Category: Income Tax
CBDT extends date for investment/construction/purchase claiming for capital gain exemption u/s 54 to 54GB . F. No. 225/49/2021-ITA-IIGovernment of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ••••• Circular No. 1 of 2023 New Delhi, dated 06 January, 2023 Subject: Extension …
Revision u/s 263 to make additions substantively instead of protectively not sustainable – ITAT ABCAUS Case Law Citation ABCAUS 3631 (2023) (01) ITAT In the instant case, the assessment was framed pursuant to search action u/s 132. The Assessing Officer (AO) made additions on protective basis in the …
Applicability of interest tax on interest component in hire-purchase agreement. Supreme Court set asides the addition and upheld fact findings of ITAT ABCAUS Case Law Citation ABCAUS 3630 (2023) (01) Important Case Laws relied upon:The Commissioner of Income Tax v. M/s Muthoot Leasing & Finance LimitedSundaram Finance Limited …
Disallowance u/s 40A(3) for Cash Payments out of Business expediency deleted by ITAT following Supreme Court judgment ABCAUS Case Law CitationABCAUS 3629 (2023) (01) Important Case Laws relied upon:Attar Singh Gurumukh Singh vs. ITO Ludhiana 1991 AIR 2109 (SC) In the instant case, the assessee had challenged the …
CBDT clarifies applicability of Section 269ST in respect of dealership/distributorship contract in case of Co-operative Societies Circular No. 25/2022 F. No. 225/129/2022/ITA-II Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ••••• New Delhi, Dated 30th December, 2022 Subject: Clarification for …
High Court jails Deputy Commissioner of Income Tax in contempt case to send down a correct signal to Income Tax Department ABCAUS Case Law Citation ABCAUS 3628 (2023) (01) HC Important Case Laws relied upon:Sebastian M. Hongray Vs. Union of India; (1984) 3 SCC 82.T.N. Godavarman Thirumulpad (102) …
IT support services do not satisfy make available test under India-UK DTAA ABCAUS Case Law CitationABCAUS 3627 (2022) (12) ITAT Important Case Laws relied upon:CIT Vs. Guy Carpenter & Co. Ltd 254 CTR 243H.J. Heinz CompanyDe Beers India Minerals Limited 346 ITR 467Mitsubishi Electric India Ltd ITA No. …
For typographical error assessee has to invoke Section 154 not Appellate Jurisdiction to rectify mistakes committed during assessment proceedings – ITAT ABCAUS Case Law CitationABCAUS 3626 (2022) (12) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in sustaining the additions. The …
Relinquishing ESOP right accrued are taxable as capital gains not profits in lieu of salary u/s 17(3)(iii) – ITAT ABCAUS Case Law Citation ABCAUS 3625 (2022) (12) ITAT Important Case Laws relied upon:CIT vs. Sarangpur Cotton Manufacturing Co. Ltd., 6 ITR 36CIT vs. A. Krishnaswami Mudaliar & Ors. …
CBDT releases list of Exempt Institutions Registered with Unique Registration Number – Order in Form 10AC CBDT vide notification No. 19/2021 dated 26.03.2021 revised the procedure for registration of charitable trusts All trusts/charitable institutes were required to make a fresh application for provisional registration in Form No. 10A …
