Category: Income Tax

Launch of ITBA Refund Banker Module-Refund Blocking/ Unblocking and Revalidation Functions ITBA- Refund Banker Instruction No.1 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi -110055 F.N Pr DGIT(S)/ADG(S)2/Sign ff-OLTAS ITBA/173/2017 Dated:  07.08.2019 To All Principal Chief Commissioners of Income-tax/ CCsIT (By Name) …

Reopening for not replying to invalid and non est inquiry letter for cash deposited in bank quashed. Deposit per se cannot be income of assessee. ABCAUS Case Law Citation:ABCAUS 3106 (2019) (08) ITAT Important case law relied upon by the parties:Tajendra Kumar Ghai Vs ITO In the instant …

Addition u/s 69B for difference in stock from statement given to Bank deleted as in preceding year it was deleted following High Court judgment ABCAUS Case Law Citation:ABCAUS 3105 (2019) (08) ITAT Important case law relied upon by the parties:CIT vs. Sidhu Rice & General Mills, 281 ITR …

Facility of e-Verification (EVC) of Return (ITR) without login enabled at e-filing portal Income Tax e-filing website has launched ‘e-Verify Return’ for e-Verification of ITR without login. This facility can be accessed by clicking ‘e-Verify Return‘ button in home page under ‘Quick Links’.  Steps to verify return (EVC) …

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 …