Category: Income Tax
CBDT issues FAQs / Guidelines clarifying provisions of TDS u/s194BA on winnings from online games – Read Circular The Finance Act 2023 inserted a new section 194BA in the Income-tax Act, 1961 (the Act) with effect from 1st April 2023. The new section mandates …
Exemption u/s 54B denied for investment in agricultural land made in the name of wife. ITAT followed decision of jurisdictional High Court ABCAUS Case Law Citation:ABCAUS 3748 (2023) (05) ITAT Important Case Laws relied uponCIT vs Dinesh Verma 60 taxmann.com 461 (P&H)Commissioner of Income Tax Vs Vegetable Products …
Income Tax relief u/s 90 for tax paid in a foreign country can not be denied for mere delay in filing Form No. 67 as the provision not mandatory but directory- ITAT ABCAUS Case Law Citation:ABCAUS 3747 (2023) (05) ITAT Important Case Laws relied upon:Hertz Software India (P.) …
CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for issue of shares within the ambit of section 56(2)(viib) of the Income-tax Act, …
Merely because assessee accepted disallowance made by Assessing Officer, it cannot automatically lead to conclusion that assessee under reported income under Section 270A – ITAT ABCAUS Case Law Citation:ABCAUS 3746 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in …
Disallowance u/s 50C can not be made by CPC by adjustment u/s 143(1) as it infringes statutory right of objection provided in section 50C – ITAT ABCAUS Case Law Citation:ABCAUS 3745 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …
There is no provision in the Income Tax Act to tax the difference between value of jewellery declared and jewellery found in search as deemed sale ABCAUS Case Law Citation:ABCAUS 3744 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …
Deduction u/s 35(2AB) allowed as Form 3CL was issued late by the competent authority . Form 3CL issued by competent authority can not be ignored – ITAT ABCAUS Case Law Citation:ABCAUS 3743 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the …
FAQ on applicable TCS rates subsequent to Spending on International Credit Card on foreign trip expenses brought under FEMA Rules Finance Ministry issue Frequently Asked Questions (FAQs) on Tax Collection at Source (TCS) on foreign remittance through the Liberalised Remittance Scheme (LRS) subsequent to The e-Gazette notification dated …
Bitumen not valuable article u/s 69A as it requires ownership in large quantity to treat it valuable – Supreme Court ABCAUS Case Law Citation:ABCAUS 3742 (2023) (05) SC Important Case Laws relied upon:Dhirajlal Haridas v. Commissioner of Income TaxCommissioner of Income Tax v. Amrit lal ChunilalKotak Mahindra Bank …
