Category: Income Tax

Bad debt written off claim us 361vii -Assessee need not establish if written off in books of accounts of assessee as irrecoverable-CBDT Circular-12/2016

Bad debt written off claim us 361vii Circular No. 12/2016 F.No.279/Misc./140/20  15-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi , Dated 30th May, 2016 Subject:- Admissibility of claim of deduction of Bad Debt under section 36(1)(vii) read with section …

Consent of assessee cannot give AO right to make additions. the consent of the assesse/authorised representative cannot be a reason to sustain the addition.

Consent of assessee cannot give AO right to make additions. the consent of the assesse/authorised representative cannot be a reason to sustain the addition. This was upheld by ITAT Chennai in a recent judgment as under: Case Details: ITA Nos. 300 to 303/Mds/2016 Assessment Years : 2010-11 to 2013-14 M/s. …

Penalty us 271C-Contumacious conduct of assessee necessary to be established before penalty for failure to deduct tax (TDS) can be imposed-Supreme Court

Penalty us 271C-Contumacious conduct of assessee necessary to be established before penalty for failure to deduct tax at source (TDS) can be imposed-Supreme Court Case Details: Civil Appeal No. 1704 of 2008 Commr. of Income Tax Delhi (Appellant)  vs. Bank of Nova Scotia (Respondent) Date of Judgment: 07/01/2016 Coram: …

Self-made cash payment vouchers disallowance made for truck hire charges doubting genuineness of expenditure without any enquiry deleted by ITAT

Self-made cash payment vouchers disallowance additions made for truck hire charges doubting genuineness of expenditure without making any enquiry was deleted by ITAT Kolkata. Case Law Details: I.T.A. No. 1182 /KOL/ 2013 Assessment Year: 2008-2009 Assistant Commissioner of Income Tax vs. Shyam Sundar Agarwal Date of Judgment/Order: 27/05/2016 Important …

No disallowance us 14A on presumption when assessee not claimed any exempt income expenditure. No revision us 263 for view taken as per procedure prescribed

No disallowance us 14A on presumption only-If the assessee has not claimed any expenditure on exempt income and there can not be any disallowance under section 14A on mere presumption. This was held by ITAT Kolkata in a recent judgment as under: Case Law Details: I.T.A No. 1336/Kol/2013 …

Indirect expenses can never be in proportion to sale. There was no reason to ask justification to explain variation in expenses for the fluctuation in sales

Indirect expenses can never be in proportion to sale. There was no reason to ask justification to explain variation in expenses for the fluctuation in sales and make addition of projected expenses on the basis of increase in sale.  This was held by ITAT, Chandigarh while quashing additions …

Penalty us 158BFA2 for jewellery Loose Papers found during search as undisclosed income deleted as addition was made on the basis of probabilities

Penalty us 158BFA2 for jewellery Loose Papers found during search as undisclosed income deleted as addition was made on the basis of probabilities. Case Law Details: ITA No.85/Lkw/2016  Block Period ending on 14/09/2002 Dr. Harnam Singh vs. ACIT Date of Judgment: 27/05/2016 Brief Facts of the Case: During …

GAAR Provisions Guidance Note. Provisions effective from FY 2017-18. Comments invited from general public and stakeholders-CBDT Press Release

F No 370149/89/2016-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) Dated: the 27th May, 2016 PRESS RELEASE Subject: Implementation of General Anti Avoidance Rule Provisions-Issuance of Guidance Note-Comments of the Stakeholders-reg. The provisions of General Anti Avoidance Rule (GAAR) are contained …
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