Category: Income Tax
Penalty u/s 271(1)(c) upheld despite notice without striking off the not applicable charge as in penalty order AO specified the applicable limb ABACUS Case Law CitationABCAUS 3359 (2020) (08) ITAT Important case law relied upon by the parties:Shweta Construction Company Pvt. Ltd. vs. ITO,B. D. Mundra & Sons, …
Education cess & Secondary and Higher Education Cess are allowable deduction while computing income chargeable under the head of profits and gains of business or profession ABACUS Case Law CitationABCAUS 3358 (2020) (08) ITAT Important case law relied upon by the parties:Sesa Goa Ltd. vs. JCIT 117 taxmann.com …
Mutual Agreement Procedure (MAP) Guidance notes released by CBDT Mutual Agreement Procedure (MAP) The Double Taxation Avoidance Agreements (DTAAs or Tax Treaties) provide rules and mechanisms for allocation of taxing rights amongst the treaty partners; avoidance of economic and juridical double taxation; and resolution of taxation not in …
CBDT transfers 13 officers in the grade of CCIT/DGIT. Additional charge given to 17 Officers CBDT has made 13 transfer/postings in the grade of Chief Commissioner of Income Tax/Director General of Income Tax. Also, additional charge of CCIT / DGIT has been given to 17 officers. Download CBDT …
Promotion and Transfer Postings in the grade of PrCCIT / Pr. DGIT – CBDT Order F. No. A-22011/3/2020-Ad-VIGovernment of India Ministry of FinanceDepartment of RevenueCentral Board of Direct Taxes North Block , New Delhi -110 00lDated : 07.08.2020 Office Order No . 143 of 2020 On promotion, the transfer/postings …
Exemption u/s 54F for investment in name of wife allowed when non-jurisdictional High Courts had different opinions and no decision was from jurisdictional HC ABACUS Case Law CitationABCAUS 3357 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Podar Cement (P.) Ltd. 226 ITR 625(SC)Mysore …
Percentage of cases selected for Income Tax scrutiny has reduced drastically over the years Income Tax Department is changing-from just enforcement to facilitating better taxpayer services. As per data released by the Finance Ministry, number of cases selected for scrutiny has reduced drastically over the years. The average …
Deeming provision of section 68 not apply if no sum is received in terms of any money, i.e., in cash or cheque. credit worthiness not required to be examined in such case In the given case, the Income Tax Department had challenged the judgment of the Hon’ble High …
All Faceless e-Assessments are expected to be completed by mid-September 2020 – MoF As per the press release issued today by of Ministry of Finance, the Income Tax Department is hoping to complete all Faceless e-Assessments by mid-September 2020. The scheme of Faceless Assessment was announced by the …
Treating expenses bogus without appreciating replies received u/s 133(6) unfair. AO always expected to examine replies of the recipients of such expenditure. ABACUS Case Law CitationABCAUS 3355 (2020) (08) HC In the instant case, the assessee had filed the Writ Petition under articles 226 and 227 of the …
