Category: Income Tax
Negative growth in regular tax collections-CBDT calls it an alarming situation. Only only 85.10% of FY 2018-19 target collected as on 23.03.2019. In a Departmental Letter (DO), addressed to all Pr. Chief Commissioner of Income Tax, the CBDT has expressed dissatisfaction over the tax collections achieved in financial …
Fund management activity thtough Fund managers registered under SEBI Mutual Funds Regulations 1996 not to constitute business connection in India Under Section 9A of the Income Tax Act, 1961, certain activities not to constitute business connection in India. Under the section, in the case of an eligible investment …
Compensation made to the flat allottees for surrendering rights allowed as business expenditure of the assessee in view of Completed Contract Method of Accounting ABCAUS Case Law Citation: ABCAUS 2843 (2019) (03) HC Important Case Laws Cited/relied upon by the parties Shahzada Nand & Sons v. CIT, Patiala …
Facility to view Form 2 Declaration filed with DPIIT by startup available in Income tax e-Filing portal Facility to view Form 2 Declaration filed with DPIIT (Department for Promotion of Industry and Internal Trade) by a startup is now available in e-Filing. The path for the access is …
Lack of full declaration in Form 10 of accumulation u/s 11(2) by itself would not be fatal to the claim. Supreme Court dismisses SLP of the Revenue ABCAUS Case Law Citation: ABCAUS 2842 (2019) (03) SC Important Case Laws Cited/relied upon by the parties CIT v. Hostel and …
CBDT authorises Addl. / Joint CIT (e-Verification) Delhi for centralized issuance of notice and for collection and processing of information GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) DIRECTOR GENERAL OF INCOME TAX (SYSTEMS) COMMISSIONER OF INCOME TAX (E-VERIFICATION) No: CIT (e-Verification)/Jurisdiction/2019-20/01,47 …
Issue of notice u/s 143(2) on the same day return was filed made the entire assessment illegal for being non application of mind by the AO – ITAT In a recent judgment, ITAT Delhi has held that issue of notice u/s 143(2) on the same day return was …
Mere agreeing to increased net profit rate, by itself was no ground to levy penalty u/s 271(1)(c) when it was already higher compared to preceding assessment years – ITAT ABCAUS Case Law Citation: ABCAUS 2840 (2019) (03) ITAT Important Case Laws Cited/relied upon by the parties Harigopal Singh …
The “Yeddy Diaries” entries prima-facie of doubtful nature- CBDT refutes media report The Congress today demanded an investigation after a report was published in news magazine “The Caravan” alleging payoffs by former Karnataka Chief Minister BS Yeddyurappa to BJP’s national leaders, its central committee, and judges and advocates”. …
Section 50C can be applied after claiming exemption u/s 54EC of the Income Tax Act. Any other interpretation would render the provisions redundant – High Court ABCAUS Case Law Citation: ABCAUS 2836 (2019) (03) HC Important Case Laws Cited/relied upon by the parties CIT Vs. Amarchand N. Shroff, (1963) 48 ITR 59 (SC) CIT Vs. Vadilal Lallubhai (1972) 86 ITR 2 (SC) K.P. …
