Category: Income Tax
Authentication of income tax e-notices. Name/office of authority to be printed on e-mail body or attachment – Rule 127A G.S.R. 283(E).- In exercise of the powers conferred by clause (d) and clause (e) of proviso to clause (5) of section 43 and section 282A read with section 295 …
Share premium not part of capital employed in the business of the company for claim of deduction u/s 35D as it is not specifically said so in Explanation -Supreme Court ABCAUS Case Law Citation: ABCAUS 1189 (2017) (03) SC The Question of Law: Whether “premium” collected by the …
No condonation of delay in IDS 2016 first instalment payment due to Personal emergency reasons, liquidity, confusion, rush at banks etc.- CBDT F.No. 225/86/2017-ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, dated the 28th of March, 2017 …
Reopening us 147 after four years with Addl CIT approval bad. Notice u/s 148 was illegal as approval/satisfaction of CCIT/CIT was required u/s 151(1) – ITAT ABCAUS Case Law Citation: ABCAUS 1188 (2017) (03) ITAT The Ground of Appeal: The effective grounds contested by the assessee was that …
Unexplained income-cash deposited in bank after 2-3 months gap held not probable as withdrawals made in small amounts mostly by employee – Punjab & Haryana High Court ABCAUS Case Law Citation: ABCAUS 1187 (2017) (03) HC The Grievance: The appellant-assessee had filed the present appeal under Section 260A …
Interest free loan to subsidiary-disallowance for commercial expediency not relevant if advances given out of interest free funds – Punjab & Haryana High Court ABCAUS Case Law Citation: ABCAUS 1186 (2017) (03) HC Date/Month of Pronouncement: March, 2017 The Ground of Appeal: The present judgments involves two appeals filed …
Delay in filing appeal condoned as CA was unaware of law. Quality of explanation, legal assistance to litigant, and detriment to Revenue important factors to consider- Madras High Court ABCAUS Case Law Citation: ABCAUS 1185 (2017) (03) HC The Moot Question: Can a litigant be prejudiced on account …
Receipt of ITAT order by any CIT triggers limitation period u/s 260A(2)(a). In a recent judgment, the Hon’ble Delhi High Court has held that the terms used in the relevant sub-section are the only designations of the officers who could receive a copy of the order. Therefore, in the …
Guidelines for waiver of interest for TDS default us 201(1A)(i). CBDT Order u/s 119 authorises CCIT/DGIT to waive interest under prescribed conditions Circular No. 11/2017 F. No. 275/56/2016-IT (B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block , New Delhi …
Income tax searches conducted on 2534 groups of persons in FY 2013-14, 2014-15, 2015-16 and FY 2016-17 (up to January, 2017) ITD conducted searches in about 2534 groups of persons led to admission of undisclosed income of about Rs. 45,622 crore apart from seizure of undisclosed assets (cash, …