Category: Income Tax
New Rule 119AA – CBDT prescribes modes of electronic payment for the purpose of section 269SU Finance Act No. 23 of 2019 inserted a new section namely 269SU , w.e.f. 1-11-2019 which provided for acceptance of payment through prescribed electronic modes. As per the said section, every person, …
When cash deposit was fully explained no peak credit addition was required as directed by ITAT while remitting the matter back to Assessing Officer ABCAUS Case Law Citation:ABCAUS 3210 (2019) (12) ITAT The single issue involved in the instant case was confirmation by the CIT(A)of the addition made …
Income Tax appeals pending with CIT(A) for more than 5 years to be disposed off by 31.03.2020 – CBDT In a communication addressed to all Pr. CCITs, CBDT has expressed serious concern over non-disposal of appeals pending for more than 3 years and 5 years with CIT(A). The …
Income tax department not entitled to make application to Court for returning seized property. Sessions Court dismissed Revision Application ABCAUS Case Law Citation:ABCAUS 3209 (2019) (12) AC Important case law relied upon by the parties:Union Bank of India Vrs. Judicial Magistrate 1983 ITRDeputy Director of Income Tax (Investigation) Vrs..State of Gujarat and Anr 319 ITR …
Deadline for submitting response in e-assessment proceedings is 29.12.2019. As per instruction circulated by the Directorate of Income Tax (Systems), the deadline for submitting response in e-assessment proceedings is 29.12.2019. It has been stated that the facility for electronic submission of documents through “e-proceedings” options in income tax …
CBDT appoints 187 IRS officers to the grade of Joint Commissioner of Income Tax (JCIT) on ad-hoc basis CBDT has appointed 187 officers of Indian Revenue Service to the grade of Joint Commissioner of Income Tax (JCIT) purely on ad-hoc basis in Level – 12 in the pay …
Income Tax Department can not recover outstanding dues under MPID Act as it cannot be treated like the claim of investors ABCAUS Case Law Citation:ABCAUS 3208 (2019) (12) AC In the instant case, the Income Tax Department (ITD/Revenue)had filed a Miscellaneous Application before the designated Sessions Court seeking …
Penalty 271B deleted as accountant had to look after business activities due to assessee neurological problem. Hence he failed to coordinate with Auditor’s office ABCAUS Case Law Citation:ABCAUS 3207 (2019) (12) ITAT In the instant case the appeal was filed by the assessee against the order of the …
Extension of time limit for filing of response to notices issued under section 142(1) of the Income-tax Act, 1961 under E-assessment Scheme-2019. CBDT with a view to provide relief to the taxpayers and tax professionals and to facilitate the compliance with respect to e-Assessment proceedings under E-assessment Scheme …
Addition for bogus purchase deleted as AO conducted enquiry u/s 133(6) from the different supplier having name similar to actual creditor ABCAUS Case Law Citation:ABCAUS 3206 (2019) (12) ITAT In the instant case, the appeal was filed by the assessee against the order of CIT(A) on the solitary …