking of applicable limb of penalty u/s 271(1)(c) in notice. ITAT permits restoration of appeal if issue is decided by Supreme Court in favour of Revenue ABCAUS Case Law Citation:ABCAUS 3269 (2020) (02) ITAT In a recent judgment, Tribunal had dealt with a challenge to the validity …
Assessment framed by AO having no territorial jurisdiction based on Postal Pin Code as per CBDT Notification quashed ABCAUS Case Law Citation:ABCAUS 3268 (2020) (02) ITAT Important case law relied upon by the parties:National Thermal Power Co. Ltd. vs. Commissioner of Income Tax (1998) 29 ITR 383 (SC)Ramshila …
CPC if not satisfied with reply of assessee, has to issue notice u/s 143(2). No disallowance to be made merely on the basis of tax audit report ABCAUS Case Law Citation:ABCAUS 3267 (2020) (02) ITAT Important case law relied upon by the parties:Peerless General Finance & Investment Co. …
CBDT fixes Vivad Se Vishwas Scheme target for field officers as 100% disputed tax demand cases fulfilling eligibility condition The Direct Tax Vivad Se Vishwas Bill, 2020 has been introduced in the Parliament. The scheme will come in force after enactment of the Bill. Earlier CBDT had conveyed …
Amendments to Direct Tax Vivad se Vishwas Bill 2020. Read Summary With the passing of Direct Tax Vivad se Vishwas Bill, 2020 by the Lok Sabha on 4th March, 2020 it has now become the Direct Tax Vivad se Vishwas Act, 2020 earlier the Direct Tax Vivad …
Assessment u/s 153A has to be made only on basis of seized material. Assessment can not be arbitrary or without any relevance or nexus with seized material ABCAUS Case Law Citation:ABCAUS 3265 (2020) (02) ITAT Important case law relied upon by the parties:Kabul Chawla, 380 ITR 573.Chintels India …