Category: Income Tax
Exemption u/s 54B available even if part of land is in cultivation, there is no requirement that entire land should be in cultivation for claiming benefit. Merely because of admission to disallowance, assessee can not be denied the benefit to which he is eligible ABCAUS Case Law Citation: …
CBDT revises Guidelines for Compounding of Offences under Direct Tax Laws, 2019 Section 279(2) of the Income Tax Act, 1961 (the Act) provides that any offence under Chapter XXII of the Act may, either, before or after the institution of proceedings, be compounded by the Pr. CCIT/CCIT/Pr. DGIT/DGIT. …
Penalty u/s 271(1)(c) deleted as addition for bogus purchases was based on estimation and assesee’s conduct was not found contumacious ABCAUS Case Law Citation:ABCAUS 3011 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties:Hindustan Steel Vs. State of Orissa (83 ITR 26) Penalty u/s 271(1)(c) deleted …
Provision of section 68 applicable even if business not commenced but the sum is credited in the books of account of the assessee ABCAUS Case Law Citation: ABCAUS 3010 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT V Bharat Engineering and Cost Co 83 …
Tenancy rights not intangible assets, no question of allowing depreciation on it – ITAT. These rights not covered as “any other business or commercial right” ABCAUS Case Law Citation: ABCAUS 3009 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: M.M. Nissim & Co. vs. ACIT …
Income Tax Department strikes again in J&K Region covering 8 premises in Srinagar and 1 each at Bangalore and Delhi. Undisclosed income of 55 crores found Income Tax Department strikes again in J&K Region The Income Tax Department conducted search and seizure operations today on a prominent business group …
No addition warranted for bogus purchases where GP rate was better than the average GP rate declared by assessee for earlier years ABCAUS Case Law Citation: ABCAUS 3008 (2019) (06) ITAT In the instant case, the revenue had challenged the deletion of the addition by the CIT(A) in …
CBDT reverts four Joint Commissioners of Income Tax back to their substantive post i.e. DCIT in view of pending disciplinary/vigilance cases against them, F. No. A-32012/5/2019-Ad.VIGovernment of India Ministry of Finance Department of Revenue(Central Board of Direct Taxes)* * * * * North Block New DelhiNew Delhi, the …
Construction of flats purchasing land amounts to civil construction and profit earned thereon, are eligible for taxation U/s 44AD of the Income Tax Act ABCAUS Case Law Citation: ABCAUS 3005 (2019) (06) ITAT The AO received information from the Director of Income Tax (Inv) that the assessee had …
Disallowance for prior period expenses deleted by the ITAT as the tax rate was the same from one year to another year ABCAUS Case Law Citation: ABCAUS 3004 (2019) (06) ITAT In this appeal, the revenue WAS aggrieved with the order of the CIT(A) in deleting the addition …
