Category: Income Tax

Benami Transactions Informants can get reward up to Rs. One crore under the Benami Transactions Informants Reward Scheme 2018 The CBDT has introduced Benami Transactions Informants Reward Scheme 2018 for the reward scheme for informants giving information of benami property actionable under Prohibition of Benami Property Transactions Act, …

Income Tax Informant can get reward up to Rs 5 crore under CBDT Income Tax Informants Rewards Scheme 2018  CBDT in supersession of its previous guidelines has issued a new Income Tax Informants Rewards Scheme, 2018 for regulating grant and payment of reward to a person who is …

LTCG on equity shares-draft notification u/s 112A for withdraw of exemption u/s 10(38) of the Income-tax Act for comments/ suggestions Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 24th April, 2018 PRESS RELEASE Notification under section 112A as inserted by …

Prosecution u/s 276C for late deposit of self assessment tax. Late deposit of tax after the expiry of stipulated period would not wipe out the offence The instant revision petition had been filed before the Additional Sessions Judge (ASJ) against the order passed by Chief Judicial Magistrate, (CJM/Trial …

Conversion of limited scrutiny to complete scrutiny is question of fact. High Court dismisses the writ as petitioner had a right to appeal against the assessment order The Petitioner assessee was aggrieved by the assessment order passed u/s 144 by converting limited scrutiny to complete scrutiny. The impugned …

Damages paid for violation of agreement to sell allowed as incurred in connection with the transfer of property for computing long term capital gains-High Court The question framed by the Hon’ble High Court was as to whether the ITAT, was correct in holding that the amount paid by …

Market value of shares quoted in stock exchange can not be taken as a basis for computing capital gains under Section 48 of the Income Tax Act ABCAUS Case Law Citation: ABCAUS 2297 (2018) (04) HC Important Case Laws Cited/relied upon by the parties K.P. Verghese versus Income …

No disallowance u/s 40A(3) even if aggregate payment exceeds Rs 20000 if payment is made in cash against different bills none exceeding Rs. 20,000/ ABCAUS Case Law Citation: ABCAUS 2296 (2018) (04) ITAT Prelude: Finance Act, 2008 made amendment to the provisions of sub-section (3) of section 40A …

Self-made vouchers would not make expenses not genuine unless they do not carry necessary details like address of the recipient or signature-ITAT deleted the adhoc disallowance. ABCAUS Case Law Citation: ABCAUS 2295 (2018) (04) ITAT The appellant assessee had challeneged the order passed by the Commissioner of Income …

AO obliged to give eligible deductions when making additions for income not disclosed in return of income-ITAT allowed 54F deduction for sale of property not disclosed in ITR ABCAUS Case Law Citation: ABCAUS 2294 (2018) (04) ITAT The appellant assessee had challeneged the order passed by the Commissioner of …