Category: Income Tax
Disallowance u/s 40A(3) for cash expenditure incurred in Foreign Country upheld. The Expression “rupee” in section 40A(3) means expenditure incurred in rupee terms ABCAUS Case Law CitationABCAUS 3389 (2020) (09) ITAT Important case law relied upon by the parties:Vodafone India Services Pvt. Ltd. v/s Union of India & …
CIT need not to given separate reasons for his satisfaction in giving approval u/s 151 for reopening of assessment if reasons recorded by AO have a direct nexus with the information and formation of belief of income escapement. ABCAUS Case Law CitationABCAUS 3388 (2020) (09) ITAT Important case …
Can Income Tax Authorities be held in contempt of Court in not following their judgments cited before them by the Assessee ABACUS Case Law CitationABCAUS 3387 (2020) (09) HC Important case law relied upon by the parties:Parents Association of Students Vs. M.A. Khan and another, 2009 (2) SCC …
Mere surplus from exhibition not trade commerce or business activities u/s 2(15) making it non-charitable ABACUS Case Law CitationABCAUS 3386 (2020) (09) ITAT Important case law relied upon by the parties:Society of Indian Automobile Manufacturers vs. Income Tax Officer, (2016) 71 taxmann.com 138Assistant Commissioner of Income Tax vs. …
Taking a view should be backed by reasons in the order itself with evidences and independent enquiry. ITAT upheld revision order passed u/s 263 ABACUS Case Law CitationABCAUS 3385 (2020) (09) ITAT Important case law relied upon by the parties:Rampyari Devi Sarogi vs CIT (1968) 67 ITR 84 …
ITR 1 2 3 4 5 & 7 offline excel and java utilities for AY 2020-21 available for e-Filing. ITR 7 to be available shortly ITR offline utilities for AY 2020-21 available for e-Filing Utilities updated for calculations of 234B, 234C, 234A and as per the notification 35/2020 …
challenging service of notice u/s 143(2) is barred by operation of section 292BB as held by Hon’ble Supreme Court ABACUS Case Law CitationABCAUS 3384 (2020) (09) ITAT Important case law relied upon by the parties:CIT Vs. Laxman Das Khandelwal, 108 taxmann.com 183 (SC) In the instant case, the …
Income Tax Department carries out searches in Srinagar and Kupwara Income Tax raids Srinagar Kupwara The Income Tax Department has carried out simultaneous search and seizure operations on 2nd September, 2020 in the case of three prominent businessmen in Srinagar and Kupwara. These operations have, prima facie, led …
CBDT provides ITR Filing Compliance Check Functionality for Scheduled Commercial Banks Now banks can check whether assessee has filed ITR or not Central Board of Direct Taxes in exercise of powers conferred under section 138(1)(a) of Income Tax Act, 1961, has issued Order in F.No. 225/136/2020/ITA.II dated 31.08.2020, …
When quantum additions deleted, penalty u/s 271(1)(b) not leviable for failure to comply with notices u/s 142(1). At best it could be technical & venial default on part of assessee ABACUS Case Law CitationABCAUS 3383 (2020) (09) ITAT Important case law relied upon by the parties:CIT vs. Kabul …
