Category: Income Tax
Interest expenditure Disallowance u/s 36(1)(iii) for interest free loan-Allahabad High Court says business expediency not a must, earlier Division Bench decision was not a good law, pronounced in ignorance. ABCAUS Case Law Citation: ABCAUS 1166 (2017) (03) HC The Grievance: The appellant assessee was aggrieved by part of the …
Persons whose tax profiles not match with cash deposits made in bank during the demonetization period identified-Operation Clean Money Ministry of Finance PIB Press Release dated 10/03/2017 Operation Clean Money; Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits …
Direct Tax Collections up to February 2017 show Growth of 10.7%. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 10th March, 2017. PRESS RELEASE Direct Tax Collections up to February, 2017 show Growth of 10.7% The Direct tax collections …
No Section 54F exemption if construction not started within time prescribed. Development charges paid not start of construction-Allahabad HC In a recent judgment, the Hon’ble Allahabad High Court has held that capital gain exemption u/s 54F not allowable if construction not started within prescribed time. ABCAUS Case Law …
ITAT lacks power to dismiss appeal without adverting to merits -Allahabad High Court In a recent judgment, the Hon’ble Allahabad High Court has reiterated that currently ITAT does not have power to dismiss appeal without adverting to the merits of the appeal even if the appellant is absent. …
India-Belgium DTAA and Protocol amendment signed for Avoidance of Double Taxation and Prevention of Fiscal Evasion of Taxes on Income Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 9th March, 2017. Press Release India and Belgium sign Protocol amending …
Deduction us 54B for land purchased in wife’s name disallowed by ITAT following the judgment of Punjab & Haryana High Court. ABCAUS Case Law Citation: ABCAUS 1163 (2017) (03) ITAT Assessment Year : 2007-08 Date/Month of Pronouncement: February 2017 Brief Facts of the Case: The appellant assessee sold …
Notice us 271(1)(b) on printed format with tick mark without striking off the non applicable clause quashed on the ground that charge was not specific. ITAT Delhi, in a recent judgment, has quashed notice u/s 271(1)(b) on printed format with only tick mark with striking off the not …
Royalty and fee for technical assistance held revenue expenditure not capital as on termination of agreement all rights of the assessee stood extinguished. The judgment was delivered by the Hon’ble Allahabad High Court in a batch of similar cases. ABCAUS Case Law Citation: ABCAUS 1160 (2017) (03) HC Question …
CBDT Chairman asks prosecution proceedings initiation against entry operators, bogus LTCG claimants, cases rejected by Settlement Commission etc. GOVERNMENT OF INDIA Ministry of Finance/Department ot Revenue Central Board of Direct Taxes North Block, New Delhi- 110001 email: chairmancbdt@nic.in Tele :23092648 & Telefax :23092544 SUSHIL CHANDRA Chairman, CBDT & …
