Category: Income Tax
PAN linking with Aadhaar by taxpayers made easy by Income Tax Department. The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar. It was reported that taxpayers were finding it difficult as their names did not match in both systems (Eg. Names …
AO power to extend time for submission of special audit report u/s 142(2A). Power of suo moto extension was inserted from 01-04-2008 only-Delhi High Court ABCAUS Case Law Citation: ABCAUS 1237 (2017) (05) HC The Question framed for determination: Did the ITAT fell into error in holding that …
Trust is entitled to deduction u/s 54F by fiction of section 161. Deduction can not be denied on the ground that AOP is not a individual or HUF – ITAT ABCAUS Case Law Citation: ABCAUS 1236 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the …
Sushil Chandra CBDT Chairman re-appointed as Chairman CBDT for a period of one year F. No. A.12026/6/2017 -Ad.I Government of India Ministry of Finance Department of Revenue New Delhi, the 9th May 2017 Office Order No. 100/2017 The President of India is pleased to re-appoint Shri Sushil …
Section 14A applies to dividend income u/s 115-O on which tax is paid by the dividend paying company-Supreme Court explains ABCAUS Case Law Citation: ABCAUS 1235 (2017) (05) SC The issue: The issue in the present appeal was related to the admissibility or otherwise of deduction of expenditure …
Principles for writing off bad debts u/s 36(2) as laid down by Courts-ITAT explains. Writing off & claiming deduction are two different things and it is not sweet will of the assessee. ABCAUS Case Law Citation: ABCAUS 1233 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved …
Section 271J Penalty challenged in Madras High Court. The Court has accepted the writ petition and the matter is listed for next hearing in July 2017 ABCAUS Case Law Citation: ABCAUS 1232 (2017) (05) HC Finance Act, 2017 has inserted a new penal provision wef 01/04/2017 namely, section …
Penalty 271(1)(c) Merely if suppliers not traced at given address not indicative of concealment of income or furnishing of inaccurate particulars-ITAT ABCAUS Case Law Citation: ABCAUS 1231 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) qua confirmation of penalty …
No Penalty 271(1)(c) for disallowance 43B if quantum not disputed and following mercantile accounting it could be debited to Profit and Loss A/c – ITAT ABCAUS Case Law Citation: ABCAUS 1230 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) …
Penalty 271(1)(c) Non-deletion of few words not invalidated notice or caused any prejudice to the assessee when relevant clause was duly ticked-ITAT ABCAUS Case Law Citation: ABCAUS 1229 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) qua confirmation of …