Category: Income Tax
CBDT notifies Canada Pension Plan Investment Board for exemption u/s 10(23FE) MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 22nd April, 2021 (INCOME-TAX) S.O. 1672(E).—In exercise of powers conferred by sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section …
CBDT prescribes format, Procedure & Guidelines for submission of Statement of Financial Transactions (SFT) for Dividend income & Interest income Section 285BA of the Income Tax Act, 1961 and Rule 114E requires specified reporting persons to furnish statement of financial transaction (SFT). Earlier CBDT, for the purposes of …
Addition for reconciliation difference in the closing balance of debtor as per books of account of the assessee and that of the debtor deleted by ITAT ABCAUS Case Law CitationABCAUS 3491 (2021) (04) ITAT Addition for reconciliation difference in the closing balance of debtor In the instant case, …
Addition u/s 68 for cash deposit prior to issue of cheque by lender deleted as deposit was out of cash withdrawn earlier ABCAUS Case Law CitationABCAUS 3490 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition u/s …
CBDT notifies sovereign wealth fund (Norfund) Govt. of Norway as specified person for exemption u/s 10(23FE) MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 33/2021 New Delhi, the 19th April 2021 (INCOME-TAX) S.O.1661(E).—In exercise of the powers conferred by sub-clause (vi) of …
Consideration received on Family Settlement chargeable to capital gain tax in absence of ‘preexisting right’ in property. SLP dismissed by SC ABCAUS Case Law CitationABCAUS 3487 (2021) (04) SC Important case law relied referred:Commissioner of Income-tax, Mumbai vs. Schin P. AmbulkarKale and others vs. Deputy Director of Consolidation …
CBDT amends conditions to be satisfied by the pension fund for claiming exemption u/s 10(23FE), amends Form 10BBA for making application for notification MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 32/2021 New Delhi, the 15th April, 2021 INCOME-TAX G.S.R. 274(E).—In exercise of …
Revision u/s 263 on issues not covered under limited scrutiny quashed as AO could not had gone into other issues ABCAUS Case Law CitationABCAUS 3483 (2021) (04) ITAT Important case law relied referred:Sanjib Kumar KhemkaM/s Chengmari Tea Co. Ltd. In the instant case, the assessee had challenged the …
CBDT Circular though meant for non-seizure of jewellery takes into account quantity of jewellery generally held by family members of a Hindu Family ABCAUS Case Law CitationABCAUS 3482 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the …
No automatic vacation of stay granted by ITAT beyond 365 days when delay in disposing appeal not attributable to assessee. Supreme Court upheld struck down of third proviso of Section 254(2A) as constitutionally invalid ABCAUS Case Law CitationABCAUS 3480 (2021) (04) SC Important case law relied referred:Income Tax …
