Category: Income Tax
Non mentioning reasons recorded for reopening in the assessment order proved that assessment was framed in haste without providing adequate opportunity – ITAT ABCAUS Case Law Citation: ABCAUS 2768 (2019) (02) ITAT The appellant assessee had sought to set aside the impugned order passed by CIT(A) confirming the …
When assessee not maintained books of account and filed under presumptive section, cash deposit in bank were correlated to the turnover – ITAT ABCAUS Case Law Citation: ABCAUS 2767 (2019) (02) ITAT The appellant assessee had sought to set aside the impugned order passed by CIT (Appeals) in holding …
When assessment was framed u/s 144 rejection of application by CIT(A) under Rule 46A to lead additional evidence was unjustified – ITAT ABCAUS Case Law Citation: ABCAUS 2766 (2019) (02) ITAT The appellant assessee had sought to set aside the impugned order passed by CIT (Appeals), The Assessing …
High Court erred in holding that one bogus donation would not establish that activities of trust not genuine – Supreme Court ABCAUS Case Law Citation: ABCAUS 2765 (2019) (02) SC The Commissioner of Income tax (Exemptions) was aggrieved by the Order passed by the High Court in quashing …
Section 87A Rebate for AY 2020-21. 100% rebate up to income of Rs. 5 lakhs Interim Budget 2019-20 has proposed 100 Percent tax rebate under section 87A of the Income Tax Act 1961 up to total income of Rs. 5 lakhs. Thus, after considering deduction available under section 80C, …
Interim Budget 2019-20 Highlights of Income Tax Relaxations and Benefits given Union Finance Minister Shri Piyush Goyal has started presenting the Interim Budget 2019 at the Lok Sabha In view of the elections ahead, it was speculated that the Budget would bring increased tax benefits specially for individuals taxpayers. …
Exemption to starts up from issue of share price in excess of face value only if issue is approved the Central Board of Direct Taxes MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 9/2019 New Delhi, the 31st January, 2019 (INCOME-TAX) S.O. 584(E).—In …
Harassing assessee in the pretext of verifying documents futile exercise – ITAT deleted additions u/s 68 made for cash deposits in bank ABCAUS Case Law Citation: ABCAUS 2764 (2019) (01) ITAT The appeal of the assessee was directed against the order passed by the learned Commissioner of Income …
Not disclosing salary was not concealment when TDS also not claimed by the assessee. ITAT deleted penalty holding that there was a reasonable cause provided in Section 273B ABCAUS Case Law Citation: ABCAUS 2761 (2019) (01) ITAT This assessee had challenged the order of the Commissioner of Income …
Joint Electricity Regulatory Commission Goa notified u/s 10(46). Income from Petition/Licence fees and Interest earned to be exempt MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th January, 2019 S.O. 552(E).—In exercise of the powers conferred by clause (46) of section 10 …