Category: Income Tax
Non speculative business loss can be set off against profits of any business including speculative business carried on by assessee – High Court ABCAUS Case Law Citation: ABCAUS 2096 (2017) (10) HC The Challenge/Grievance: This instant Income Tax Appeal was filed under Section 260(A) of the Income Tax …
Affidavit of assessee not accepted as it was signed by some one else on behalf of the assessee and not by the assessee himself. High Court found no illegality in ITAT order. ABCAUS Case Law Citation: ABCAUS 2095 (2017) (10) HC The Challenge/Grievance: This instant Income Tax …
All pending appeals with CIT-A having tax effect of Rs 50 crore or more to be disposed off till 31st December 2017 as per Central Action Plan of FY 2017-18 Dy. No. 683/CIT(A&J)/2015 Government of India Ministry of Finance Department of Revenue Central Board Direct Taxes New Delhi, …
Supreme Court explains the concept of income tax on Joint development agreement and applicability u/s 2(47) and section 45 and 48 where the JDA was not registered and was abandoned In an important judgment, Supreme Court has explained the concept of income tax on Joint development agreement and …
Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to September 2017 than net collections for corresponding period of last year. Press Information Bureau Government of India Ministry of Finance 11-October-2017 15:59 IST Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to September, …
No addition for mismatch of income with 26AS form 16 16A for ITR1 u/s 143(1)(a)(vi) unless income is altogether not disclosed. CBDT Instruction Instruction No. 9/2017 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 11th October, 2017 …
Cash transactions between husband-wife do not attract section 269SS if transactions are not for commercial use. Tribunal deleted penalty under section 271D ABCAUS Case Law Citation: ABCAUS 2092 (2017) (10) ITAT The Challenge/Grievance: The assessee had challenged the order passed by the CIT(A) which confirmed the order of …
ITAT comment against CA Profession was out of sheer desperation & frustration. Bombay High Court strongly criticises ITAT for its observation made against the CA profession. ABCAUS Case Law Citation: ABCAUS 2091 (2017) (10) HC Approximately three years back in 2014, ITAT Mumbai had made a remark on …
Transfer Pricing Documentation and Country-by-Country Reporting. Rules 10DA, 10DB and form nos. 3CEBA to 3CEBE proposed laying down guidelines for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country report. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes …
Assessee liable to penalty u/s 221(1) for non payment of self assessment tax under section 140A, where return is revised and tax is paid at the time of filing the revised return of income – ITAT Special Bench Penalty for non payment of self assessment tax where return …
