Category: Income Tax
When AO not submitted remand report, no adverse inference can be taken against assessee. The order of CIT-A was bizarre and beyond comprehension – ITAT ABCAUS Case Law Citation: ABCAUS 2794 (2019) (02) ITAT The assessee had filed the appeal against the order of the Commissioner of Income …
Issue of notice for prima facie adjustment u/s 143(1)(a) of the Income Tax Act. ITBA Instruction for processing of ITR for AY 2017-18 With effect from AY 2017-18 amendments have been done in the Income Tax Act with regard to processing of cases under 143(1). Provision of section …
Computation of turnover for share/derivatives trading and applicability of Section 44AD. AO to either follow ICAI guidance note on tax audit or compute turnover based upon evidence on record – ITAT ABCAUS Case Law Citation: ABCAUS 2791 (2019) (02) ITAT According to the Guidance Note of ICAI on …
Startup Certification u/s 80-IAC & exemption u/s 56(2)(viib) of Income Tax Act- Govt. amends Startup Rules MINISTRY OF COMMERCE AND INDUSTRY(Department for Promotion of Industry and Internal Trade) NOTIFICATION New Delhi, the 19th February, 2019 G.S.R. 127(E).— This notification is being issued in supersession of the Gazette Notification …
Partners remuneration as allowable u/s 40(b)(v) in profit-sharing ratio. ITAT upheld the remuneration clause in the partnership deed ABCAUS Case Law Citation: ABCAUS 2790 (2019) (02) ITAT Important Case Laws Cited/relied upon by the parties Sood Brij & Associate Vs. CIT (2010)15 taxmnn.com 76 (Delhi) CIT vs. Vaish …
No penalty u/s 271A when assessee was under Bonafide belief that being covered under section 44AF he was not required to maintain books of account ABCAUS Case Law Citation: ABCAUS 2787 (2019) (02) ITAT Important Case Laws Cited/relied upon by the parties ACIT vs Anil Luthra (2001) 116 …
Rectification order u/s 154 revising NP rate on the basis of previous year’s chart was beyond the scope of rectification of mistake and amounted to change of the decision – ITAT ABCAUS Case Law Citation: ABCAUS 2786 (2019) (02) ITAT The assessee had challeneged the rectification order passed …
Even if at passing the original assessment order, there is a mistake or non-application of mind, initiation of re-assessment the proceedings bad in law – HC ABCAUS Case Law Citation: ABCAUS 2785 (2019) (02) HC Important Case Laws Cited/relied upon by the parties Calcutta Discount Co. Ltd. Vs. …
Statement recorded u/s 131 though binds the assessee cannot be independently used for making addition unless corroborated by evidences – ITAT ABCAUS Case Law Citation: ABCAUS 2784 (2019) (02) ITAT Important Case Laws Cited/relied upon by the parties CIT Vs M/s. Hotel Meriya ; Produce Co. Ltd. vs …
IRS Officer along with mother sent to Rigorous Imprisonment in a disproportionate assests case by the CBI Court The Special Judge, CBI Cases, Dehradun (Uttarakhand) has sentenced Shri Swetabh Suman (an IRS Officer of 1988 Batch), the then Additional Commissioner of Income Tax, Jamshedpur to undergo seven years …