Category: Income Tax

Penalty u/s 271E deleted in the absence of proof /receipt acknowledging the repayment of loan in cash by the assessee. ABCAUS Case Law Citation:ABCAUS 3139 (2019) (09) ITAT In the instant case, the assessee had filed appeal against the order of the CIT(A) whereby he had confirmed levy …

CBDT Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20 F. No. 225/169/2019/ITA-IIGovernment of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes (ITA-II division) North Block, New Delhi, the 5th September, 2019 ToAll Pr.  Chief-Commissioners  of  Income-tax/Chief-Commissioner All Pr. Directors-General of …

Waiver of rent payable by tenant amounts to application of income and therefore taxable. It cannot be construed as overriding title – ITAT ABCAUS Case Law Citation:ABCAUS 3137 (2019) (09) ITAT The assessee had appealed against the order of the Commissioner of Income Tax (Appeals) in confirming the …

Remuneration paid to partners cannot be disallowed for want of registration of firm. There is no requirement that partnership firm should be registered under the Partnership Act. ABCAUS Case Law Citation:ABCAUS 3136 (2019) (09) ITAT The appeal of the assessee was directed against the order of the Commissioner …

Thresholds of tax forgone for prior approval of CIT (intl taxation) for issue of certificate u/s 197 of the Income Tax Act increased to Rs. 10 crores F. No.275/16/2019-IT(B)Government of IndiaMinistry of Finance, Department of RevenueCentral Board of Direct Taxes***** North Block, New  Delhi 2nd September, 2019 Office …

Set off of STCG loss with STCG allowed despite the assessee had not claimed it in his return of income nor filed revised return ABCAUS Case Law Citation:ABCAUS 3133 (2019) (09) ITAT Important case law relied upon by the parties:Goetze (India) Ltd., vs. CIT 284 ITR 323 (SC)CIT …

Assessees maintaining and not maintaining stock register cannot be equated. ITAT directs addition on estimate basis for possible leakage of revenue ABCAUS Case Law Citation:ABCAUS 3132 (2019) (09) ITAT Important case law relied upon by the parties:Kachwala Gems Vs. CIT 288 ITR 10 (SC)M/s. Chadha Automobiles India reported …

CBDT Consolidated circular for income tax assessment of Startups-Procedure, time limit, additions u/s 56(2)(viib), demand etc. Circular No. 22/2019 Central Board of Direct TaxesMinistry of Finance North Block, New Delhi, dated the 30th August 2019 Sub: Consolidated circular for assessment of Startups – reg. In order to provide …

CBDT issues notification for Inter-changeability of PAN & Aadhaar w.e.f. 1st September 2019 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 59/2019 New Delhi, the 30th August, 2019 G.S.R. 614(E).—In exercise of the powers conferred by section 139A read with section 295 of the Income-tax …

Threshold for TDS on cash withdrawals u/s 194N to be calculated from 1st April, 2019-Clarification. TDS to apply if Rs. 1 crore or more withdrawn upto 31st August, 2019    Ministry of Finance Press Release   Dated: 30th August, 2019 Clarification on applicability of Tax Deduction at Source …