Day: September 27, 2019
Penalty u/s 271(1)(c) on disallowance of notional interest on debit balances in capital account of some of the partners deleted as in totality, partners capital had net credit balance. ABCAUS Case Law Citation:ABCAUS 3158 (2019) (09) ITAT In the instant case, the appeal was filed by the assessee …
CBDT has extended ITR filing and Tax Audit due date to 31.10.2019 CBDT has extended the ITR and Tax Audit Report filing due date for AY 2019-20 from 30.09.2019 to 31.10.2019 in respect of all the assessees whose accounts are required to be audited. However interest u/s 234A …
No penalty can be imposed u/s 271(1)(c) on preponderance of probabilities and Revenue has to prove that claim of expenses was not genuine or was inflated to reduce its tax liability ABCAUS Case Law Citation:ABCAUS 3157 (2019) (09) ITAT Important case law relied upon by the parties:Hindustan Steel …
Guidelines for conduct of assessment proceedings through ‘E-Proceeding’ facility during FY 2019-20. Exceptions, personal attendance and hearings Circular No. 27/2019 Government of India Ministry of FinanceDepartment of Revenue (CBDT) New Delhi, the 26th of September, 2019 Subject: Conduct of assessment proceedings through ‘E-Proceeding’ facility during financial year 2019-20-regd. …
Further Extension of timeline for completing assessments in Operation Clean Money cases where no return filed in response to notice u/s.142(1) and assessment has to be completed u/s 144 CBDT earlier extended the time-line for completion of assessments u/s 144 of the Act in OCM cases where no …
