Month: July 2019
CBDT transfers 122 officers in the grade of Assistant/Deputy Commissioner of Income Tax. CBDT vide order dated 15th July has ordered transfers/postings in the grade of Assistant Commissioners of Income Tax (ACITs) / Deputy Commissioners of Income Tax (DCITs) (Local changes) with immediate effect. As per the said …
Arm’s length rate of interest is the rate prevalent in country of AEs where loan is received/consumed and not the country whose enterprise advances loans ABCAUS Case Law Citation: ABCAUS 3063 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties: CIT Vs. Tata Autocomp Systems Ltd. …
Capacity Utilization Adjustment in transfer pricing allowed for early years of operation where comparables had on average higher utilization ABCAUS Case Law Citation: ABCAUS 3062 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties: Global Vantedge (P) Ltd. Vs. DCIT E-Gain Communications Pvt. Ltd. 118 TTJ …
Concealment penalty on filing revised return after enquiry by Investigation Wing deleted as revised return was within the stipulated period prescribed u/s 139(5) ABCAUS Case Law Citation:ABCAUS 3061 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:CIT Vs. Kulwant Singh’ (2019) 104 Taxmann.com 340 The instant …
Cash deposited in bank from amount given by husband for household expenses. ITAT accepted the explanation and deleted addition made u/s 69A ABCAUS Case Law Citation: ABCAUS 3060 (2019) (07) ITAT The instant appeal was filed by the assessee against the order of the CIT(A) whereby he partially …
Income of non resident shipping company u/s 172-Assessee asked to furnish proof that income tax return filed in foreign country or certificate from IRA ABCAUS Case Law Citation:ABCAUS 3059 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:Alabra Shipping Pte Ltd. (2016) 129 DTR (Rjt) (Trib) …
Clarifications on frequently asked questions (FAQ), regarding filing of NFRA-1 form Q 1. Who needs to file NFRA-1 Form? Ans. Kindly refer to the chart below: * As on date, no Body Corporate has been notified under Section 1 (4) (f) of the Companies Act, 2013. # A foreign company …
Issues on payment of 3rd installment under IDS-2016. Bank Holidays towards due-date and delayed credit by Bank. CBDT Circular Circular No. 15/2019 Government of IndiaMinistry of Finance Department of RevenueCentral Board of Direct Taxes (ITA. II) North Block, New Delhi, the 12th day of July, 2019 Subject: Issues …
Clarification on certain procedural and technical issues regarding IDS 2016. Excess payment of liability, non uploading IDS Form 3. CBDT Order u/s 119 F. No.225/282/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA.II) North Block, New Delhi, the 12th day of …
Requirement u/s 143(2) is of service of notice and not issue of notice. ITAT explains the law on service of notice under Income Tax Act , 1961 ABCAUS Case Law Citation:ABCAUS 3058 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties:V. R. A. Cotton Mills P. …