Income Tax Archives - Page 332 of 372

Penalty us 271(1)(c) if assessee agreed disallowance to buy peace. Merely because assessee agreed addition, he can not be saddled with penalty-ITAT

administrator August 14, 2016 Income Tax, ITAT, Judgments

Penalty us 271(1)(c) if assessee agreed disallowance to buy peace. Merely because assessee agreed addition, he can not be saddled with penalty-ITAT ABCAUS Case Law Citation: 989 2016 (08) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: August, 2016 Brief Facts of the Case: The assessee in his return …

Notional interest on loans-advances when no such agreement – It is not necessary to pay interest in absence of such arrangement. Additions deleted by ITAT

administrator August 14, 2016 Income Tax, ITAT, Judgments

Notional interest on loans-advances when no such agreement – It is not necessary to pay interest in the absence of such arrangement. Additions made deleted by ITAT ABCAUS Case Law Citation: 988 2016 (08) ITAT Assessment year: 2010-11 Date/Month of Judgment/Order: August, 2016 Brief Facts of the Case: The …

IDS Scheme 2016 Amendment in Form-2 Form-3 related to Acknowledgement and Payment Intimation CBDT Notification No. 70/2016

administrator August 13, 2016 Income Tax

IDS Scheme 2016 Amendment in Form-2 Form-3 related to Acknowledgement and Payment Intimation MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th August, 2016 S.O. 2705(E).— In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199 …

Adverse view on evidence without opportunity to cross examine witness by the assessee is wrong – ITAT

administrator August 13, 2016 Income Tax, ITAT, Judgments

Adverse view taken on evidence without opportunity to cross-examine It is settled proposition of law that whenever the AO intends to take adverse view against the assessee on the basis of any evidence, he is required to confront the same to the assessee and if the assessee desires, he …

CIT Appeals wrong in rejecting appeal for non payment of tax when assessee paid tax on admitted return of income and revised return not accepted – ITAT

administrator August 13, 2016 Income Tax, ITAT, Judgments

CIT Appeals wrong in rejecting appeal for non payment of tax when assessee paid tax on admitted return of income and revised return not accepted – ITAT ABCAUS Case Law Citation: 985 2016 (08) ITAT AY: 2007-08 Date/Month of Judgment: August 2016 Brief Facts of the Case: The …

CBDT extends IDS Form-2 acknowledgment issuance time to 30 days from 15 days for declarations filed under IDS Scheme in the month of July 2016

administrator August 13, 2016 Income Tax

CBDT extends IDS Form-2 acknowledgment issuance time to 30 days from 15 days for declarations filed under IDS Scheme in the month of July 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, dated 12th August, 2016 Order …

Amendment to convention Between India-Mauritius DTAA and Prevention of fiscal evasion of income taxes, capital gains, mutual trade-investment encourgement

administrator August 12, 2016 Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 10th August, 2016 (INCOME-TAX) S.O. 2680(E).—Whereas, a Protocol amending the agreement between the Government of the Republic of India and the Government of Mauritius, signed on 24th August, 1982 for the avoidance of double taxation and the prevention …

Rent held Business Income not House Property income when the business of the company was to lease its property and to earn rent-Supreme Court

administrator August 12, 2016 Income Tax, Judgments, Supreme Court

Rent held Business Income not House Property income When the the assessee company had only one business and that is of leasing its property and earning rent therefrom, the income so earned should be treated as its business income and not as income from house property-Supreme Court ABCAUS Case …

EVC by Bank and Demat Account-PNB and UBI have launched the facility for bank account based evc and NSDL/CDSL have launched demat based evc

administrator August 11, 2016 Income Tax

EVC by Bank and Demat Account CBDT vide notification No. 1/2016 dated 19-01-2016 had provided additional modes of EVC by bank and demat account,. Electronic Verification Code (EVC) can be generated by pre-validating your Bank Account on the e-Filing portal. Punjab National Bank and United Bank of India …

50 Postings-transfers in the grade of Commissioner of Income Tax (Local Change) CBDT Order No. 143 of 2016