Category: Income Tax

Difference in CPC Demand and Central Action Plan CAP-1. Income Tax Department study shows PrCCIT Regions-wise un-reconciled differences.

Difference in CPC Demand and Central Action Plan CAP-1. Income Tax Department study shows PrCCIT Regions-wise un-reconciled differences.

October 17, 2016 Income Tax
Difference in CPC Demand and Central Action Plan CAP-1. Income Tax Department study shows PrCCIT Regions -wise unreconciled differences. Directorate of Income Tax has issued a letter to all Principal Chief Commissioners of Income Tax (PrCCIT) stating that it has observed noticeable differences in the amount of demand as reported …
Partnership salary allowed in profit loss ratio as per deed as the remuneration clause provided the manner of quantifying as per CBDT Circular No. 739

Partnership salary allowed in profit loss ratio as per deed as the remuneration clause provided the manner of quantifying as per CBDT Circular No. 739

October 16, 2016 Income Tax, ITAT, Judgments
Partnership salary allowed in profit loss ratio as per deed. Remuneration clause provided the manner of quantifying as per CBDT Circular No. 739 – ITAT ABCAUS Case Law Ctation 1035 (2016)(10) ITAT Important Judgments Cited: Assistant Commissioner of Income Tax Vs. M/s. DCS International Trading Durga Dass Davki …
No Penalty 271(1)(c) even if quantum proceedings upheld additions. Merely because a bona fide explanation did not find favour, penalty not justified

No Penalty 271(1)(c) even if quantum proceedings upheld additions. Merely because a bona fide explanation did not find favour, penalty not justified

October 16, 2016 Income Tax, Judgments
No Penalty 271(1)(c) even if quantum proceedings upheld additions. Merely because a bona fide explanation did not find favour, it would not justify the levy of concealment penalty-ITAT ABCAUS Case Law Citation: 1034 (2016) (10) ITAT Brief Facts of the Case: A search operation u/s 132 of the Income Tax Act, …
IDS 2016 Clarification-electronic communication of Form-2 and eligibility where search, seizure conducted on or after 01-06-2016. CBDT Instruction 11/2016

IDS 2016 Clarification-electronic communication of Form-2 and eligibility where search, seizure conducted on or after 01-06-2016. CBDT Instruction 11/2016

October 13, 2016 Income Tax
IDS 2016 Clarification Instruction No. 11 of 2016 F.No.142/8/2016-TPL(Part) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *** New Delhi, the 13th October, 2016 To, All Principal Chief Commissioners of Income-tax Sub.: The Income Declaration Scheme, 2016 – reg. Representations have been …
Income Tax Department vindictively disallowed agricultural income claim of Jayalalithaa. Sasikala also gets similar relief from ITAT

Income Tax Department vindictively disallowed agricultural income claim of Jayalalithaa. Sasikala also gets similar relief from ITAT

October 13, 2016 Income Tax, ITAT, Judgments
Income Tax Department vindictively disallowed agricultural income claim of Jayalalithaa.  Sasikala also gets relief from ITAT ABCAUS Case Law Citation: 1033 (2016) (10) ITAT Brief Facts of the Case(s): In both the cases, among other thing, the claim of agricultural income was disallowed by the Assessing Officer (AO) …
No income concealment us 271(1(c) on gift under explanation 5A. NSC declared us 153A was received as inheriting, gift from father, grandfather-ITAT

No income concealment us 271(1(c) on gift under explanation 5A. NSC declared us 153A was received as inheriting, gift from father, grandfather-ITAT

October 11, 2016 Income Tax, ITAT, Judgments
No income concealment us 271(1(c) on gift under explanation 5A. NSC declared us 153A was received as inheriting, gift from father, grandfather-ITAT ABCAUS Case Law Citation: 1032 (2016) (10) ITAT  Important case law cited: Sheraton Apparels Vs. ACIT (2002) 256 ITR 20 Brief Facts of the Case: The …
Annual Information Return Amendment Rules 114D 114E. Furnishing statements by registering officer, aggregation of AIR amounts

Annual Information Return Amendment Rules 114D 114E. Furnishing statements by registering officer, aggregation of AIR amounts

October 8, 2016 Income Tax
Annual Information Return Amendment Rules 114D 114E. Furnishing statements by registering officer, aggregation of AIR amounts. CBDT vide Notification No. 95/2015 had notified new Rules 114B, 114C, 114D and 114E. The Rules governs the following areas.  Rule Subject 114B Transactions in relation to which permanent account number is …