Category: Income Tax
Statements made by stranger-third party in search case unless connected or corroborated could not be attributed to or lead to adverse consequences-HC ABCAUS Case Law Citation: ABCAUS 2133 (2017) (11) HC A search assessment was completed in respect of a group whose premises were subjected to search and …
CBDT Instruction of tax effect applies to pending appeals also subject to the two caveats provided in Surya Herbal Ltd. Case – Supreme Court ABCAUS Case Law Citation:ABCAUS 2132 (2017) (11) SC In a recent judgment the Hon’ble Supreme Court had held that CBDT cannot issue circular with …
Section 80-IC deduction unavailable on fixed deposit interest–High Court. The benefit is available only for carrying on business mentioned in sub-section (2) and profits and gains derived therefrom. ABCAUS Case Law Citation: ABCAUS 2131 (2017) (11) HC The Challenge/Grievance: The appellant assessee was aggrieved by the judgment …
Reopening for overlooking transactions with associated enterprises and not referring them to TPO for computation of at arms’ length income was not change of opinion – High Court ABCAUS Case Law Citation: ABCAUS 2130 (2017) (11) HC The petitioner company was incorporated in the United Kingdom and …
Scrutiny of revised-belated returns post-demonetisation-important issues. CBDT list instances indicating abuse of Income Tax provisions CBDT in its latest instruction has cautioned all PCCITs and DGITs regarding revised/belated returns filed by assesses post-demonetisation and issued guidelines for important issues to be considered while framing scrutiny assessments in such …
Change in closing stock to include VAT-Excise us 145A required corresponding adjustments for opening stock, Payment of Excise and VAT out of Cash/Bank but not debited in P & L Account – ITAT ABCAUS Case Law Citation: ABCAUS 2128 (2017) (11) ITAT The Assessing Officer (AO) noted …
Very short period of appearance given to assessee violated principles of natural justice. ITAT set aside order passed by CIT (Exemptions) for decision afresh ABCAUS Case Law Citation: ABCAUS 2126 (2017) (11) ITAT The assessee trust was aggrieved by the order of Commissioner of Income Tax (Exemptions) rejecting …
Conditions u/s 80IA are disjoint not cumulative. Conditions stipulated under section 80IA(4)(i) and 80IA(4)(iv) are held as disjointed by the High Court ABCAUS Case Law Citation: ABCAUS 2127 (2017) (11) HC Important Case Laws Cited/relied upon by the parties: Liberty India v. CIT 1 183 TAXMAN 349 (SC) …
Task Force constituted for drafting New Direct Tax Legislation as PM observed that the Income-tax Act 1961 was drafted 50 years ago and it needs re-drafting Press Information Bureau Government of India Ministry of Finance 22-November-2017 17:05 IST Constitution of Task Force for drafting a New Direct Tax …
Commissioner can not dismiss revision petition/s 264 on the ground that in assessee’s case similar issue was subject matter of appellate proceedings in other years – High Court ABCAUS Case Law Citation: ABCAUS 2125 (2017) (11) HC The Issue: The petitioner had invoked the writ jurisdiction of …