Category: Income Tax
Mere deposit of cash in bank account cannot give rise to a belief of Assessing Officer that income had escaped assessment. ITAT quashed reassessment order ABCAUS Case Law Citation: ABCAUS 2527 (2018) 09 ITAT Important Case Laws Cited/relied upon by the parties: National Thermal Power Co. Ltd. vs. …
CIT not justified in disturbing consistent method of closing stock valuation by invoking revisionary jurisdiction u/s 263 ABCAUS Case Law Citation: ABCAUS 2526 (2018) 09 ITAT Important Case Laws Cited/relied upon by the parties: United Commercial Bank vs. CIT (1999) 240ITR 355 (SC), CIT vs. British Paints …
ICAI Guide on Taxation of Non-Residents updated as per Finance Act, 2018 ICAI has published the third edition (September 2018) of its guide for Taxation of Non-Residents which is revised as per law amended by the Finance Act, 2018. The guide highlights various provisions of the Income tax Act, …
Penalty for non filling consent form to enable tax authorities to obtain information from Swiss Banks – Supreme Court dismissed review Petition by asessee ABCAUS Case Law Citation: ABCAUS 2525 (2018) 09 SC The assessee was served with a notice u/s 142(1) of the Income Tax Act, 1961 …
TDS Exemption to interest income on specified off-shore Rupee Denominated Bonds issued outside India during the period from 17.09.2018 to 31.03.2019 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 17th September, 2018 PRESS RELEASE Exemption to interest income on specified off-shore …
Approved gratuity fund contributions paid in respect of employees taken over by the company eligible for deduction under Section 36(1)(v) – High Court ABCAUS Case Law Citation: ABCAUS 2520 (2018) 09 HC Important Case Laws Cited/relied upon by the parties: Commissioner of Income Tax v. Textool Co.Ltd. Commissioner …
Settlement Commission has power to reject Application at three stages. Bar u/s 245K(2) is not in respect of application for a future assessment year – HC ABCAUS Case Law Citation: ABCAUS 2519 (2018) 09 HC Important Case Laws Cited/relied upon by the parties: C.I.T. vs. Express Newspaper Ltd., …
CBDT has transferred 50 officers in the grade of Principal Commissioners of Income Tax including 21 local changes. The details of transfers are as under: (a) Transfers Sl. No. Current Location No. of PCITs 1 Pune 1 2 Thane 1 3 Hyderabad 2 4 Kochi 1 5 Delhi …
Claim of deprecation in revised return cannot be denied on the ground that it was not claimed in original return. Section 119(2)(b) had no applicability to the case- ITAT ABCAUS Case Law Citation: ABCAUS 2517 (2018) 09 ITAT Important Case Laws Cited/relied upon by the parties: Principal Commissioner …
Bogus Purchase 100% disallowance-Dismissal of SLP by Supreme Court did not merge the dismissal of the SLP into the order of the Apex Court – ITAT ABCAUS Case Law Citation: ABCAUS 2516 (2018) 09 ITAT Important Case Laws Cited/relied upon by the parties: Malabar Industrial Co. Ltd. vs. …