Month: August 2024
Permission to persons resident outside India for purchase of Sovereign Green Bonds in the International Financial Services Centre (IFSC) in India RBI allows permission to persons resident outside India for purchase of Sovereign Green Bonds in the International Financial Services Centre (IFSC) in India. In keeping with the …
RBI has announced Premature redemption date/price for Sovereign Gold Bond 2018-19 VI Series Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on August 12, 2024 (Series VI of SGB 2018-19). RBI has notified 12th August as next due date of premature …
CIT revision order on the issue of Reduction in profit due to ICDS-V quashed by ITAT In a recent judgment, ITAT Kolkata quashed the revision order u/s 263 on the issue of reduction in profit due to ICDS-V tangible fixed assets as the allowable depreciation was rightly calculated. …
Plausible view taken by AO on surrender made by assessee not open to revision u/s 263 of the Income Tax Act – ITAT In a recent judgment, ITAT Jaipur has held that plausible view taken by Assessing Officer of surrender made by assessee not open to revision u/s …
Notice can not be issued u/s 148 unless original return filed u/s 139(1) is processed – ITAT In a recent judgment, ITAT Delhi has quashed notice issued u/s 148 confirming the view that where the original return file u/s 139(1) was pending and not yet processed. ABCAUS Case …
Change of opinion not a jurisdictional issue-Writ Petition against notice u/s 148 was dismissed by the High Court due to alternative remedy. In a recent judgment, Hon’ble High Court of Jharkhand has dismissed a Writ Petition against notice u/s 148 holding that change in opinion cannot be said …
Cheque bounce accused acquitted as complainant did not show amount given as loan in his income tax return. In a recent judgment, Hon’ble Supreme Court has confirmed the acquittal of accused in a case of cheque dishonour where the complainant did not show the amount advanced in his …
Income Tax Relief to Cooperative Societies. Minister of Cooperation in a written reply to a question in the Lok Sabha stated the following income tax benefits available to Cooperative Societies. Income Tax Relief to Cooperative Societies 1. Reduction in surcharge on cooperative societies The surcharge on co-operative societies …
No Penalty u/s 271E on repayment of loan by journal entries of sale bills – ITAT In a recent judgment, ITAT Indore has held that penalty u/s 271E was not justified when loan was repaid by adjustment of by way of journal entries of genuine sales. ABCAUS Case …
Commencement date notified for amended provisions related to distribution of credit by Input Service Distributor and penalty u/s 122A GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS Notification No. 16/2024–Central Tax New Delhi, dated the 6th August, 2024 S.O. …..(E).—In …
