Category: Income Tax
Explanatory Notes to the provisions of the Finance Act, 2017. CBDT has issued Circular No. 02/2018 dated 15th Februry, 2018 explaining the various amendments and provisions of the Act which generally applies for the Assessment Year 2018-19 (Financial Year 2017-18) AMENDMENTS AT A GLANCE Section/Schedule Particulars / Paragraph number First Schedule Rate …
Addition made for electricity variation with quantum of production deleted. Lower consumption of electricity for the same quantum of production should be viewed positively and not adversely-ITAT ABCAUS Case Law Citation: ABCAUS 2200 (2018) (02) ITAT The Challenge/Grievance: The instant appeal was filed by the Revenue against the …
Addition for investment in land deleted when it was purchased by the company in the name of director to facilitate transfer as per State Laws-High Court Judgment ABCAUS Case Law Citation: ABCAUS 2199 (2018) (02) HC The Challenge/Grievance: The Revenue was aggrieved by the decision of the ITAT …
Addition u/s 68 for not producing shareholders details deleted as in public issue company not expected to know every detail of subscribers-High Court ABCAUS Case Law Citation: ABCAUS 2198 (2018) (02) HC Important Case Laws Cited/relied upon by the parties: Divine Leasing & Finance Ltd. (2007) 207 CTR …
Sale of shares can not be treated as business income merely on the basis of notes to Audited Accounts. Five broad tests emphasized by Courts ABCAUS Case Law Citation: ABCAUS 2197 (2018) (02) HC The Challenge/Grievance: The Revenue was aggrieved by the decision of the ITAT affirming the …
CEO Government e Marketplace (GeM) notified u/s 138(1) (a)(ii) for the purposes of furnishing information by Income Tax Department Section 138 contains provisions for disclosure of information respecting assessee. As per the provisions, a person can make an application to the Income Tax Department in Form No. 46 …
All pending scrutiny assessment to be conducted only through e-Proceeding except for search cases CBDT has issued an Instruction (01/2018) making all pending scrutiny assessments mandatorily to be conducted only through the ‘E-Proceedings’. Sub-section (23C) of Section 2 of the Income-tax Act, 1961 (Act), applicable from 01.06.2016, provides …
Notice u/s 148 after four years by ACIT or DCIT requires sanction by CIT under the provisions of section 151(1) before amendment by Finance Act 2015 ABCAUS Case Law Citation: ABCAUS 2196 (2018) (02) HC Prelude: Before the substitution by the Finance Act, 2015, section 151(1) of the …
Income Tax Systems show pending refunds of Rs. 29000 crores approx In a recent communication issued by the Director of Income Tax (Systems), New Delhi, a sum of Rs. 28941.50 crores (for cases with refund greater than Rs. one crores) is showing as pending in the system. The data …
Determination of fair market value of unquoted equity shares of ‘Start Up’ companies under section 56(2)(viib) of the Income-tax Act read with Rule 11UA(2) of Income-tax Rules-CBDT Instruction Section 56(2)(viib) of the Income-tax Act, 1961 (Act) provides that where a closely held company issues its shares at a …
