Category: Income Tax

Draft Notification proposing Amendment of Rules 2C, 2CA and 11AA and for Nos. 10G, 56 and 56G of the Income-tax Rules, 1962 placed in public domain for inputs from stakeholders and general public  Currently, for grant of approval under sub-clauses (iv) and (v) of clause (23C) of Section 10 …

No penalty u/s 272A(2)(k) for delay in filing TDS returns when tds was deposited in within time and delay was due to technological glitches due to switchover of filing of TDS return in paper forms to e-filing- ITAT ABCAUS Case Law Citation: ABCAUS 2599 (2018) (10) ITAT Important …

Application for grant of certificates u/s 197 for lower or no deduction / collection of income-tax to be made electronically in Form 13 – CBDT amends Income Tax Rules CBDT in August 2018 had issued a Draft Notification proposing an amendment of the Income-tax Rules, 1962 for making the …

Mere fall in net profit rate by itself no ground to increase profit rate as compared to the preceding assessment years as profit cannot be static each year – ITAT ABCAUS Case Law Citation: ABCAUS 2598 (2018) (10) ITAT The appellant assessee was aggrieved by the order of …

Not striking off penalty notice SC dismisses assessee’s SLP against High Court order holding that it had caused no prejudice to the assessee ABCAUS Case Law Citation: ABCAUS 2597 (2018) (10) SC Important Case Laws Cited/relied upon: Commissioner of Income Tax Vs. Jindal Equipments Leasing and Consultancy Services …

CBDT denies further extension-order passed detailed order as per Gauhati High Court Direction. Further extension detrimental to tax-compliance. However Tax Bar Association motion against the CBDT order denying further extension listed on 31.10.2018 for hearing Read Status >> F.No. 225/358/2018/ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) …

ITAT explains law of appeal to CIT-A of revisionary order passed u/s 263. When CIT himself enhanced income, appeal would not lie to CIT(A) ABCAUS Case Law Citation: ABCAUS 2596 (2018) (10) ITAT The assessee had filed an appeal against the orders of the CIT(A) in holding that …

Delay in filing appeal for negligence and laches of counsel cannot be condoned as avoidable cause for delay by due care and attention cannot be sufficient cause – ITAT ABCAUS Case Law Citation: ABCAUS 2595 (2018) (10) ITAT The appellant assessee’s appeal was directed against the order passed …

Deduction u/s 54 allowed for property purchased from wife by General Power of Attorney as transfer of immovable property by a General Power of Attorney constitute transfer of capital asset. ABCAUS Case Law Citation: ABCAUS 2594 (2018) (10) ITAT The appellant assessee’s appeal was directed against the order passed …

Expenses of little amounts inherently have some element of personal nature – ITAT upheld 10% disallowance of community and social expenses ABCAUS Case Law Citation: ABCAUS 2593 (2018) (10) ITAT The present appeal was preferred by the appellant assessee against the order of the Commissioner of Income Tax …