Category: Income Tax

Entire income of trust cannot be taxed for violation of Section 12A exemption conditions. Supreme Court dismisses SLP of Department. Denial of exemption u/s 11 should be limited only to amount diverted ABCAUS Case Law CitationABCAUS 3527 (2021) (07) SC Important case law relied referred:CIT vs. Fr. Mullers …

Calcutta High Court stays section 194N for TDS on cash withdrawal from bank In the instant case, the petitioner had challenged the constitutional validity and legality of Section 194N of the Income Tax Act, 1961 which mandates the deduction of tax at source at the rate of 2% …

CBDT grants Patanjali Research Foundation Trust gets approval u/s 35 under the category “Research Association” for Scientific Research for Assessment Years 2022-23 to 2027-28 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 79/2021 New Delhi, the 12th July, 2021 S.O. 2804(E).—In exercise of the powers …

Income of Haryana Building & Other Construction Workers Welfare Board exempted u/s 10(46) for Fee, subscription, cess & interest income for five years from FY 2020-21 to 2024-25 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 78 /2021 New Delhi, the 9th July, 2021   …

No concealment penalty for claiming capital expenditure as revenue when there is no conscious and deliberate attempt by assessee to evade tax. In the instant case, the assessee had challenged the order passed by the CIT(A) confirming penalty u/s 271(1)(c) of the Income Tax Act, 1961 (the Act) …

Penalty u/s 271(1)(c) deleted as quantum addition was reduced significantly from 100% to 20% in respect of bogus purchases. In the instant case, the assessee had challenged the order passed by the CIT(A) confirming penalty u/s 271(1)(c) of the Income Tax Act, 1961 (the Act) imposed by the …

CIT assuming jurisdiction u/s 263 has no power to direct initiating penalty proceedings u/s 271(1)(c) CIT Revision u/s 263 for AO accepting revised return without initiating penalty proceedings u/s 271(1)(c) quashed by ITAT following jurisdictional High Court order In the instant case, the assessee had challenged the revisionary …

Computation of STCGs & WDV u/s 50 where depreciation on goodwill has been obtained CBDT has introduced new Rule for Computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained. The Income tax Amendment (19th Amendment) Rules 2021 …

CIT Revision u/s 263 for failure of AO to convert limited scrutiny into complete scrutiny quashed as no credible material was available In the instant case, the assessee had challenged the revisionary order u/s 263 of the Income Tax Act, 1961 (the Act) passed by the CIT. The …

Retrospective amendment cannot change tax withholding liability with retrospective effect though it changes tax liability in respect of an income with retrospective effect ABCAUS Case Law CitationABCAUS 3521 (2021) (07) ITAT Important case law relied referred:M/s Euro RSCG Worldwide Inc.M/s Virola International   Ashapura Minichem Ltd. vs ADIT 131 …