Category: Income Tax
Tax Audit provisions do not apply to items of other income shown in Profit & Loss Account when business turnover is Nil – ITAT ABCAUS Case Law Citation:ABCAUS 3761 (2023) (06) ITAT Important Case Laws relied upon:Bajrang Oil Mills vs. ITO, 295 ITR 314Ghai Construction vs. State of …
Appeal lies with CIT(A) against non-grant of TDS credit by CPC Intimation u/s 143(1) of the Act. ABCAUS Case Law Citation:ABCAUS 3760 (2023) (06) ITAT Important Case Laws relied upon:Deere & Company138 taxmann.com 46 In the instant case, the assessee had challenged the order passed by the CIT(A) …
CBDT revises Monetary limits for Condonation of delay in filing refund claim & c/f of losses under Section 119(2)(b) Circular No. 07 of 2023 F. No. 312/63/2023-OTGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, dated 31st May, 2023 Subject: Condonation of delay in …
Full year depreciation on vehicle can not be denied on the ground that registration was done later as assessee had vehicle in its possession. ABCAUS Case Law Citation:ABCAUS 3759 (2023) (06) ITAT Important Case Laws relied upon:National Thermal Power Corporation Ltd. vs. Commissioner of Income-tax (2012) 28 taxmann.com …
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 …
