Category: Income Tax
CBDT has exempted 702 startups from angel tax u/s 56(2)(viib) of Income Tax Act. Startups receiving investments from Ventures Capital Fund are exempt from taxation as per provision of Section 56(2)(viib) of Income Tax Act 1961 (Act). Angel Fund is sub category of Ventures Capital Fund under Category-I …
CBDT transfers 385 officers in the grade of Assistant Commissioner/Deputy Commissioner CBDT has ordered the following transfer/postings of the officers in the grade of Assistant Commissioner/Deputy Commissioner of Income Tax with immediate effect. Region No. of Transfers TAMILNADU& PUDUCHERRY 32 KARNATAKA & GOA 9 KERALA 10 ODISHA 1 …
Cash Payments itself not undisclosed income of assessee in the absence of corresponding asset found at the time of search. ITAT deleted penalty u/s 271AAB. ABCAUS Case Law Citation: ABCAUS 3035 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: NTPC vs. CIT 229 ITR 383 …
Not Pre-filling of ITR / TDS data-Taxpayers advised to verify pre-filled data carefully & fill manually if required, use latest ITR Preparation Software Income Tax e-filing portal has cautioned the taxpayers to note the followings in connection with pre-filling of ITRs- Not Pre-filling of ITR / TDS data …
Addition made only on the basis of statement which stood retracted on the next day itself was unjustified. ITAT deleted the addition ABCAUS Case Law Citation: ABCAUS 3034 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: Pullangode Rubber Produce Company Ltd. Vs State of Kerala …
Reassessment order quashed for not supplying reasons recorded for re-opening the assessment u/s 148 in spite of assessee’s written request ABCAUS Case Law Citation: ABCAUS 3033 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT Vs. Dr. T. K. Dayalu (2011) 14 taxmann.com 120 GKN …
Income Tax Department to share assets information of loan defaulters with PSB as per Schedule AL to ITR which contains particulars of assets and corresponding Liabilities F. No.225/148/2019/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block New Delhi, dated 25th June, …
ITAT warns of awarding cost for AO not following guidelines of Supreme Court in GKN Driveshaft where assessee objects to reassessment ABCAUS Case Law Citation: ABCAUS 3032 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: ITO v. Lakhmani Mewal Das 103 ITR 437 (SC) ITO …
Delay in filing electronic appeal due to non updation of mobile no. in aadhar so as to verify the OTP was held as sufficient reasons ABCAUS Case Law Citation:ABCAUS 3031 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties:Collector Land Acquisition Vs. Mst. Katiji & Others, …
Exemption of pension granted to disabled armed forces personnel available to all ranks but not to those retired on superannuation or otherwise CIRCULAR No. 13/ 2019 F. No. 173/250/2019-ITA-1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi the …