Category: Income Tax
No Penalty u/s 271(1)(c) for mere disallowance in quantum proceedings in the absence of any falsity in the explanation offered ABCAUS Case Law Citation:ABCAUS 3104 (2019) (08) ITAT Important case law relied upon by the parties:CIT vs. Reliance Petro Products Pvt. Limited (322 ITR 158) (sc)Price Waterhouse Coopers …
Assessee is eligible for the deduction of the amount embezzled by the employee as a trading loss u/s 28 of the Income Tax Act ABCAUS Case Law Citation:ABCAUS 3103 (2019) (08) ITAT Important case law relied upon by the parties:Dinesh Mills Ltd. 254 ITR 673 The appeal had …
Mere reflection of income in P&L Account does not make it business income. Books of accounts not conclusive evidence to determine income under a particular head ABCAUS Case Law Citation:ABCAUS 3102 (2019) (08) ITAT Important case law relied upon by the parties:Sutlej Cotton Mills Vs. CIT, West Bengal …
CBDT reduces tax collection target for FY 2019-20 by Rs. 45000 crores, from 13.80 crores to 13.35 crores In May 2019, the CBDT had set a ambitious income tax budgetary target of Rs. 13.80 lakh crores for FY 2019-20 which was 15% more than the direct tax collection …
CBDT relaxes time-frame u/s 143(1) for processing of refund claims of all validly filed returns up to assessment year 2017-18 F.No.225/194/2019/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, the 5th August, 2019 Order under section 119 of the Income-tax …
Exemption u/s 54F could not be denied for fraud by builder in constructing building without NOC not disclosed to the assessee ABCAUS Case Law Citation:ABCAUS 3101 (2019) (08) ITAT Important case law relied upon by the parties:Kanan Chandra Sekhar vs. ITO, 165 ITD 315Dileep Ranjrekar, 101 taxman.com 104Balkishan …
Allowability of Exemption u/s 54 where new residential property used partly for commercial purposes . ITAT remanded case for verification of the proposition ABCAUS Case Law Citation:ABCAUS 3100 (2019) (08) ITAT Important case law relied upon by the parties:Seema Sabharwala vs. Income Tax OfficerM. Subramanian vs. DCIT i …
Income of Bangalore Water Supply and Sewerage Board exempted u/s 10(46) for 5 Assessment Years MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 56 /2019 New Delhi, the 2nd August, 2019 S.O. 2782(E).—In exercise of the powers conferred by clause (46) of section 10 of …
Change of opinion not permissible for invoking proceedings u/s 147. ITAT quashed reassessment for payment of managerial remuneration in proprietorship firm ABCAUS Case Law Citation:ABCAUS 3099 (2019) (08) ITAT Important case law relied upon by the parties:CIT v. Kelvinator of India Ltd.: 320 ITR 561(SC) The instant appeal …
Deemed Registration u/s 12AA-Supreme Court admits SLP on the issue as to whether provisions of Section 12AA of the Income Tax Act, 1961 are directory or mandatory ABCAUS Case Law Citation:ABCAUS 3098 (2019) (08) SC The Sub-section 2 of Section 12AA of the Income Tax Act, 1961 (the …
