Month: April 2023
Payment made by family member for purchase of new property not a bar to assessee in claiming exemption u/s 54F. No one to one co-relation is essential and investment in the name of assessee made within stipulated time is entitled to exemption – ITAT ABCAUS Case Law Citation:ABCAUS …
Arbitration award paid by sale of property not cost of improvement – Supreme Court holds assessment order as erroneous and prejudicial ABCAUS Case Law Citation:ABCAUS 3699 (2023) (04) SC Important Case Laws relied upon by parties:Malabar Industrial Co. Ltd. vs. CIT (2000) 2 SCC 718 (2000) 243 ITR …
Amendment to Section 153C vide Finance Act, 2015 applicable to searches conducted u/s 132 before 01.06.2015 – Supreme Court ABCAUS Case Law Citation:ABCAUS 3698 (2023) (04) SC Important Case Laws relied upon by parties:Pepsico India Holdings Private Limited Vs. Assistant Commissioner of Income Tax, 2014 SCC OnLine Del …
NFAC did not sent notice to email id mentioned in Form 35. ITAT remand case despite CIT(A) had given finding on the merits. ABCAUS Neutral Case Law Citation:ABCAUS 3697 (2023) (04) ITAT Important Case Laws relied upon by parties:N. Balakrishnan vs. M. Krishnamurthy (1998) 7 SSC 123 (SC)New …
NFAC passes copy paste order narrating wrong facts. ITAT deleted addition towards cash deposits u/s 69A ABCAUS Neutral Case Law Citation:ABCAUS 3696 (2023) (04) ITAT Important Case Laws relied upon by parties:Chuharmal Vs CIT (1988) 172 ITR 250Smt. Srilekha Banerjee and others vs CIT 1964 AIR 697Rajendran & …
TDS under New Personal Tax Regime – Employer to seek information from each employee clarifies CBDT F. No.370142/06/2023-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Circular No. 04 of 2023 Dated: 5th April, 2023 Sub: Clarification regarding deduction …
Business Promotion Expenses – It is impossible for assessee to produce all persons with whom company had meetings in hotels – ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the disallowance made by the Assessing Officer (AO) towards travelling …
Consequences of PAN becoming inoperative as per the newly substituted rule 114AAA F. No. 370142/14/2022-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ***** Circular No. 03 of 2023 New Delhi, Dated the 28th March, 2023 Sub.: Consequences of PAN …
Reporting in Clause 16(d) of Form 3CD – No adjustment by CPC for non business income if declared in return separately – ITAT clarifies the provision Reporting income falling under the head other than “business income” under clause 16(d) of Audit Report (Form 3CD) has triggered CPC intimations …
GST Notification to give affect to the recommendations of GST Council meeting CBIC (Ministry of Finance) has notified GST Notification to give affect to the recommendations of the 49th meeting of the GST Council. The details of the GST Notifications issued are as under: Notification No. Date Subject …