Category: Income Tax
Arbitration award paid by sale of property not cost of improvement – Supreme Court holds assessment order as erroneous and prejudicial ABCAUS Case Law Citation:ABCAUS 3699 (2023) (04) SC Important Case Laws relied upon by parties:Malabar Industrial Co. Ltd. vs. CIT (2000) 2 SCC 718 (2000) 243 ITR …
Amendment to Section 153C vide Finance Act, 2015 applicable to searches conducted u/s 132 before 01.06.2015 – Supreme Court ABCAUS Case Law Citation:ABCAUS 3698 (2023) (04) SC Important Case Laws relied upon by parties:Pepsico India Holdings Private Limited Vs. Assistant Commissioner of Income Tax, 2014 SCC OnLine Del …
NFAC did not sent notice to email id mentioned in Form 35. ITAT remand case despite CIT(A) had given finding on the merits. ABCAUS Neutral Case Law Citation:ABCAUS 3697 (2023) (04) ITAT Important Case Laws relied upon by parties:N. Balakrishnan vs. M. Krishnamurthy (1998) 7 SSC 123 (SC)New …
NFAC passes copy paste order narrating wrong facts. ITAT deleted addition towards cash deposits u/s 69A ABCAUS Neutral Case Law Citation:ABCAUS 3696 (2023) (04) ITAT Important Case Laws relied upon by parties:Chuharmal Vs CIT (1988) 172 ITR 250Smt. Srilekha Banerjee and others vs CIT 1964 AIR 697Rajendran & …
TDS under New Personal Tax Regime – Employer to seek information from each employee clarifies CBDT F. No.370142/06/2023-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Circular No. 04 of 2023 Dated: 5th April, 2023 Sub: Clarification regarding deduction …
Business Promotion Expenses – It is impossible for assessee to produce all persons with whom company had meetings in hotels – ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the disallowance made by the Assessing Officer (AO) towards travelling …
Consequences of PAN becoming inoperative as per the newly substituted rule 114AAA F. No. 370142/14/2022-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ***** Circular No. 03 of 2023 New Delhi, Dated the 28th March, 2023 Sub.: Consequences of PAN …
Reporting in Clause 16(d) of Form 3CD – No adjustment by CPC for non business income if declared in return separately – ITAT clarifies the provision Reporting income falling under the head other than “business income” under clause 16(d) of Audit Report (Form 3CD) has triggered CPC intimations …
Period of limitation for block assessment u/s 158BC/158BE commences from the date of last Panchnama, not the date of last authorization – SC ABCAUS Neutral Case Law Citation:ABCAUS 3692 (2023) (03) SC Important Case Laws relied upon by parties:C. Ramaiah Reddy v. Assistant Commissioner of Income Tax, (2011)244 …
Forfeiture of advance received on agreement to sale of property is capital receipt not income from other sources ABCAUS Neutral Case Law Citation:ABCAUS 3691 (2023) (03) ITAT Important Case Laws relied upon by parties:Travencore Rubber & Tea Company Ltd. Vs. CIT (2000) 243 ITR 158 (SC)CIT Vs. Meera …
