Category: Income Tax
Addition u/s 68 quashed for cash given by wife deposited by husband in his bank account. In cash deposits, relationship of bank with customer is of debtor/creditor and not trustee/beneficiary ABCAUS Case Law Citation:ABCAUS 3226 (2020) (01) ITAT Important case law relied upon by the parties:CIT vs. Bhaichand …
It is incumbent upon CIT(A) to examine the veracity of the statements made in affidavits. Addition u/s 68 for cash deposits in bank restored to CIT(A) ABCAUS Case Law Citation:ABCAUS 3225 (2020) (01) ITAT The Assessing Officer (AO) made ex parte addition representing the cash deposits made …
CBDT Circular on deduction of Tax (TDS) on Salaries u/s 192 of the Income Tax Act, 1961 during FY 2019-20. CBDT has issued circular no. 4/2020 specifying guidelines for TDS on Salaries for the Financial Year 2019-20. CBDT Circular – TDS on Salaries during FY 2019-20. The Circular …
Addition for investment in penny stock company remitted to record how assessee involved in promoting company and how inflated shares of company ABCAUS Case Law Citation:ABCAUS 3224 (2020) (01) ITAT Important case law relied upon by the parties:Kanhaiyalal & Sons (HUF) v. ITO In the instant case, the …
Two different proceedings arising out of same assessment should be disposed together to avoid multiplicity of proceedings and conflicting judicial opinion ABCAUS Case Law Citation:ABCAUS 3223 (2020) (01) ITAT In the instant case appeal arose out of the order passed by the Assessing Officer under Section 154 of …
No bar in law for a person dealing in land to also have investment in land. Assessee can hold same class of assets as investment and also as stock in trade. SC dismissed SLP of the Revenue ABCAUS Case Law Citation:ABCAUS 3222 (2020) (01) SC The Respondent …
No disallowance u/s 40(a)(ia) for merely not filing Form 26A before Assessing Officer. Once content of Form-26A not disputed, assessee entitled to benefit ABCAUS Case Law Citation:ABCAUS 3220 (2020) (01) ITAT Important case law relied upon by the parties:New Alignment Vs ITO(2016)69 Taxmann.com 122(Kol)CIT Vs Ansal Land Mark …
Appeal lies before the CIT-A against intimation u/s 143(1) by CPC. There is no requirement in law to approach CPC for rectification of intimation u/s 143(1), if assessee is aggrieved by the order and denies his liability computed ABCAUS Case Law Citation:ABCAUS 3219 (2020) (01) ITAT In the …
It is a settled position of law that while granting registration u/s 12AA CIT (Exemptions) is required to examine the objects of the assessee. If objects are charitable in nature, registration should be granted to the assessee. ABCAUS Case Law Citation:ABCAUS 3218A (2020) (01) ITAT In the instant …
CBDT grants relaxation in eligibility conditions for filing of Income-tax Return Form-1 (Sahaj) and Form-4 (Sugam) for Assessment Year 2020-21 Ministry of Finance Press Release In order to ensure that the e-filing utility for filing of return for assessment year (A.Y) 2020-21 is available as on 1st April, …