Category: Income Tax
Under mercantile system of accounting interest payable is equal to paid. ITAT deleted disallowance on the ground that interest was not paid during the year ABCAUS Case Law Citation:ABCAUS 3218 (2019) (01) ITAT Important case law relied upon by the parties:Taparia Tools Ltd. vs. JCIT Nasik In the …
Genuine expenses wrongly claimed as deduction not attract penalty u/s 271(1)(c) for furnishing the inaccurate particular of income ABCAUS Case Law Citation:ABCAUS 3217 (2019) (01) ITAT Important case law relied upon by the parties:CIT V/s Zoom Communications Limited 327ITR 510CIT Vs. Reliance Petro Products Ltd reported in 322 …
No Penalty u/s 271B where assessee under bona-fide belief failed to get accounts audited u/s 44AB despite turnover exceeding threshold for sale/purchase of shares ABCAUS Case Law Citation:ABCAUS 3216 (2020) (01) ITAT In the instant case, the appeal had been filed at the instance of the Assessee against …
Maintenance and furnishing of information & document by certain person u/s 92D. CBDT Notification MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 03/2020 New Delhi, the 6th January, 2020 INCOME-TAX G.S.R. 14(E).—In exercise of the powers conferred by sub-section (1) and sub-section (4) of section …
Notice for initiation of complete scrutiny assessment proceeding prior to receipt of approval by Pr. CIT i.e. in anticipation of approval is invalid ABCAUS Case Law Citation:ABCAUS 3214 (2019) (01) ITAT Important case law relied upon by the parties:M/s. CBS International Projects Pvt. Ltd vs CIT In the …
Claim of exemption u/s 10 for agricultural land not liable to penalty u/s 271(1)(c). ITAT directed Assessing Officer to delete the penalty. ABCAUS Case Law Citation:ABCAUS 3214 (2019) (01) ITAT Important case law relied upon by the parties:Shri Prakash Raj Bhansali vs ITO In the instant case, an …
Additions agreed during assessment proceedings can be challenged in appeal when assessee itself not made disallowance in return of income ABCAUS Case Law Citation:ABCAUS 3213 (2020) (01) ITAT Important case law relied upon by the parties:CIT vs. Everest Kento Cylinders Ltd (2015)(58 taxmann.com 254)(378 ITR 57), In the …
IIT (Indian School of Mines) Dhanbad approved u/s 35(1) (ii)/(iii) from AY 2019-2020 and onwards MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 2 /2020 New Delhi, the 3rd January, 2020 S.O. 74(E).—It is hereby notified for general information that the organization M/s Indian Institute …
CBDT notifies and revises eligibility norms for ITR-1 SAHAJ and ITR-4 SUGAM for AY 2020-21 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 01/2020 New Delhi, the 3rd January, 2020 INCOME-TAX G.S.R. 9(E).—In exercise of the powers conferred by section 139 read with section 295 …
Condonation of delay u/s 119(2)(b) in filing of Form No. 10B for AY 2018-19 & subsequent years Circular No. 2/2020-Income Tax F.No.197/55/2018-ITA-IGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes***** New Delhi, the 3rd January, 2020 Sub: Condonation of delay under section 119(2)(b) of the Income-tax …
