Month: May 2023

No remission or cessation of liability u/s 41(1) if trading liability is continued to be declared in books of account ABCAUS Case Law Citation:ABCAUS 3758 (2023) (05) ITAT Important Case Laws relied upon:Vardhman Overseas Ltd. 343 ITR 408 (Del)Dattatray Poultry Breeding Farm P. Ltd. vs. ACIT (2019) 104 …

Approval u/s 80G for new cases to be effective from previous year in which application is made   MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 34/2023 New Delhi, 30th May, 2023 INCOME-TAX G.S.R.399(E).—In exercise of the powers conferred by clauses (i), (ii), (iii) and (iv) …

Penalty u/s 271B deleted as assessee was not aware that section 44AB related to Tax Audit was applicable to him as he was only a commission agent ABCAUS Case Law Citation:ABCAUS 3757 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the …

CBDT notifies e-Appeals Scheme 2023 prescribing procedures for disposal of appeals by JCIT(Appeals) CBDT has notified e-Appeals Scheme 2023 in respect of disposal of appeals by Joint Commissioner (Appeals). The Scheme shall apply to appeals, in respect of such persons or class of persons, incomes or class of …

A reasonable limitation period is applicable to Order u/s 206C for failure to deduct TCS although no limitation is prescribed under the Income Tax Act 1961 ABCAUS Case Law Citation:ABCAUS 3756 (2023) (05) ITAT Important Case Laws relied upon:Eid Mohammad Nizamuddin vs. ITO In the instant case, the …

Preparation and uploading of fake ITR by Chartered Accountant. ITAT remands the case to AO to decide in the light of pending criminal case ABCAUS Case Law Citation:ABCAUS 3755 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the National Faceless Appeal …

Criminal complaint against company, CA directors for tax evasion u/s 276C  by way of bogus share valuation report dismissed ABCAUS Case Law Citation:ABCAUS 3754 (2023) (05) AC Important Case Laws relied upon:Solar Paper Mills Limited and Ors. vs. The State Prakash Nath Khanna & Ors vs. Commissioner of Income …

Explanation that jewellery was acquired out of agricultural income of Bigger HUF before its partition cannot be termed as not plausible – ITAT ABCAUS Case Law Citation:ABCAUS 3753 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition …

Exemption limit of Leave Salary Encashment u/s 10(AA) of employees other than Central/State Government Employees notified as Rs. 25 Lakhs w.e.f. 01.04.2023 Increased limit for tax exemption on leave encashment for non-government salaried employees notified The tax exemption on leave encashment of non-government salaried employees (in respect of …

CBDT notifies class of persons investment by whom not covered under Angel Tax u/s 56(2)(viib)  MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No.30/2023 New Delhi, the 24th May, 2023 S.O. 2275(E).—In exercise of the powers conferred by clause (ii) of the first proviso to clause …