Category: Income Tax
CBDT Clarification regarding Form No 10AC issued till 03.06.2022 for provisional registration/Approval u/s 12AB or 10(23C) CBDT Clarification regarding Form No 10AC issued till 03.06.2022 The Finance Act, 2022 has inserted sub-section (4) in section 12AB of the Income-tax Act, 1961 (the Act) allowing the Principal Commissioner or …
Notice u/s 148 – at this stage what is required is a reason to believe and not to establish fact of escapement of income – Supreme Court upholds High Courts order ABCAUS Case Law CitationABCAUS 3600 (2022) (06) SC Important case law relied referred:Alliance Filaments Ltd. v. The …
Form and manner of filing appeal to the High Court on ruling pronounced or order passed by the Board for Advance Rulings under sub-section (1) of section 245W MINISTRY OF FINANCE(DEPARTMENT OF REVENUE)(CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 31st May, 2022 INCOME-TAX G.S.R. 404(E).—In exercise …
CBDT exempts income of National Biodiversity Authority u/s 10(46) from FY 2022-2023 to 2025-2026 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 58/2022 New Delhi, the 31st May, 2022 S.O. 2501(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax …
Revised Instruction for constitution and functioning of ‘Local Committees to deal with Taxpayers’ Grievances from High-Pitched Scrutiny Assessment CBDT has issued revised instruction for constitution and functioning of ‘Local Committees to deal with Taxpayers’ Grievances from High-Pitched Scrutiny Assessment The Central Board of Direct Taxes (‘CBDT’) had issued …
No deduction/allowance is allowable against unexplained cash credit u/s 68 which is considered as income of the assessee ABCAUS Case Law CitationABCAUS 3599 (2022) (05) ITAT Important case law relied referred:Fakir Mohmed Haji Hasan v. CIT 247 ITR 290 In a recent judgment, the ITAT has held that …
CBDT notifies prescribed ACIT/ DCIT (International Taxation), Circle -1(1)(1), Delhi as prescribed authority u/s 143(2) read with Rule 12E MINISTRY OF FINANCEDepartment of RevenueCentral Board of Direct Taxes(Income-tax) Notification No. 56/2022 New Delhi, the 28th May, 2022 S.O.2432(E).—In exercise of powers conferred under sub-section (2) of section 143 …
Faceless Assessing Officer can not extend time barring date in Income Tax Business Application without statutory order – High Court ABCAUS Case Law CitationABCAUS 3598 (2022) (05) HC In a recent case Hon’ble High Court has held that the act of the Faceless Assessing Officer extending the Time …
CBDT amends laws relating to Faceless Income Tax Penalty Scheme CBDT has notified the Faceless Penalty (Amendment) Scheme, 2022 and made amendments to its Notification No. 3/2021 dated 12.01.2021. CBDT has issued two notifications namely Notification No. 54/2022 and Notification No. 55/2002 dated 27.05.2022Under the amended provisions/rules, the …
No revision u/s 263 simply because AO in order did not make an elaborate discussion – ITAT ABCAUS Case Law CitationABCAUS 3597 (2022) (05) ITAT Important case law relied referred:Malabar Industrial Co. Ltd. 243 ITR 83Gabriel India Ltd 203 ITR 10CIT vs. Anil Kumar reported in 335 ITR …
