Category: Income Tax

Capital gain to be computed first applying exemption and then provisions for set off of capital loss ABACUS Case Law CitationABCAUS 3369 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs Vijay M. Mahtaney 35 taxmann.com 228 (Mad) In the instant case, the assessee had …

Income Tax Department conducts searches in Bhopal Government of India Department of Revenue Ministry of Finance Central Board of Direct Taxes   New Delhi, 21st August, 2020 Income Tax Department conducts searches in Bhopal PRESS RELEASE   The Income Tax Department carried out a search and seizure operation …

Addition for unsecured loans tenable when profits are estimated as it is not trading account but balance sheet item ABACUS Case Law CitationABCAUS 3368 (2020) (08) ITAT Important case law relied upon by the parties:Addl. CIT vs Hanuman Agarwal 151 ITR 150 (Pat)Mather & Platt (India) Ltd vs …

CBDT designates Pr.CCsIT as cadre controlling authority overall the field formations including ReAC F No. 1871312020-ITA-IGovernment of India Ministry  of Finance Department  of  Revenue(Central Board of Direct Taxes)***** North Block, New Delhi – 110001.Dated  the  20th August,  2020 ORDER Subject : Order under section 119 of the Income-tax …

Inability to produce evidence by Legal representative of assessee alone should not be a basis to decide allowability of expenses.  ABACUS Case Law CitationABCAUS 3366 (2020) (08) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming disallowance under the head …

Conditions to be satisfied by pension fund for exemption u/s 10(23FE). Guidelines for notification MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 67/2020 New Delhi, the 17th August, 2020 INCOME-TAX G.S.R. 508(E).—In exercise of the powers conferred by sub-clause (iii) of clause (c) of Explanation …

Depreciation disallowed on VAT portion of capital goods suspected to be purchased from grey market ABACUS Case Law CitationABCAUS 3364 (2020) (08) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming disallowance of depreciation on capital assets purchased and used …

CBDT reconstitutes Regional e-Assessment Centers. Read list of Income-tax Authorities for 30 reconstituted ReACs F. No 187/3/2020 ITA-1Government of India Ministry of FinanceDepartment of RevenueCentral Board of Direct Taxes (ITA Division)******* North Block, New Delhi – 110001Dated the 13th August, 2020 Office Order -2 Subject: Setting up / …

CBDT Guidelines for implementation of Faceless Assessment Scheme 2019 In view of the Faceless Assessment Scheme, 2019 and subsequent notification for the National e-Assessment Center (NeAC) and various Regional e-Assessment Centers (ReACs) across 20 cities. CBDT has issued a detailed guidelines for the implementation of the Scheme and …

CBDT makes massive restructuring in jurisdiction of Income tax Authorities After announcement of Indian Taxpayers Charter and Faceless Assessment from 13.08.2020, the CBDT has made massive changes /restructuring in the jurisdiction of Income tax Authorities Restructuring in jurisdiction of Income tax Authorities (1) CBDT Notification No. 62/2020 Changes …