Category: Income Tax
No penalty u/s 271E where persons are properly identified and transactions are genuine as there can be no attempt to evade tax – ITAT ABCAUS Case Law Citation:ABCAUS 3318 (2020) (06) ITAT Important case law relied upon by the parties:Industrial Enterprises vs. DCIT 73 ITD 252ADIT vs. Kumari …
155 Assistant Commissioners of Income Tax (Probationers) posted on completion of training at National Academy of Direct Taxes (NADT) The CBDT has given postings to 155 Assistant Commissioners of Income Tax (Probationers) in the level 10 in the pay matrix of Rs. 56100 – 177500/- on successful completion …
Deduction u/s 80-O was rightly denied as assesse worked only as an agent of foreign enterprises – Supreme Court ABCAUS Case Law Citation:ABCAUS 3317 (2020) (06) SC Important case law relied upon by the parties:E.P.W. Da Costa and Ors. v.Union of India: (1980) 121 ITR 751 (Delhi)Capt. K. …
Period of limitation under Rule 68B for sale of attached immovable property-Supreme Court admits SLP due to contrary view of High Courts ABCAUS Case Law Citation:ABCAUS 3316 (2020) (06) SC Important case law relied upon by the parties:M.U. Joshi Vs. Tax Recovery Officer & Ors.Noorudin Vs. Tax Recovery …
CBDT notifies Income Tax Returns (ITRs) Forms for AY 2020-21. Download Notification CBDT notifies ITRs for AY 2020-21 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 31/2020 New Delhi, the 29th May, 2020 INCOME-TAX G.S.R. 338(E).—In exercise of the powers conferred by section 139 read …
Expenditure for earning interest income allowed u/s 57(ii) as nexus between loan taken and amount invested in FDR not was doubted ABCAUS Case Law Citation:ABCAUS 3315 (2020) (05) ITAT Important case law relied upon by the parties:CIT Vs. RajendraPrasad Moody, 115 ITR 519 (SC) astern Investments Ltd. v. …
CBDT notifies Form of Annual Information Statement u/s 285BB by inserting rule 114-I. This will replace the existing Form 26AS of TDS/TCS The Finance Act 2020, in order to extend the scope of Form 26AS beyond the information about tax deducted, inserted a new section 285BB regarding Annual …
CBDT amends Rule 10V for grant of exemption to eligible funds from business connections in India. CA report to be filed in Form 3CEJA u/s 9A MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 29/2020 New Delhi, the 27th May, 2020 …
Raising additional grounds orally under Rule 27 of ITAT Rules upheld. High Court explains the scope of Rule 27 under ABCAUS Case Law Citation:ABCAUS 3314 (2020) (05) HC Important case law relied upon by the parties:Commissioner of Income Tax v Divine Infracon Pvt. Ltd,Commissioner of Income Tax vs. …
Provisional attachment of property purchased prior to Benami Transaction (Prohibition) Amendment Act, 2016 upheld by High Court ABCAUS Case Law Citation:ABCAUS 3313 (2020) (05) HC Important case law relied upon by the parties:R Rajgopal Reddy vs. Padmini Chandrasekharran (1995) 2 SCC 630Mangathai Ammal (Died) through L.Rs. and Others …