Category: Income Tax
No penalty can be imposed u/s 271(1)(c) on preponderance of probabilities and Revenue has to prove that claim of expenses was not genuine or was inflated to reduce its tax liability ABCAUS Case Law Citation:ABCAUS 3157 (2019) (09) ITAT Important case law relied upon by the parties:Hindustan Steel …
Guidelines for conduct of assessment proceedings through ‘E-Proceeding’ facility during FY 2019-20. Exceptions, personal attendance and hearings Circular No. 27/2019 Government of India Ministry of FinanceDepartment of Revenue (CBDT) New Delhi, the 26th of September, 2019 Subject: Conduct of assessment proceedings through ‘E-Proceeding’ facility during financial year 2019-20-regd. …
Further Extension of timeline for completing assessments in Operation Clean Money cases where no return filed in response to notice u/s.142(1) and assessment has to be completed u/s 144 CBDT earlier extended the time-line for completion of assessments u/s 144 of the Act in OCM cases where no …
CBDT FAQs on ITR filing-Shareholding Schedule SH-1, Assets & Liabilities (AL) , Tax at MMR in ITR-5 and Corpus donation in ITR-7 etc. Circular 26/2019 CBDT FAQs on ITR filing Circular No. 26 of 2019 F. No. 370142/1/2019-TPL (Pt.-1)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct …
Even in best judgment assessment, AO is required to look into surrounding circumstances, nature of expenditure claimed by other assessees in similar line of business ABCAUS Case Law Citation:ABCAUS 3156 (2019) (09) ITAT Even best judgment assessment AO required look into surrounding circumstances In the instant case, appeal …
Penalty 271(1)(c) deleted as employee was misguided by employer cooperative bank that interest income was exempt ABCAUS Case Law Citation:ABCAUS 3155 (2019) (09) ITAT Important case law relied upon by the parties:Badshah Parshad Vs. CIT, 127 ITA 601 (Patna)Rave Entertainment P.Ltd. Vs. CIT, 376 ITR 544 (All)Garden Silk …
CBDT specifies Income Tax authorities to perform, concurrently, powers and functions of the AO, to facilitate Centralised E-assessment proceedings MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 72/2019 New Delhi, the 23rd September, 2019 (Income-tax) S.O. 3435(E).—In pursuance of the powers conferred by sub-sections (1), …
CBDT directions for handling startups grievances and addressing tax related issues CBDT directions for handling startups grievances In August 2019, a Startup Cell had been created at the CBDT level for handling redressal of grievances of Startups and addressing its tax related issues. In furtherance of the above, …
An order passed in ignorance of binding precedents is erroneous. ITAT deleted penalty u/s 271(1)(c) when in subsequent year it was deleted on similar facts ABCAUS Case Law Citation:ABCAUS 3153 (2019) (09) ITAT Important case law relied upon by the parties:CIT vs. Reliance Petro Products Pvt Ltd (322 …
TDS payable as at year end is allowable expenditure in cash basis of accounting. it can not be said that the above sum had not been paid by the assessee ABCAUS Case Law Citation:ABCAUS 3152 (2019) (09) ITAT In the instant case, an appeal was filed by the …