Category: Income Tax

Government extends certain timelines under Income Tax Act in view of Covid-19 pandemic As per Press Release issued by the Finance Ministry on 24th April, 2021, in view of the severe Covid-19 pandemic raging unabated across the country, extended certain timelines under Income Tax Act. Various taxpayers, consultants …

Section 115BBC is silent unlike section 68 which casts obligation on assessee to explain amount credited to the satisfaction of Assessing Officer. ABCAUS Case Law CitationABCAUS 3495 (2021) (04) ITAT Important case law relied referred:CIT vs. Shree Shiv Vankeshwar Educational & Social Welfare TrustITO (Exemption) vs.  Shri Narain …

CIT Revision u/s 263 order not mentioning twin conditions of being erroneous and prejudicial to the interest of revenue quashed ABCAUS Case Law CitationABCAUS 3494 (2021) (04) ITAT Important case law relied referred:Malabar Industrial Co. vs. CIT 243 ITR 83 (SC)CIT vs. Max India Ltd. (2007) 295 ITR …

Reduction in Gross/Net Profit rate not ipso facto a ground for making disallowance of expense but a triggering point for verification of expenses claimed. ABCAUS Case Law CitationABCAUS 3493 (2021) (04) ITAT Important case law relied referred:ITO vs. Dr. Mahendra Kumar Agarwal In the instant case, the assessee …

Opening balance of loan creditor brought forward from preceding year cannot be treated as unexplained cash credit or bogus credit ABCAUS Case Law CitationABCAUS 3492 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming an addition on account …

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 …