Month: January 2020
Printing process for Union General Budget 2020-21 commences with Halwa Ceremony The Halwa ceremony, marking the commencement of Budget printing process for Union General Budget 2020-21, was held here in North Block today morning in the presence of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. …
AO cannot sit back with folded hands in not issuing summons u/s 131 of Income Tax Act in quest for the truth. ITAT deleted additions made on account of cash deposits ABCAUS Case Law Citation:ABCAUS 3227 (2020) (01) ITAT In the instant case, appeal was filed by the …
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 …
DGFT delegates authority of approving proposals for consolidation of goods related to manufactured articles Government of India Ministry of Commerce and IndustryDepartment of CommerceDirectorate General of Foreign TradeUdyog Bhavan Notification No. 42/2015-20 New Delhi, dated the 10th January , 2020 Subject: Amendment in Para 6.01(k) of Foreign Trade …
Exemption from clubbing of investment limit for foreign Govt. agencies and its related entities. Amendment to Operational guidelines for FPIs & OOPs/EFIs Securities and Exchange Board of India CIRCULAR IMD/ FPI&C/CIR/P/2020/07January 16, 2020 To1. All Foreign Portfolio Investors (“FPis”) through their Designated Depository Participants (“DDPs”)/ Custodian of2. Designated …
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 …
RBI enhances Security of Card Transactions. Restrictions & options to cardholders. Contact based points of usage in India, decision based on risk perception Reserve Bank of India, in order to improve user convenience and increase the security of card transactions, has decided to enhance the Security of Card …
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 …