Category: Income Tax
Absence of dissolution clause-Registration 12AA can not be denied to a charitable Trust for no specific clause in the Trust deed prohibiting trustee on asset distribution among themselves ABCAUS Case Law Citation: ABCAUS 1133 (2017) (02) ITAT Date/Month of Pronouncement: February, 2017 Important Case Laws Cited/relied upon: Rama …
Legal expenses claim of Salman Khan allowed in set aside proceedings by order of Commissioner of Income Tax under Revision u/s 263 The Hindustan Times in 2015, quoting Salim Khan, father of Salman Khan had reported that Bollywood actor had spent more than Rs 25 crore in the 2002 …
TDS credit allowed despite income not offered to tax. House was soldby the husband to the wife who paid taxes due in her ITR. ITAT allowed husband TDS on Rent deducted by bank. ABCAUS Case Law Citation: ABCAUS 1129 (2017) (02) ITAT Assessment Year : 2009-10 Date/Month …
Reopening us 147 on the basis of cash deposits in bank invalid as there was no basis to form reason that cash deposits represented income of the assessee – ITAT ABCAUS Case Law Citation: ABCAUS 1128 (2017) (02) ITAT Assessment Year : 2008-09 Date/Month of Pronouncement: February, 2017 …
Yoga also gives medical relief as per definition of charitable purpose us 2(15). Propagation of yoga was charitable purpose and also imparting of education – ITAT ABCAUS Case Law Citation: ABCAUS 1127 (2017) (02) ITAT Assessment Year : 2009-10 Date/Month of Pronouncement: February, 2017 Important Case Laws Cited/relied upon: …
Probative worth of Income Tax Proceedings qua lawfulness of the sources of income. SC rejects IT orders/assessment as proof against charge of corruptions ABCAUS Case Law Citation:ABCAUS 1126 (2017) (02) SC Date/Month of Pronouncement: 14th February, 2017 Important Case Laws Cited/relied upon:Commissioner of Income Tax, U.P. Vs. Devi Prasad …
Expeditious refund issue high priority for CBDT. Over 4.19 crore ITRs processed and over 1.62 crore refunds issued during Current Financial Year till 10/02/2017 Ministry of Finance Press Release Dated: 13th Feb, 2017 Expeditious issue of Refunds is a High Priority for the Central Board of Direct Taxes …
Operation Clean Money by Income Tax Department gets overwhelming response. More than 5.27 lakh taxpayers submitted response till 12-02-2017. Ministry of Finance Press Release Dated: 13th Feb, 2017 Operation Clean Money by IT Dept gets overwhelming response. More than 5.27 lakh taxpayers submitted their response till 12th February, …
Addition us 68 for accommodation entries-don’t shoot the messenger. Addition restricted to commission earned on accommodation entries-ITAT ABCAUS Case Law Citation:ABCAUS 1125 (2017) (02) ITAT Assessment Year : 1995-96Date/Month of Pronouncement: February, 2017 Brief Facts of the Case:The present judgment was delivered in the second round of litigation. …
Penalty 271(1)(c) for claiming higher Housing Loan Interest deduction u/s 24(b) deleted. The AO did not detect mistake but noticed it from the reply of the assessee – ITAT Judgment ABCAUS Case Law Citation: ABCAUS 1124 (2017) (02) ITAT Assessment Year : 2008-09 Date/Month of Pronouncement: February, 2017 …
