Category: Income Tax
CBDT further defers GAAR & GST reporting in Tax Audit Report Form-3CD till 31.03.2021 GAAR & GST reporting in Tax Audit Report deferred till 31.03.2021 Circular No. 10 of 2020 F. No. 370142/9/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes …
CBDT debunks suggestions by IRS officers on tackling COVID-19 situation, calls it a violation of Conduct Rules and initiates inquiry A report/Paper was circulating in the social media in the name of FORCE (Fiscal Options and Response to COVID-19) Epidemic). Purportedly it has been issued by the Indian …
Doctrine of mutuality was vitiated by absence of right to participate in surplus. Supreme Court explains three basic tests to be followed ABCAUS Case Law Citation:ABCAUS 3301 (2020) (04) SC Important case law relied upon by the parties:Commissioner of Income Tax, Bihar vs. Bankipur Club Ltd.Bangalore Club v. …
Quantum addition for unexplained cash credits u/s 68 quashed by the Supreme Court based on the findings of penalty proceedings ABCAUS Case Law Citation:ABCAUS 3300 (2020) (04) SC Important case law relied upon by the parties:Maddi Sudarsanam Oil Mills Co. v. Commissioner of IncomeTax,Commissioner of Income Tax v. …
CBDT revises 55 Frequently Asked Questions (FAQs) on Vivad se Vishwas Scheme. CBDT revises 55 FAQs on Vivad se Vishwas Scheme During the Union Budget, 2020 presentation, the ‘Vivad se Yishwas‘ Scheme was announced to provide for dispute resolution in respect of pending income tax litigation. Pursuant to …
CBDT revising ITR forms to enable benefits of various timeline extension given due to Covid-19 Finance Ministry Press Release CBDT revising return forms to enable taxpayers avail benefits of timeline extension due to Covid-19 In order to enable income taxpayers to avail full benefits of various timeline extensions …
No Penalty u/s 271(1)(c) merely due to quantum addition without making fresh verification during penalty proceedings ABCAUS Case Law Citation:ABCAUS 3299 (2020) (04) ITAT Important case law relied upon by the parties:National Textiles Vs. CIT 249 ITR 125. The issue involved in this case was related to penalty …
No Penalty u/s 271(1)(c) on cancellation of automatic deduction u/s 24(a) on wrong classification of income under house property than other sources ABCAUS Case Law Citation:ABCAUS 3298 (2020) (04) ITAT Important case law relied upon by the parties:CIT vs. Reliance Petroproducts (P) Ltd. 322 ITR 158CIT vs. Sambhav …
Expenses incurred during lull business period can not be denied to assessee when he was not able to generate any income. ABCAUS Case Law Citation:ABCAUS 3297 (2020) (04) ITAT In this case appeals had been filed at the instance of the Assessee against the separate orders of the …
CBDT Clarification on short deduction of TDS/TCS due to increase in rates of surcharge by Finance No.2 Act, 2019. when assessee not to be treated in default Circular No. 8/2020 F. No. 370133/5/2020-TPLGovernment of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes(TPL Division)***** Room No. …