Income Tax Archives - Page 299 of 446

Prosecution under section 276B – Name appearing in Traces module not make accountant director or principal officer

administrator June 6, 2018 Income Tax, Trial Court

Prosecution under section 276B – Name appearing in Traces module would not make accountant a director or principal officer u/s 2 (35) of Income Tax Act. To invoke Section 276B mere fact that accused was working in accounts department would not mean that he automatically becomes person liable …

Income Tax Prosecution against accountant u/s 276 B for delay in deposit of TDS quashed.

administrator June 5, 2018 Income Tax, Trial Court

Prosecution against accountant u/s 276 B for delay in deposit of TDS quashed. The Court asked why instead of treating directors as principal officers the Income Tax Department was hell-bent in prosecuting its small-time employee. The Court warned the ITO that false deposition can make him face criminal …

No loss damage to Nirav Modi Mehul Choksi case records-CBDT Clarification

administrator June 4, 2018 Income Tax

No loss damage to Nirav Modi Mehul Choksi case records-CBDT Clarification on fire at Income Tax Office, Mumbai News reports have been appearing in some sections of the media alleging that records & documents relating to investigation into the Nirav Modi/Mehul Choksi case have been destroyed in the …

Notice u/s 148 issued by ITO having jurisdiction over bank where assessee had account was held legal

administrator June 3, 2018 High Courts, Income Tax

Notice u/s 148 issued by ITO having jurisdiction over bank where assessee had account was held legal in view that there could be concurrent jurisdiction of two or more AOs over a particular assessee in terms of sub-section Section 120 (3) The instant Petition had been filed for …

CIT u/s 263 can not revise order passed by Commissioner Appeals to examine the same issue – High Court

administrator June 1, 2018 High Courts, Income Tax

CIT u/s 263 can not revise order passed by Commissioner Appeals to examine the same issue as assessment order made by Assessing Officer got merged with the order of the Appellate Commissioner. The instant appeals were filed by the Revenue challenging the orders passed by the Income Tax …

Income accumulated us 11(2) not deemed income when transferred from capital fund – ITAT

administrator June 1, 2018 Income Tax, ITAT

Income accumulated us 11(2) not deemed income when transferred from capital fund account to the income and expenditure account for utilisation within time allowed u/s 11(3)(c)-ITAT The instant appeal was preferred by the Revenue against the order passed by the Commissioner of Income Tax (Appeals) in deleting the …

Penalty u/s 271D when claim of cash imprest was sham and facile-Case remanded to ITAT

administrator May 31, 2018 High Courts, Income Tax

Penalty u/s 271D when claim of cash imprest was sham and facile. The cash was itilised for making fixed deposits in the name of the assessee. High Court remanded case to ITAT The instant appeal was preferred by the Revenue against the order passed by the Income Tax …

Limitation period for reassessment u/s 150(1) when assessment is made in wrong hands

administrator May 29, 2018 Income Tax, ITAT

Limitation for reassessment u/s 150(1) has to be counted on the date of assessment order passed by the AO assessing the income in the wrong hands – ITAT This appeal by the assessee was directed against the order of CIT (A) upholding the legality of the reassessment made …

CBDT asks setting up of High Court Cell at all locations where High Court Benches are functioning

administrator May 28, 2018 Income Tax

CBDT asks setting up of High Court Cell at all locations where High Court Benches are functioning URGENT F. No. 272/ M-26/2015-(ITJ) Government of India Ministry of Finance Department of Revenue Central Board Direct Taxes Audit & Judicial Division New Delhi, 28th May, 2018 To All Principal Chief …

Ad-hoc promotion of 57 IRS Officers to the grade of Joint Commissioner of Income Tax