Category: Income Tax
RBI permits banks to lend to InvITs subject to prescribed conditions which inter alia requires banks to have Board approved policy on exposures to InvITs RBI had allowed banks to invest in units of InvITs subject to the specified conditions. On representation by banks and other stakeholders seeking …
Addition for Bogus creditors converted into cessation of liability as goods were defective and vendors had not shown amount as receivable proving that liability had ceased. ABCAUS Case Law Citation:ABCAUS 3171 (2019) (10) ITAT The appellant assessee was an individual and was engaged in the trading business. The …
Income Tax Return Statistics for Assessment Year 2018-19 released by CBDT. Read Key Trends Central Board of Direct Taxes has been releasing key statistics relating to direct tax collections and administration in public domain from time to time. In continuation of its efforts to place more and more …
High Court refuses to quash prosecution proceedings u/s 276C, directs prayer for bail be considered and decided if applicant surrenders before Trial court ABCAUS Case Law Citation:ABCAUS 3170 (2019) (10) HC Important case law relied upon by the parties:Amrawati and another Vs. State of U.P. 2004 (57) ALR …
NRE Account interest exempt u/s 10(4)(ii) only if assessee is resident outside India for the concerned fiscal year under FEMA ABCAUS Case Law Citation:ABCAUS 3169 (2019) (10) ITAT Important case law relied upon by the parties:Rachhpal Singh vs ITO reported in 94 ITD 79 In the instant case, …
CBDT transfers 43 officers in the grade of ACIT/DCIT. Thirty Officers to be posted at non-sensitive and non-field post. Read CBDT Order and List. CBDT transfers 43 officers in the grade of ACIT / DCIT F.No. A-22013/112019-Ad-VI Government of India Ministry of Finance Department of Revenue Central Board …
Prosecution filed without initiation of assessment proceedings upheld. Compounding or approaching Settlement Commission not a natural right – Sessions Court Faced with the presumption u/s 278E of Income Tax Act, it is for the accused to lead evidence before the Trial Court and to dispel the presumption by …
No tax audit in one proprietorship firm-ITAT deleted penalty u/s 271B as when no accounts was maintained, assessee was not be expected to get them audited. ABCAUS Case Law Citation:ABCAUS 3166 (2019) (10) ITAT Important case law relied upon by the parties:Shri Rajeshbhai Hirabhai Patel Vs. ITOShri Udayshankar …
Additional depreciation on revenue expenditure on installation of plant and machinery allowable. ITAT directs AO to delete the addition ABCAUS Case Law Citation:ABCAUS 3165 (2019) (10) ITAT Important case law relied upon by the parties:Trichy Distilleries & Chemicals Ltd. vs. CIT reported in (1999) 235 ITR 194 Additional …
Revenue Secretary inaugurates National e-Assessment Centre of IT Department Faceless e-Assessment for income tax payers launched New Initiative shall impart greater efficiency, transparency and accountability in the assessment process National e-Assessment Centre inaguration Revenue Secretary Shri Ajay Bhushan Pandey inaugurated National e-Assessment Scheme (NeAC) here today in the …
