Category: Income Tax
Amendment of Form No 10B of auditors report u/s 12A(b) for charitable institution CBDT issues draft notification proposing more comprehensive reporting both in audit report and in annexure of Statement of particulars F No 370142/6/2019-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes****** New Delhi, May …
Transfer & Posting in the grade of Chief Commissioner of Income Tax CBDT has posted recently promoted 28 officers on the grade of Chief Commissioner of Income Tax. No of Officers City 2 Delhi 3 Mumbai 1 Indore 1 Udaipur 1 Thiruvananthapuram 1 Bareilly 3 Bengaluru 2 Ahmedabad …
Peak credit addition does not include income after peak balance date. ITAT directed addition of further 8% profit after the date of peak value ABCAUS Case Law Citation: ABCAUS 2949 (2019) (05) ITAT The assessee was a partner in a firm. On the basis of the Annual Information …
Entrance fee / onetime fee from new members is capital receipts. Similarly donation towards corpus fund were also eligible for the exemption ABCAUS Case Law Citation: ABCAUS 2947 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties CIT vs. W.I.A.A. Club Ltd. 136 ITR 569 The …
Profit rate on bogus purchases reduced as assessee also paid VAT on purchases. ITAT directed AO to recompute income after applying profit rate of 8% ABCAUS Case Law Citation: ABCAUS 2946 (2019) (05) ITAT The assessee had appealed against the orders of Commissioner of Income Tax (Appeals) against …
Addition u/s 68-mere non-submission of ITR copy no ground for rejecting explanation, when it was demonstrated that loans had already been repaid. ABCAUS Case Law Citation: ABCAUS 2945 (2019) (05) ITAT The sole grievance of the assessee in this appeal was that the CIT(A) had erred in …
Income offered and taxed in the proceedings before the Settlement Commission, cannot be taxed again in the proceedings u/s 143(3) of the Act ABCAUS Case Law Citation: ABCAUS 2944 (2019) (05) ITAT The asssessee had challenged the order passed by the Commissioner of Income Tax (Appeals) in confirming …
Section 45(5A) is prospective in nature not retrospective. The section provides that the date of handover of the possession is the criteria to consider capital gains and not the date of agreement. ABCAUS Case Law Citation: ABCAUS 2943 (2019) (05) ITAT Important Case Laws Cited/relied upon by the …
Employer deducting Tax on a bonafide estimate cannot be held assessee in default u/s 201(1) as TDS is a tentative deduction subject to regular assessment in the hands of the payee/recipient. ABCAUS Case Law Citation: ABCAUS 2942 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties …
Penalty u/s 271(1)(c) on proportionate disallowance of interest expenses towards interest free advances given by the assessee deleted ABCAUS Case Law Citation: ABCAUS 2941 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties CIT vs. Dalmia Dyechem Industries Ltd. The assessee had filed an appeal against …
