Category: Income Tax

No Concealment if return revised due to search of other person when assessee filed it voluntarily and no proceedings initiated u/s 153 against him-ITAT

No Concealment if return revised due to search of other person when assessee voluntarily filed revised ITR and no proceedings were initiated u/s 153 against him-ITAT ABCAUS Case Law Citation: 1052 (2016) (11) ITAT Important Case considered: Ravi Sud vs. ACIT (2015) 39 ITR (T) 356 CIT vs. …

Depreciation and exemption both not allowable to charitable trust. Statutory provision u/s 32 to prevail over customary practice-commercial principle-ITAT

Depreciation and exemption both not allowable to charitable trust. Statutory provision u/s 32 to prevail over customary practice-commercial principle-ITAT The allowability of the depreciation claim to a charitable trust/institution in calculating prescribed limit of 85% towards income application u/s 11 of the Income tax Act, 1961 was settled …

Bank accounts with cash transactions income-tax e-filing website new feature to report-monitor the conversion of black money

Bank accounts with cash transactions income-tax e-filing website new feature to report-monitor the conversion of black money on bank note withdrawals.   Income Tax Department has launched a new feature in its e-filing website portal for capturing and generating reports of bank/financial institution wise cash transactions done by …

Old notes sales after 08-11-2016 and deposited in bank later-Implications. Such sales may be rejected and added u/s 68, notes being not legal tender

Old notes sales made after 08-11-2016 and deposited in bank later-Implications. Such sales may be rejected and added u/s section 68, notes being not legal tender-CA Ashutosh Lohani Sales in Old notes made after 08-11-2016 and deposited in bank later The unprecedented and revolutionary step by the Government …

No disallowance us 40(a)(ia) as labour charges paid were salary when PF-ES deducted regularly. Salary us 17(1) includes wages and hence no TDS 194C

No disallowance us 40(a)(ia) as labour charges paid were salary when PF-ES deducted regularly. Salary us 17(1) includes wages and TDS 194C not required-ITAT ABCAUS Case Law Citation: 1047 (2016) (10) ITAT The Grievance: The Assessing Officer (AO) was aggrieved by the order of the CIT(A) in deleting …

Maximising revenue collection top priority of CBDT chairman. Delivering quality tax payer services, promoting digital tax administration among 7 priorities

Maximising revenue collection top priority of CBDT chairman. Delivering quality tax payer services, promoting digital tax administration among top 7 priorities. Shri Sushil Chandra newly appointed CBDT chairman has listed out his various priorities for the coming months. In a letter addressed to all officers/officials of the Income …