Category: Income Tax
No provision exists for disallowance of expenditure in the interest of Revenue and to avoid the leakage of revenue – ITAT ABCAUS Case Law CitationABCAUS 3428 (2020) (12) In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition made by …
CBDT issues 34 new FAQs on Vivad se Vishwas Act. Read Circular no. 21 of 2020 CBDT 34 new FAQs on Vivad se Vishwas The Direct Tax Vivad se Vishwas Act, 2020 (Vivad se Vishwas Scheme) was enacted on 17th March, 2020. The provisions of Vivad se Vishwas …
CBDT Circular on deduction of Tax ( TDS ) on Salaries u/s 192 of the Income Tax Act, 1961 during FY 2020-21 CBDT has issued circular no. 20/2020 specifying guidelines for TDS on Salaries for the Financial Year 2019-20. CBDT Circular – TDS on Salaries during FY 2020-21 …
Non striking of applicable limb of penalty clause u/s 271(1)(c) in notice-Supreme Court dismisses SLP of the Income Tax Department ABCAUS Case Law CitationABCAUS 3426 (2020) (11) Important case law relied upon by the parties:Commissioner of Income Tax v/s Shri Samson PerincheryPrincipal Commissioner of Income Tax v/s New …
Prosecution proceedings under Income Tax to be clubbed for different complaint cases on same material, evidence, documents and allegations ABCAUS Case Law CitationABCAUS 3425 (2020) (11) HC Important case law relied upon by the parties:Chandni Srivastava vs. CBI & OrsMohan Baitha vs. State of Bihar AIR 2001 SC …
CBDT to validate Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website mandatory for every kind of …
Cash deposits out of sale of opening stock not unexplained income. High Court upheld ITAT order which followed rule of consistency ABCAUS Case Law CitationABCAUS 3424 (2020) (11) HC In the instant case, the Revenue had challenged the order passed by the ITAT in deleting the addition on …
Reopening notice u/s 148 on wrong presumption that assessee not filed return of income quashed by Tribunal as non application of mind ABCAUS Case Law CitationABCAUS 3423 (2020) (11) ITAT Important case law relied upon by the parties:Pr. CIT vs. RMG Polyvinyl (2017) 83 taxmann.com 348 (Delhi)/ 396 …
CBDT makes 643 transfers / posting in the grade of Commissioner of Income Tax (CIT) Due to the implementation of the Faceless Assessment Scheme, the posts of Commissioner of Income Tax (Appeals) have been diverted to the newly created National Appellate Faceless Centre (NAFC) Delhi and four Regional …
Income Tax Relief to home buyers from deeming fiction u/s 43CA and 56(2)(x). Difference limit between circle rate & purchase price increased to 20 per cent Section 43CA of the Income Tax Act, 1961 (the Act) lays down special provision for full value of consideration for transfer of …
