Category: Income Tax
Sale of client relationship and goodwill by CA firm was of capital asset u/s 2(14) chargeable to tax under the head capital gain and deduction u/s 54EC was allowable – ITAT ABCAUS Case Law Citation: ABCAUS 2867 (2019) (04) ITAT The appellant assessee was a partnership firm carrying …
Capital introduced by partner can not be taxed in firms hand as undisclosed income. It could be added in the hands of partners only – ITAT ABCAUS Case Law Citation: ABCAUS 2866 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties India Rice Mills vs. CIT …
DVO reference u/s 55A invalid where value was more than FMV as on April 1, 1981 as per approved valuer’s report submitted by assessee ABCAUS Case Law Citation:ABCAUS 2865 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties Commissioner of Income Tax (Appeals) vs Hotel Joshi …
No concealment penalty for bonafide error of chartered accountant in claiming wrong deduction u/s 80IC by choosing incorrect initial assessment year ABCAUS Case Law Citation: ABCAUS 2864 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties Price Water Coopers reported in 348 ITR 306 Zoom Communication …
There is no concept of pre bargaining under Income Tax Act – ITAT dismisses delayed quantum appeal filed after initiation of penalty proceedings ABCAUS Case Law Citation: ABCAUS 2863 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties Collector, Land Acquisition v. Mst. Katiji 167 ITR …
CBI arrested two Income Tax Officers in a bribery case of Rs. 14 lakh The Central Bureau of Investigation (CBI) has arrested two Income Tax Officers (ITOs) posted in Ward 7(1)(4) and Ward 7(1)(3) at Koramangala, Bangalore in a bribery case of Rs. 14 lakh. A case was …
CBDT has notified the income tax return formats for AY 2019-20. The Income-tax (Second Amendment) Rules, 2019 have been issued notifying the new formats of ITRs for AY 2019-20 By Notification No. 32/2019, many changes have been made in various ITRs. Notable changes are as under: Directorship in …
High Court imposes penalty of Rs. 50,000/ on Income Tax Department for harassment of assessee in illegally attaching bank account and denying stay of demand ABCAUS Case Law Citation:ABCAUS 2862 (2019) (04) HC Important Case Laws Cited/relied upon by the parties KEC International Ltd. Vs. B.R. Balkrishnan, 251 ITR 158MMRDA Vs. Deputy DIT (Exemption) (2015) 230 Taxman 178 In the instant case, …
Indian Advance Pricing Agreement regime moves forward with signing of 18 APAs in March 2019 Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 3rd April, 2019 PRESS RELEASE Indian Advance Pricing Agreement regime moves forward with signing of 18 APAs by CBDT in …
Sale of land made by partnership firm can not be added in partner’s hand. Assessment has to be done in the right hands ABCAUS Case Law Citation: ABCAUS 2861 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties ITO Vs. Ch. Atchaiah reported at 218 ITR …