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Unexplained income-cash deposit in bank after 2-3 months held not probable as withdrawals made in small amounts mostly by employee – P&H High Court

Unexplained income-cash deposit in bank after 2-3 months held not probable as withdrawals made in small amounts mostly by employee – P&H High Court

March 26, 2017 High Courts, Income Tax, Judgments
Unexplained income-cash deposited in bank after 2-3 months gap held not probable as withdrawals made in small amounts mostly by employee – Punjab & Haryana High Court ABCAUS Case Law Citation: ABCAUS 1187 (2017) (03) HC The Grievance: The appellant-assessee had filed the present appeal under Section 260A …
Interest free loan to subsidiary-disallowance for commercial expediency not relevant if advances given out of interest free funds – Punjab & Haryana HC

Interest free loan to subsidiary-disallowance for commercial expediency not relevant if advances given out of interest free funds – Punjab & Haryana HC

March 26, 2017 High Courts, Income Tax, Judgments
Interest free loan to subsidiary-disallowance for commercial expediency not relevant if advances given out of interest free funds – Punjab & Haryana High Court ABCAUS Case Law Citation: ABCAUS 1186 (2017) (03) HC Date/Month of Pronouncement: March, 2017 The Ground of Appeal: The present judgments involves two appeals filed …
Delay in filing appeal condoned as CA was unaware of law. Quality of-explanation, legal assistance and detriment to Revenue important factors-Madras HC

Delay in filing appeal condoned as CA was unaware of law. Quality of-explanation, legal assistance and detriment to Revenue important factors-Madras HC

March 25, 2017 High Courts, Income Tax, Judgments
Delay in filing appeal condoned as CA was unaware of law. Quality of explanation, legal assistance to litigant, and detriment to Revenue important factors to consider- Madras High Court ABCAUS Case Law Citation: ABCAUS 1185 (2017) (03) HC The Moot Question: Can a litigant be prejudiced on account …
CBEC renamed as CBIC for GST Implementation

CBEC renamed as CBIC for GST Implementation

March 25, 2017 GST
CBEC renamed as CBIC for GST implementation  FM approves the re-organisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST); CBEC is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after …
Receipt of ITAT order by any CIT triggers limitation period u/s 260A(2)(a). It refers to only designations which include CIT(Judicial) – Delhi High Court

Receipt of ITAT order by any CIT triggers limitation period u/s 260A(2)(a). It refers to only designations which include CIT(Judicial) – Delhi High Court

March 24, 2017 High Courts, Income Tax, Judgments
Receipt of ITAT order by any CIT triggers limitation period u/s 260A(2)(a). In a recent judgment, the Hon’ble Delhi High Court has held that the terms used in the relevant sub-section are the only designations of the officers who could receive a copy of the order. Therefore, in the …

Unclaimed Deposits in Banks and Insurance Companies

March 24, 2017 Press Release
Unclaimed Deposits in Banks and Insurance Companies The details of the unclaimed deposits reported by various banks under Section 26 of Banking Regulation Act (BR Act), 1949 are as follows: As of Unclaimed Deposits (Rs. in crores) 31.12.2013 5124.98 31.12.2014 4998.27 31.12.2015 6835.40 The details of unclaimed amount …