Category: Income Tax
Notice u/s 148 for cash deposit after preliminary enquiry was valid as assessee was a non-filer and failed to respond ABCAUS Case Law Citation ABCAUS 3397 (2020) (09) ITAT Important case law relied upon by the parties: Vinod Commodities Ltd. Vs. ACIT (2019) 182 DTR 49 (Jodh) Sh. …
Guidelines-Income Tax compulsory selection of returns for Complete Scrutiny during Financial Year 2020-21 & conduct of assessment proceedings Guidelines-Income Tax compulsory Complete Scrutiny FY 2020-21 F.No.225/126/2020/ITA-IIGovernment of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes (ITA-II division) North Block, New Delhi, the 17th September, 2020 …
Revision u/s 263 to exclude issues settled in Vivad se Vishvas Scheme 2020. ITAT directs AO not to consider capital gains from penny stock while passing fresh order ABCAUS Case Law CitationABCAUS 3396 (2020) (09) ITAT Important case law relied upon by the parties:Price Water House vs ACIT …
Separate agreement towards rent of property and hiring charges for equipment and services allowable. Revenue cannot prevent it merely for loss to Revenue. ABCAUS Case Law CitationABCAUS 3395 (2020) (09) ITAT Important case law relied upon by the parties:Ranbaxy laboratories vs. CIT (2011) 336 ITR 136 (del)CIT vs. …
Reassessment made by issue of notice 143(2) before filing of return of income is invalid and not sustainable in the eyes of law ABCAUS Case Law CitationABCAUS 3394 (2020) (09) ITAT Important case law relied upon by the parties:Singhad Technical Society 397 ITR 344.Fast Booking (I) Pvt. Ltd. …
CBDT notifies L&T Infra Debt Fund as Infrastructure Debt Fund u/s 10(47) of the Income Tax Act for assessment year 2018-2019 onwards MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification 74/2020 New Delhi, the 11th September, 2020 S.O.3122(E).—In exercise of the powers conferred by clause (47) …
CBDT transfers officers in grade of PCITs/CCITs for implementing Faceless Assessment Scheme CBDT has transferred/ gave additional charge to 318 PCITs and for implementation of Faceless Assessment Scheme CBDT, as a result of diversion of posts for implementing the recently launched Faceless Assessment Scheme, transferred 164 officers in …
Renovation of residential house allowable exemption u/s 54F as it amounts to construction of a residential house. ABCAUS Case Law CitationABCAUS 3393 (2020) (09) ITAT Important case law relied upon by the parties:CIT Vs. Godavari Devi Saraf (1978) 113 ITR 589 (Bom) In the instant case, the assessee …
Income of District Mineral Foundation Trust made exempt u/s 10(46) of Income-tax Act, 1961 for Assessment years 2020-2021 to 2022-2023 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 73/2020 New Delhi, the 10th September, 2020 S.O.3088(E).—In exercise of the powers conferred by clause (46) of …
Reassessment quashed as void ab-initio for service of notice u/s 148 at wrong address when assessee had communicated changed new address ABCAUS Case Law CitationABCAUS 3392 (2020) (09) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in rejecting the objection raised …
