Category: Income Tax

e-Assessment proceedings can lead to erroneous assessment if AO not able to understand transactions and accounts without a personal hearing ABCAUS Case Law Citation:ABCAUS 3263 (2020) (02) HC Important case law relied upon by the parties:Smt. Shrilekha Banerjee Vs. CIT 1964 AIR SC 697 In the instant case, …

Once registration granted u/s 12A entire receipts can not be taxed as income without allowing any expenses. Disallowances can be made only on violation of conditions. In a recent judgment, ITAT Delhi has held that Once registration granted u/s 12A entire receipts can not be taxed as income …

Addition made in original assessment proceedings u/s 143(3) and deleted by ITAT cannot be made again in assessment proceedings u/s 153A ABCAUS Case Law Citation:ABCAUS 3261 (2020) (02) ITAT In the instant case, appeal had been filed by the Assessee against the impugned order passed by Commissioner of …

CBDT to felicitate best performing Income Tax Officers/Officials in e-assessments. Categories and eligibility criteria CBDT, in order to promote and appreciate the outstanding work of Officers/Officials in e-assessments, has decided that from January, 2020 and onwards, every month the best performing ‘Officers/Officials achieving excellence in the prime areas, …

Functionality for Demand Adjustment u/s 245 by AO in ITBA ITBA- Assessment- Demand Adjustment by AO u/s 245 Instruction No.13 DIRECTORATE OF INCOME TAX (SYSTEM)ARA Center, Ground Floor, E-2, Jhandewalan ExtensionNew Delhi – 110055 F.No.System/ITBA/ Instruction /Assessment/ Demand Adjustment by AO u/s 245/2019-20/1906 Dated: 19/2/2020 ToAll Principal Chief …

CBDT notifies Forms for exercising option for reduced corporate tax rate u/s 158BAA / 158BAB by domestic companies MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th February, 2020 INCOME-TAX G.S.R. 110(E).—In exercise of the powers conferred by section 115BAA and section 115BAB …

Processing of ITRS filed during FY 2018-19 u/s 139, in response to notice u/s 142(1) or  u/s 119(2)(b) getting time barred  ITBA-ITR Processing Instruction No- 10 DIRECTORATE OF INCOME TAX (SYSTEM)ARA Center, Ground, Floor E-2,  Jhandewalan ExtensionNew Delhi – 110055 F.No. Pr. DGIT(S)/ITBA/ITR Processing/112/16-17/ Dated: 18.02.2020 ToAll Principal …

Condonation of delay by CIT(Exemptions) u/s 119(2)(b) for filing Form 9A 10 where ITRs have also been filed beyond due date Circular No. 6/2020 F.No.197/55/20 18-ITA-IGovernment of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes***** New  Delhi, the  19th February,  2020 Sub: Condonation of delay …

CBDT defines unauthorised colony in NCT of Delhi for exemption from deemed tax u/s 56(2)(x) under Rule 11UAC   MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 12/2020 New Delhi, the 17th February, 2020 INCOME-TAX G.S.R. 124(E).—In exercise of the powers conferred by clause (XI) of …

Prosecution u/s 276CC-Failure to file ITR was not willful due to seizure of documents required by assessee for examination before filing the return u/s 153A ABCAUS Case Law Citation:ABCAUS 3260 (2020) (02) HC Prosecution u/s 276CC-Failure to file ITR held not willful In the instant case, the Income …