Category: Income Tax
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 …
Notice us 148 not invalid if assessee do not challenge it. Settled law is that if assessee chooses not to challenge notice issued it is to be treated as valid – ITAT ABCAUS Case Law Citation: ABCAUS 1210 (2017) (04) ITAT The Grievance: The appellant assessee company was …
Unexpired AMC charges not income but advance. Due to refund obligation, the whole income did not accrue at the time of entering into contract – ITAT ABCAUS Case Law Citation: ABCAUS 1209 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the order of the …
Tax Exemption to Startups in recent past. Introduction of new section 54EE 54GB 80-IAC. Angel investors funding exemption etc. Tax Exemption to Startups Various tax exemptions have been given to Startups in the recent past – Following direct tax incentives were provided in Income-tax Act,1961 (‘the Act’) to …
Merchant Navy salary of non-resident in NRE account in Indian Bank not taxable if services rendered outside India on a foreign ship-CBDT Circular 13/2017 as amended by Circular No. 17/2017 F. No: 500/07/2017-FT & TR-V Government of India Ministry of Firlance Department of Revenue Central Board of Direct …
