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CBDT issues revised guidelines 2024 for compounding of offences under Income-Tax Act 1961 In conformity with the Finance Minister’s budget announcement on simplification and rationalization of compounding procedure, CBDT has issued Revised Guidelines for Compounding of offences under the Income-tax Act, 1961(the ‘Act’) on 17.10.2024. Section 279(2) of …
Penalty u/s 271B confirmed for lack of proof that Books of accounts were destroyed by termite In a recent judgment, the ITAT Visakhapatnam has confirmed penalty u/s 271B holding that assessee was not able to submit any evidences to show that books of accounts were destroyed by white …
Whether assessee filed or not filed return in view of section 10(26)(AAA) tax can not be levied on the assessee being a Sikkimese. In a recent judgment, the ITAT Kolkata has held that irrespective of whether assessee filed or not filed return of income, in view of section …
Sale/purchase of jewellery increased substantially on 08.11.2016 after announcement of demonetization – ITAT deleted addition u/s 69A In a recent judgment, the ITAT Delhi Has deleted addition made u/s 69A observing that the sale and purchase of the jewellery was increased substantially after announcement of demonetization on 08.11.2016 …
There is no statutory requirement for an agriculturist to maintain books of accounts – ITAT In a recent judgment, the ITAT Allahabad has held that there is no statutory requirement for an agriculturist to maintain books of accounts and the insistence on documentary evidences of the nature required …
RBI exempted from TCS u/s 206C(1F) on purchase of motor vehicle CBDT has exempted Reserve Bank of India from provisions of Tax Collection at Source (TCS) sub section (1F) of section 206C of Income Tax Act on purchase of motor vehicle for a value exceeding ten lakh rupees …
CBDT amends rule 31AA and 37I related to TCS return and credit for TCS u/s 206C MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 114/2024 New Delhi, the 16th October, 2024 G.S.R. 645(E) In exercise of the powers conferred by section 295 read with section …
Amount of compensation claimed is not a bar for Tribunal and High Court to award more than what is claimed, provided it is found to be just and reasonable In a recent judgment, the Hon’ble Supreme Court has enhanced the compensation in a motor vehicle accident claim holding …
When entire agricultural produce was fully vouched and sold through Krishi Upaj Mandi, the sale is beyond doubt – ITAT In a recent judgment, ITAT Jaipur has held that when entire agricultural produce was fully vouched and sold through Krishi Upaj Mandi, the sale is beyond doubt. ABCAUS …
CBDT issues Guidance Note / FAQs on Direct Tax Vivad Se Vishwas (DTVSV) Scheme 2024 In order to facilitate the various queries raised by the stakeholders following the enactment of the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, the Central Board of Direct Taxes (CBDT) has today …
