Category: Income Tax

More than Rs 70000 crore of refunds issued in dedicated fortnight and more than 20000 matters disposed – CBDT Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 4th July, 2018 PRESS RELEASE Special drive for expeditious clearance of pending appeal …

Rejection of Settlement application for not disclosing refund granted due to failure of chartered accountant to inform- High Court quashed the order ABCAUS Case Law Citation: ABCAUS 2396 (2018) 07 HC Important Case Laws Cited/relied upon by the parties: Vascon Engineers Ltd., vs. Income-tax Settlement Commission and Others …

5 different ways to e-verify Income Tax Return The Income Tax Department has advised the tax payers (whose accounts are not liable to audit) to file return on or before 31st July, 2018.   The Department has also reminded the 5 different ways to e-verify Income Tax Return. ITR can also …

Transfer-Postings of 266 Additional-Joint Commissioners of Income Tax CBDT Order Joint Commissioners of Income Tax Transfers and Posting of 226 Joint Commissioners of Income Tax promoted on ad-hoc basis in Dec, 2017 11 JCITs which are on leave shall be considered at the time of their returning. Additional …

Reasons recorded for reopening without quantifying amount escaped. Notice issued u/s 148 and reassessment proceedings held null and void ab-initio.   ABCAUS Case Law Citation: ABCAUS 2395 (2018) 07 ITAT The instant appeal had been filed by the assessee challenging the order of the Commissioner of Income Tax …

Waiver or One Time Settlement of loan not taxable under section 28 (iv) – ITAT deletes the addition following the judgment of the Supreme Court ABCAUS Case Law Citation: ABCAUS 2394 (2018) 07 ITAT The instant appeal had been filed by the assessee challenging the order of the …

NOIDA not a local authority u/s 10(20) and hence not exempt from Income Tax-Supreme Court. By performing certain municipal functions it cannot acquire the essential features of the Municipality contemplated by the Constitution. ABCAUS Case Law Citation: ABCAUS 2393 (2018) 07 SC Important Case Laws Cited/relied upon by …

Addition for cash found short at the time of survey deleted by the ITAT. In the absence of any other evidence regarding the user of such cash, it should be considered as utilized for purchasing goods found in excess of book stock. ABCAUS Case Law Citation: ABCAUS 2392 …

Retraction of statement u/s 132(4) after months on the ground of coercion. Assessee must give justifiable reason and cogent material to show that admission was not voluntary. ABCAUS Case Law Citation: ABCAUS 2391 (2018) 07 ITAT The instant appeal was preferred by the assessee against the order of …

No concealment if income returned and accepted is same where assessee surrenders income at survey action before the end of the financial year – ITAT  ABCAUS Case Law Citation: ABCAUS 2390 (2018) 07 ITAT The instant appeal was preferred by the Revenue against the order of Commissioner of …