Category: Income Tax
160th Income Tax day. Finance Minister/Secretary and CBDT Chairman lauds IT Department for being responsive to people during Covid-19 pandemic time. CBDT observes 160th Income Tax day The Central Board of Direct Taxes (CBDT) and all its field offices across India today observed the 160th anniversary of Income Tax …
Non compete fee paid under deed of covenant held not taxable. Revenue has no business to second guess commercial or business expediency – SC ABCAUS Case Law Citation:ABCAUS 3340 (2020) (07) SC Important case law relied upon by the parties:Guffic Chem (P) Ltd. v. CIT (2011) 4 SCC …
CBDT notifies authority for sharing of information regarding income-tax assessees for identifying eligible beneficiaries under PM-KISAN Yojana MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 51/2020 New Delhi, the 21st July, 2020 S.O. 2415(E).—In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of …
Project office used as auxiliary office for liaison not a PE unless core business is carried on therefrom – SC ABCAUS Case Law Citation:ABCAUS 3339 (2020) (07) SC Important case law relied upon by the parties:Commissioner of Income Tax and Another v. Hyundai Heavy Industries Co. Ltd., (2007) …
Sovereign Wealth Fund u/s 10(23EF). Applications, ITR, audit report & quarterly statement to be filed Circular No. 15 of 2020 New Delhi, 22nd July, 2020 Notification of Sovereign Wealth Fund under section 10(23FE) of the Income-tax Act, 1961 The Finance Act, 2020, inter alia, inserted clause (23FE) …
Disclosure of assessee information to Income Tax Department. CBDT notifies four more bodies u/s 138 i.e. Cabinet Secretariat, IB, NCB & NIA MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 52/2020 New Delhi, the 21st July, 2020 S.O. 2411(E).—In pursuance of sub-clause (ii) of clause …
Concealment Penalty cannot be levied on rejection of a bonafide claim. Even assessee with great expertise could make silly mistake ABCAUS Case Law Citation:ABCAUS 3337 (2020) (07) ITAT Important case law relied upon by the parties:Price Waterhouse Coopers (P) Ltd vs. CIT 348 ITR 306 SCCIT vs. Somany …
Penalty proceedings initiated on one limb and penalty imposed on two limbs invalid ABCAUS Case Law Citation:ABCAUS 3336 (2020) (07) ITAT Important case law relied upon by the parties:Shri Narendra P. Musale vs. ITOCommissioner of Income Tax Vs. Samson Perinchery 392 ITR 4 In the instant case, …
Income of Tamil Nadu e-Governance Agency Exempted for five years from AY 2019-20 to 2023-24 u/s 10(46) of Income Tax Act, 1961 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 50/2020 New Delhi, the 21st July, 2020 S.O. 2403(E).—In exercise of the powers conferred by …
CBIC & CBDT sign MoU to exchange data and information on automatic, regular basis and also on request and spontaneous basis CBIC & CBDT sign MoU Ministry of Finance Press Release CBIC & CBDT sign MoU to facilitate smoother bilateral exchange of data A Memorandum of Understanding …
