Category: Income Tax
DTAA between India and Cyprus. Completion of internal procedures for revised agreement on taxes on income, along with its Protocol signed on 18-11-2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 16th December, 2016. PRESS RELEASE Sub : Notification of …
Unpaid audit fee was not income u/s 41(1) even if confirmation letter not produced as no expenditure was claimed in the current year-ITAT ABCAUS Case Law Citation: ABCAUS 1084 (2016) (12) ITAT Brief Facts of the Case: The assessee was a Government Corporation. In the balance sheet of …
ITBA e-Nivaran Income Tax Instruction No. 3 by Directorate of Systems. Enhancements and improvements made to e-Nivaran Module , Directorate of Income Tax (System) has issued e-Nivaran Instructions to all Income Tax Commissioners (PrCIT/CCsIT/DGIT etc.) on the enhancements and improvements made to e-Nivaran Module. The Instruction, among other things, provides …
Revised Income Tax Return post demonetisation to manipulation income, cash-in-hand, profits etc. to attract scrutiny penalty & prosecution-Finance Ministry Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14 December, 2016 Press Release Filing of Revised Income Tax Returns by the …
Additions ignoring peak credit amounts to double taxation if there is no material to show cash withdrawals could not have been re-deposited-ITAT ABCAUS Case Law Citation: ABCAUS 1082 (2016) (12) ITAT Brief Facts of the Case: The Assessing Officer (AO) found that the assessee had not disclosed one …
Peak Credit theory additions apply for unexplained cash deposits or where assessee fails to give satisfactory explanation and amount is sought to be added u/s 68 69-ITAT ABCAUS Case Law Citation: ABCAUS 1081 (2016) (12) ITAT Important Case Laws cited: CIT vs. K. Chinnatharmban (292 ITR 682)(SC) Manoj …
Peak Credit theory additions ordered despite details not provided, evidence not furnished for the purposes of withdrawals from bank account-ITAT ABCAUS Case Law Citation: ABCAUS 1080 (2016) (12) ITAT Brief Facts of the Case: The return of income of the assessee was selected for scrutiny under the CASS …
No re-opening of earlier years cases due to digital payments leading to increased turnover in a particular year. Circular No. 40/2016 Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, the 9th of December, 2016 Subject: – Directions under section 119 of the …
Direct Tax Collections November 2016 show 15-12 percent Growth. Personal Tax and Corporate Tax up by 11.22% and 22.41% respectively Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 09 December, 2016. PRESS RELEASE Sub: Direct Tax Collections for November, 2016 …
Cash and gold seizure from sand mining contractors Chennai by Income Tax Department. Search still in progress at 4 out of total 8 premises. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 09 December, 2016 PRESS RELEASE Seizure of Rs. …
