Category: Income Tax

Exclusions from both export and total turnover for deduction u/s 10A – CBDT Circular 4/2018. All charges/expenses in Explanation 2(iv) liable to be excluded Circular No. 4/2018 F. No. 279/Misc./140/2015/ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th August …

Compensation paid to retiring partner consequent to family settlement-Deduction allowed as capital of firm was kept intact and business was continued by other coparceners  partners. ABCAUS Case Law Citation: ABCAUS 2466 (2018) 08 ITAT The instant appeal was filed by the assessee directed against CIT(A)’s order in sustaining …

Interest for late payment of service tax not penal in nature but only compensatory. ITAT deletes disallowance made under section 37 ABCAUS Case Law Citation: ABCAUS 2465 (2018) 08 The instant appeal was filed by the assessee directed against CIT(A)’s order in holding that the interest on delayed …

Deliberate non production of books of account held as concealment of income. Books maintained in computer even if lost can be generated. – High Court ABCAUS Case Law Citation: ABCAUS 2463 (2018) 08 HC In number of, if not the most cases of civil contractors, they often and …

Tahbazari is not covered under TCS provisions u/s 206C(1C).  Toll plaza does not include Tahbazari as there is no toll set up when licence is issued – High Court  ABCAUS Case Law Citation: ABCAUS 2462 (2018) 08 HC The instant appeal had been filed by the Apar Mukhya …

Agricultural land-revenue records can not be rejected without any basis or material evidence holding it to be an mechanical entry – ITAT ABCAUS Case Law Citation: ABCAUS 2461 (2018) 08 ITAT The instant appeal had been filed by the assessee against the order passed by CIT(A) in sustaining …

Court of Munsiff No. 3 -cum-Judicial Magistrate, 1st Class Guwahati designated as Special Court for prosecution of offences under Income Tax Act MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) (Investigation Division-V) Notification No. 37/2018 New Delhi, the 8th August, 2018 S.O. 3942(E).—In exercise of the …

Chapter VI-A deduction allowable on disallowance u/s 40(a)(ia) for profits of the eligible business so enhanced by the disallowance- ITAT ABCAUS Case Law Citation: ABCAUS 2457 (2018) 08 ITAT The instant appeal was filed by the assessee challenging the order passed by CIT(A) confirming inter alia disallowance u/s …

Income Tax Notices to non-resident assesses. On receiving information on holding assets by NRIs, necessary enquiry is made for disclosure and source Income Tax Notices have been issued by the Income Tax Department and the Enforcement Directorate. In respect of Income Tax Department, assesses including, non-resident assesses are served notices/summons consequent …

Two Gujarat based companies notified as recognised stock exchange for derivative transaction not to be treated as speculative transaction Section 43(5) of the Income Tax Act, 1961 defines a “speculative transaction” as the one in which a contract for the purchase or sale of any commodity including stocks …