Category: Income Tax
Do not visit CBDT Office for transfers and postings. Income Tax Officers have been advised to forward their request to Data Base Cell only CBDT in its recent office memorandum has impressed upon the Income Tax Officers not to visit CBDT office in connection with transfer and postings. …
Slump Sale of entire running business was LTCG us 48(2). Sale in one go with assets and liabilities cannot be considered as STCG for Taxation-Supreme Court ABCAUS Case Law Citation: ABCAUS 1216 (2017) (04) SC The Grievance: The appellant Commission of Income Tax (CIT) was aggrieved by the …
No concealment penalty on return revision made before issue of notice u/s 148 though after initiation of investigation in tax evasion petition filed against the assessee – ITAT ABCAUS Case Law Citation: ABCAUS 1215 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the order …
Concealment means positive act on part of the assessee and the onus to prove is on Revenue. Penalty can not be levied on estimate or guess work – ITAT ABCAUS Case Law Citation: ABCAUS 1214 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the …
Sales Promotion expenses allowed based on percentage to sales when such expenses were allowed on similar ratio in preceding year. Sales Promotion expenses allowed based on percentage to sales ABCAUS Case Law Citation: ABCAUS 1213 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the …
Purchase not bogus merely for non-appearance of supplier Merely non-appearance of the supplier in absence of any other corroborate evidence cannot be a basis to justify the stand of the Revenue that the transaction of purchase is bogus-ITAT ABCAUS Case Law Citation: ABCAUS 1212 (2017) (04) ITAT The …
High cash sales during demonetization-more than 60000 persons identified for investigation. All the liable accounts will be brought to tax – CBDT Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th April, 2017. PRESS RELEASE CBDT’s Operation Clean Money Reins …
CPC Bengaluru Pincode 560500 for submission of ITR-V etc. As per public notice of Income Tax Department, a unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC), Income Tax Department located in Bengaluru by the Department of Post. Taxpayers can henceforth address their mails to “Centralized …
54EC deduction for investment made after 6 months allowed when sales consideration was received late.The tax-payer cannot be asked to do impossible -ITAT 54EC deduction for investment made after 6 months ABCAUS Case Law Citation: ABCAUS 1211 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved …
Interim Action Plan for the first Quarter of FY 2017-18 issued by CBDT setting up time frames for various Key Result Areas MOST IMMEDIATE F.No. 380/1/2017-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ********* North Block, New Delhi 13th April, 2017 …
