Category: Income Tax

CBDT makes 643 transfers / posting in the grade of Commissioner of Income Tax (CIT) Due to the implementation of the Faceless Assessment Scheme, the posts of Commissioner of Income Tax (Appeals) have been diverted to the newly created National Appellate Faceless Centre (NAFC) Delhi and four Regional …

Income Tax Relief to home buyers from deeming fiction u/s 43CA and 56(2)(x). Difference limit between circle rate & purchase price increased to 20 per cent  Section 43CA of the Income Tax Act, 1961 (the Act) lays down special provision for full value of consideration for transfer of …

ITAT rejects and disbelieves cash gifts by close relatives at the time of marriage and anniversary as no such evidence was found during search ABCAUS Case Law CitationABCAUS 3420 (2020) (11) ITAT Important case law relied upon by the parties:Dhirajlal Girdharlal vs. CIT 26 ITR 736(SC)Omar Salay Mohamed …

Mesne profits and interest on mesne profits awarded by Court for unauthorised occupation by tenant taxable tax u/s 23(1) ABCAUS Case Law CitationABCAUS 3419 (2020) (11) HC Important case law relied upon by the parties:CIT vs. P. Mariappa Gounder 147 ITR 676CIT vs. Smt. Leela Ghosh 205 ITR …

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10BB for Assessment Year 2016-17 and subsequent years   Circular No. 19/2020 F. No.197/135/2020-ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes   New Delhi, the …

CBDT notifies MIC Redwood 1 RSC Limited, Abu Dhabi, UAE Sovereign wealth fund as specified person u/s 10(23FE) for income tax exemption MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)   NOTIFICATION   New Delhi, the 2nd November, 2020   (INCOME-TAX)   S.O. 3952(E).—In exercise of powers …

Penalty u/s 271(1)(b) can not be imposed when assessment order passed u/s 143(3) not best judgment assessment u/s 144 ABCAUS Case Law CitationABCAUS 3417 (2020) (10) ITAT Important case law relied upon by the parties:Akhil Bhartiya Prathmik Shikshak Sangh Bhawan Trust vs.  ADIT 115 TTJ 419 (Del.) In …

Non-Central Government Employees also can now avail the benefit of income tax exemption on payment of cash equivalent of LTC fare, along the lines of the benefit made available to the Government Employees.  Income-tax Exemption for payment of deemed LTC fare for non-Central Government employees Ministry of Finance …

  Vivad se Vishwas – Clarification on payment without additional amount where declaration is filed on or before 31.12.2020. The condition of 15-day for payment of tax after getting certificate scrapped.   F. No. IT(A)/1I2020-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct …

Delay in filing appeal condoned as auditor sought opinion from tax advocate who misplaced the records ABCAUS Case Law CitationABCAUS 3415 (2020) (10) ITAT Important case law relied upon by the parties:Ramlal vs. Rewa Coalfields Ltd. AIR 1962 SC 361 Chief Post Master General and Others vs. Living Media …