Category: Income Tax
There is no deeming fiction u/s 28(va) to tax amount on receipt basis where sum accrued earlier following mercantile system of accounting ABCAUS Case Law Citation: ABCAUS 2918 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties The Morvi Industries Pvt. Ltd. v. CIT (82 ITR …
Exemption to Rolls Royce Defense Services, Inc. Income not be included in computing the total income of the said foreign company – CBDT Notification MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 39/2019 New Delhi, the 10th May, 2019 INCOME TAX S.O. 1721(E).—In …
Payment of house rent to wife residing with assessee in the same house is a colourable devise to avoid legitimate payment of the taxes – ITAT ABCAUS Case Law Citation: ABCAUS 2917 (2019) (05) ITAT The assessee was an individual and deriving income from salary. He filed the …
Reopneing-AO had to act on the basis of reasons to believe and not on reasons to suspect. ITAT quashed the reopening of the assessment. ABCAUS Case Law Citation: ABCAUS 2916 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties Aas per AIR information, assessee had sold …
Non doctor running a hospital is not a professional for tax audit turnover limit purpose, but it is a business activity – ITAT deletes penalty u/s 271B ABCAUS Case Law Citation: ABCAUS 2914 (2019) (05) ITAT The appeal was filed by the assessee against the order of CIT(A) …
CBDT extend tenure of Chairman and members of the National Committee for Promotion of Social and Economic Welfare for a further six months till 30.09.2019. MINISTRY OF FINANCE(Department of Revenue) NOTIFICATION New Delhi, the 8th May, 2019 S.O. 1706 (E).—Whereas in exercise of the powers conferred by section …
Unaccounted tax liabilities to be deducted from reserves for levy of deemed dividend u/s 2(22)(e). AO should consider the liability while considering the status of the accumulated profit of the assessee ABCAUS Case Law Citation: ABCAUS 2911 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties …
No Penalty u/s 271(1)(c) without addition-Quantification of penalty depended upon addition made to the income of the assessee – ITAT ABCAUS Case Law Citation:ABCAUS 2910 (2019) (05) ITAT The assessee was in appeal before the Tribunal against the order of the CIT(A) in confirming the penalty imposed by …
CBDT shares e-filed ITRs statistics for last 8 years to justify that there is no decline though there is visible negative growth of -0.99% CBDT has made available comparative Income Tax Return e-filing statistics to strengthen its claim that there is no decline in the number of e-filed …
Procedure, format / standards for issue of certificate for TDS on salary in Part B of Form No. 16 through TRACES after amendment. Part B of Form-16 to be issued/downloaded from TRACES Portal Government of India Ministry of FinanceCentral Board of Direct Taxes Directorate of Income-tax (Systems) New …