Category: Income Tax
Addition made towards opening balance of capital account merely because no return was filed earlier deleted by ITAT ABCAUS Case Law Citation:ABCAUS 3816 (2023) (11) ITAT In the instant case, the assessee had challenged the order passed by the National Faceless Appeal Centre / CIT(A) in inter alia …
Land introduced as capital in partnership firm rightly taxed as capital gain u/s 45(3), no benefit can be given for stock-in-trade ABCAUS Case Law Citation:ABCAUS 3815 (2023) (11) ITAT Important Case Laws relied upon by parties:P. Nageswara Rao vs. Dy. CITIncome Tax Officer vs. Orchid Griha Nirman (P) …
Addition for bogus capital gain in penny stock company deleted as shares were purchased and sold before order of SEBI and investigation report ABCAUS Case Law Citation:ABCAUS 3814 (2023) (11) ITAT Important Case Laws relied upon by parties:Karuna Garg and Others In the instant case, the assessee had …
Non-issuance of the notice u/s 154(3) is a procedural irregularity. ITAT directs AO to issue notice and give opportunity ABCAUS Case Law Citation:ABCAUS 3812 (2023) (10) ITAT Important Case Laws relied upon by parties:Chockalingam & Meyyappan Vs. CIT (1963) 48 ITR 34 In the instant case, the assessee …
Before disallowance of salary u/s 40A(2)(b) Assessing Officer was duty bound to provide an opportunity to the assessee to place on record the requisite evidence. ABCAUS Case Law Citation:ABCAUS 3811 (2023) (10) HC In the instant case, the assessee had challenged the order passed by the ITAT in …
No revision u/s 263 can be done on debatable Issue on applicability of provision of Section 115BBE of the Act to the relevant assessment year – ITAT ABCAUS Case Law Citation:ABCAUS 3810 (2023) (10) (ITAT Important Case Laws relied upon by parties:Balvinder Singh vs. PCITYogesh Kumar vs. PCIT …
CBDT extended due date for filing audit report u/s 10AA by units in SEZs for AY 2023-24 Circular No. 18 of 2023 F. No. 370142/40/2023-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes Dated the 20th October, 2023 Order under section 119 of the Income-tax Act …
CBDT amends rules for furnishing declaration in Form 60 by person not having PAN Under clause (c) of sub section 5 of Section 139A, every person is required to quote such PAN in all documents pertaining to prescribed transactions entered into by him. Rule 114BA provides for quoting …
CBDT clarifies on reporting of person making substantial contribution in Audit Report in Form 10B / 10BB for AY 2023-24. From Assessment Year 2023-24, audit report of charitable institutes is required to filed in Form 10B or Form 10BB. Audit report in the case of a fund or …
CBDT exempts income of District Mineral Foundation Trust u/s 10(46) MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 86/2023 New Delhi, the 4th October, 2023 S.O. 4342(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 …
