Category: Income Tax
No disallowance for interest paid on capital work in progress u/s 36(1)(iii) where sufficient interest-free funds available, presumption is that investments were out of such funds ABCAUS Case Law Citation: ABCAUS 2877 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties Hero Cycles Pvt. Ltd. Vs. …
Penalty u/s 271AAB for undisclosed income declared deleted for no incriminating material found during search and also for notice non specifying the specific limb ABCAUS Case Law Citation:ABCAUS 2876 (2019) (04) ITAT Important Case Laws Cited/relied upon by the partiesSSA’s Emerald Meadows, (2016) 73 taxmann.com 248(SC)Manjunatha Cotton & …
Sale of property mortgaged to bank liable to capital gain tax. Encumbrance created as a guarantee by assessee not deductible u/s 48 of Income Tax Act, 1961 ABCAUS Case Law Citation: ABCAUS 2875 (2019) (04) HC Important Case Laws Cited/relied upon by the parties M. Arunachalam V. CIT, …
Addition u/s 68 made without issuing notice to creditors deleted by ITAT as AO failed to conduct inquiry. Had creditors not responded, addition might be justified ABCAUS Case Law Citation: ABCAUS 2874 (2019) (04) ITAT In the instant case, the assessee was in appeal before the Tribunal against …
Posting of ACIT (Probationers) after their completing training at (NADT) Nagpur CBDT has posted 146 Assistant Commissioner of Income Tax (Probationers) after their completing training at National Academy of Direct Taxes (NADT) Nagpur. The number of Probationers posted in respective region is as under: Number of Probationers Posted …
Rule 8D can not be applied without giving reasons. Unless AO rejects explanation of the assessee with some reasoning, mere rejection per se not accepted – Supreme Court rejects Revenue’s SLP ABCAUS Case Law Citation: ABCAUS 2873 (2019) (04) SC Important Case Laws Cited/relied upon by the parties …
Time limits for uploading old pending appeals/disposals and current disposals made during FY 2018-19 in appeals module of ITBA CBDT has provided all CIT(Appeals) another window for uploading old pending appeals and current disposals made during FY 2018-19. In a letter issued in this respect by the Directorate …
CBDT Central Action Plan for the first quarter of Financial Year 2019-20 CBDT has issued Central Action Plan for the First Quarter i.e. (April, 2019 to June 2019) of FY 2019 -20. Interim Action Plan for the first quarter of Financial Year 2019-20Â The key result areas and …
CBDT clarifies raid on the cost accountant of TDP MP CBDT in a Press release has stated that the Income Tax Department had conducted search on 9th April, 2019 in Vijaywada at the premises of Sri Gurappa Naidu, a cost accountant. It is stated that the raid was …
Retraction from the surrender without having evidence or proof not permissible in the eyes of law. Supreme Court quashed SLP of the assessee ABCAUS Case Law Citation: ABCAUS 2871 (2019) (04) SC Important Case Laws Cited/relied upon by the parties CIT, Bikaner Vs. Ravi Mathur CIT Vs. Sunil …
