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Deduction 33AB first allowed from composite income before apportionment under Rule 8(1) between agricultural non-agricultural

Deduction 33AB first allowed from composite income before apportionment under Rule 8(1) between agricultural non-agricultural The deduction u/s 33AB of the Income Tax Act, 1961 shall be allowed from the total composite income derived from growing and manufacturing tea and only after such deduction is made, Rule 8(1) shall be …

CIT Appeals order passed ex parte without giving another opportunity or mentioning reasons for additions sustained is bad

CIT Appeals order passed ex parte without giving another opportunity or mentioning reasons for additions sustained is bad INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘A’, KOLKATA ITA No. 766/Kol/2013 : Asstt. Year : 2009-2010 Asish Ranjan Chowdhury (APPELLANT)  vs. I.T.O. (RESPONDENT) Date of Order: 11/03/2016 ORDER Per Shri S.S.Viswanethra Ravi, J.M. …

CBDT Revised Guidelines for Implementation of Transfer Pricing Provisions Instruction No. 03/2016

CBDT Revised Guidelines for Implementation of Transfer Pricing Provisions Instruction No. 03/2016 Instruction No. 3/2016 F. No. 500/9/2015-APA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesForeign Tax and Tax Research Division-IAPA-II Section New Delhi, dated 10th March, 2016 Subject:  Guidelines for Implementation of Transfer Pricing Provisions-Replacement …

Verification of Genuineness of Agricultural Income of more than Rs. 1 crores shown in ITR filed for AY 2007-08 to 2015-16

Verification of Genuineness of Agricultural Income of more than Rs. 1 crores shown in the Income Tax Return filed by the assesses for AY 2007-08 to 2015-16 Central Board of Direct TaxesF. No. DGIT(S)/DIT(S)-3/AST/PIL/2015-16 Dated: 10/03/2016 Verification of Genuineness of Agricultural Income shown in the Income Tax Return …

CIT Revision u/s 263 unjustified that income surrendered u/s 133A to be taxed separately u/s 69A not as business income

CIT Revision u/s 263 unjustified alleging wiping out income surrendered u/s 133A treating it business income and not separately u/s 69A INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR I.T.A No. 203(Asr)/2014 Assessment Year: 2009-10 M/s Superfine Agro Industries (Appellant) vs. Income Tax Officer (Respondent) Date of Order: 10/03/2016 ORDER PER T. …

Revision u/s 263 not justified in case of best judgment assessment u/s 144 for non co-operation by assessee

Revision u/s 263 not justified in case of best judgment assessment u/s 144 for non co-operation by assessee INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR I.T.A No. 220(Asr)/2015 Assessment Year: 2010-11 M/s Sutlej Wine Enterprises (Appellant) vs. PrCIT (Respondent) Date of Order: 10/03/2016 ORDER PER T. S. KAPOOR (AM): …