Category: Income Tax
Fresh cases of Panama Papers leaks released by media today are under scanner of enforcement agencies, shall be addressed within a reasonable time frame-Finance Ministry Soon after fresh records of Panama Papers has been released by media with more than 1.2 million fresh documents of which at least 12,000 …
Fees for technical services not cover order specific commission at small percentage of order value. Order wise commission based on order value not covered u/s 40(a)(i) ABCAUS Case Law Citation: ABCAUS 2378 (2018) 06 HC The instant appeal was filed against the order passed by the Income Tax …
Computation of interest income pursuant to secondary adjustment made u/s 92CE of Income-tax Act-Amendment in Rule 10CB. Comments and suggestions invited F. No. 370142/12/2017-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes **** New Delhi, dated the 19th of June, 2018 Subject: Amendment in …
Unspent amount of donations shown as current liabilities not income if received with stipulation to their use by the Charitable Trust-High Court ABCAUS Case Law Citation ABCAUS 2377 (2018) 06 HC The instant appeal was filed by the Revenue u/s 260-A of the Income Tax Act 1961against the …
Date of transfer of immovable property is when sale deed is executed and not when it is recorded by the Registrar. ITAT deletes addition u/s 56(2)(vii)(b) The instant appeals were filed by the assessee against the order of the CIT(A) confirming the action of assessing officer (AO) in …
Orders u/s 234E not appealable before CIT(A). Department not obliged to serve the order separately upon the assessee when available online – ITAT The instant appeals were filed by the assessee against the order of the CIT(A) confirming the order imposing late fees under section 234E of the …
Penalty 271B treating cash deposits in bank as turnover u/s 44AB upheld by Tribunal when assessee could not explain source of deposit in bank accounts The instant appeals were filed by the assessee against the order of the CIT(A) confirming the penalty levied under section 271B of the …
Disallowance 40(A)(3) for cash payment deleted when payee was new. When genuiness of payment not doubted there was every possibility that party refused to cheques / Demand draft – ITAT ABCAUS Case Law Citation ABCAUS 2372 (2018) 06 ITAT During the course of the assessment proceedings, the Assessing …
Partners Salary and interest not disallowable when assessment u/s 143 is made in the manner laid down u/s 144 by rejecting books of account by invoking the provisions of section 145(3) of the Income Tax Act, 1961 ABCAUS Case Law Citation ABCAUS 2371 (2018) 06 ITAT The assessee …
Cost Inflation Index 280 notified for FY 2018-19. Up-to-date Cost Inflation Index Table from FY 2001-02 to FY 2018-19. The text of the notification issued is as under: MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) Notification No.26/2018 New Delhi, the 13th June, 2018 INCOME-TAX …
