Category: Income Tax

Supreme Court explains the doctrine of mutuality.  In a recent judgment, the Supreme Court has explained the doctrine of mutuality. Receipts of non-occupancy charges, transfer charges, common amenity fund charges received by cooperative societies, from its members exempt from tax ABCAUS Case Law Citation: ABCAUS 2260 (2018) (03) …

Be sensitive to the demands and the dignity the honest tax payer, the tax payer is your partner, not your adversary-President tells IRS Trainee Officers  The Hon’ble President of India was talking to the 71st batch of trainee IRS offficers. The full text of his speech is as …

Due date for furnishing Country-by-Country report -CBDT Clarification The Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961.  In keeping with India’s commitment to implement the Recommendations of the 2015 Final Report on Action 13, titled “Transfer Pricing …

Conviction u/s 278B of Income Tax Act against independent director set aside. Generally and vaguely stated allegations not sufficient to satisfy the basic requirements of law. ABCAUS Case Law Citation: ABCAUS 2258 (2018) (03) TC The Applicant had filed this criminal revision application before the Additional Sessions Judge …

India and Hong Kong sign Double Taxation Avoidance Agreement (DTAA) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 19th March, 2018 PRESS RELEASE India and Hong Kong sign Double Taxation Avoidance Agreement (DTAA) On 19.03.2018, Government of India and the …

Task Force constituted to draft a new Direct Tax Law  A Task Force has been constituted to review the Income-tax Act, 1961 & to draft a new Direct Tax Law in consonance with the economic needs of the country. Suggestions & feedback are invited from stakeholders in the …

Person convicted u/s 276B, unless minor, can not be released on probation of good conduct. Order of the Trial Court set aside by Special Judge of TIS Hazari Court ABCAUS Case Law Citation: ABCAUS 2257 (2018) (03) TC Section 276B of the Income Tax Act, 1961 (the Act) inter …

Assessee in default u/s 201 not absolved if the resident who receives the payment without TDS files a loss return. Proviso require actual payment of tax-High Court ABCAUS Case Law Citation: ABCAUS 2256 (2018) (03) HC The appellant assessee was aggrieved by the order treating the appellant as …

Cash redeposits claimed out of withdrawals unlikely if deposited in remote bank branches not near to the assessee’s office or residence. No person will go to a branch to deposit extra cash leaving another bank branch near to his office/residence-ITAT ABCAUS Case Law Citation: ABCAUS 2255 (2018) (03) …

Revised format of Income tax notices u/s 142(1)(ii) & (iii) The Directorate of Income Tax (Systems) has issued a Departmental Order on the subject of issue of notices under section 142(1)(ii) & (iii) of Income tax Act 1961 in revised format. The concept of electronic assessment proceeding was …