Income Tax Archives - Page 255 of 371

Penalty can not be imposed based on findings of assessment proceedings as they cannot automatically be adopted

administrator November 4, 2017 Income Tax, ITAT, Judgments

Penalty can not be imposed on the basis of findings of assessment proceedings as they cannot automatically be adopted in penalty proceedings. Denial made in assessment proceedings on the basis of human probability can not be the basis for the purpose of levying penalty under Section 271(1)(c) – …

Penalty for late filing VAT return-balance sheet held non compensatory and disallowed u/s 37 by ITAT

administrator November 4, 2017 Income Tax, ITAT, Judgments

Penalty for late filing VAT return-balance sheet held non compensatory and disallowed as per Explanation -1 to section 37 as penalty for infraction of law ABCAUS Case Law Citation: ABCAUS 2113 (2017) (11) ITAT Important Case Laws Cited/relied upon by the parties: Swadeshi Cotton Mills Ltd. vs. CIT, …

Cash sale of agricultural produce by cultivator to traders – Clarification by CBDT

administrator November 3, 2017 Income Tax

Cash sale of agricultural produce by cultivator to traders for an amount less than Rs 2 Lakh not attract disallowance u/s 40A(3) or 269ST or PAN/ Form No. 60 requirements – CBDT Circular Circular No. 27/ 2017 F. No. 370149/213/2017 -TPL Government of India Ministry of Finance Department …

Refund granted should be adjusted first towards interest component – ITAT

administrator November 3, 2017 Income Tax, ITAT, Judgments

Refund granted should be adjusted first towards interest component and balance left if any shall be adjusted towards the tax component – ITAT ABCAUS Case Law Citation: ABCAUS 2113 (2017) (11) ITAT The Challenge/Grievance: The Revenue was aggrieved by the order of Commissioner of Income Tax Appeals …

Addition based on judicial precedence unsustainable without addressing factual inadequacies – ITAT

administrator November 2, 2017 Income Tax, ITAT, Judgments

Addition based on judicial precedence in other cases unsustainable without first addressing the factual inadequacy of assessee’s explanation – ITAT ABCAUS Case Law Citation: ABCAUS 2112 (2017) (11) ITAT The Challenge/Grievance: The appellant assessee had challenged the correctness of the order passed by CIT(A) confirming the additions …

Cash received over and above land registry price treated as capital gain for taxation purpose

administrator November 2, 2017 Income Tax, ITAT, Judgments

Cash received over and above land registry price treated as capital gain for taxation purpose. Addition on account of unexplained income deleted – ITAT ABCAUS Case Law Citation: ABCAUS 2111 (2017) (11) ITAT Brief Facts of the Case: A sum of Rs. 12,50,000/- was deposited by the appellant …

Adding new source of income by CIT-A is beyond his powers u/s 251 of Income Tax Act-High Court

administrator November 1, 2017 High Courts, Income Tax, Judgments

Adding new source of income by CIT-A is beyond his powers u/s 251 of Income Tax Act if such new source is not dealt with by the Assessing Officer – High Court ABCAUS Case Law Citation: ABCAUS 2110 (2017) (11) HC Important Case Laws Cited/relied upon by …

Supreme Court explains scope and interpretation of Section 44BB of the Income Tax Act 1961

administrator November 1, 2017 Income Tax, Judgments, Supreme Court

Supreme Court explains scope and interpretation of Section 44BB of the Income Tax Act 1961. Provisions of Sections 5 and 9 not excluded where Section 44BB is opted ABCAUS Case Law Citation: ABCAUS 2109 (2017) (11) SC Brief Facts of the Case: For computation of profits and gains …

Income Tax Rules 10DB 10DA-IncomeTax 24th Amendment Rules 2017

administrator October 31, 2017 Income Tax

Income Tax Rules 10DB and 10DA-Information/documents to be maintained under proviso u/s 92D(1), Furnishing of Report in respect of an International Group Rule 10DB MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 92 /2017 New Delhi, the 31st, October, 2017 INCOME-TAX S.O. 3497(E).— …

CBDT promotes 86 Additional CITs to the grade of Commissioner of Income Tax