Category: Income Tax
No disallowance for overpricing if party assessed at maximum marginal rate and there is no loss of Revenue. Â ABCAUS Case Law Citation: ABCAUS 2085 (2017) (09) ITAT The Challenge/Grievance: This was an appeal filed by Revenue against the order of CIT(A) whereby he had deleted the additions …
CBDT targets 1.25 crores new return filers during FY 2017-18 who have not filed return in the previous three Financial Years (2014-15 to 2016-17) Central Board of Direct Taxes (CBDT) in a letter dated 27th Sep, 2017 written to all Principal Chief Commissioners of Income Tax has allocated targets for adding …
New Registration process for income tax e-Filing website users profile updation, Skip option at login now provided Now, Income Tax allows Skip Option to update e-filing profile at login Updatation and Activation of Profile at Income Tax e-filing website Income Tax Department has started a new Registration process …
Additions u/s 68 and 69 for transfer entries in capital account on account of rectification can not be sustained treating it alleged unexplained credit and unexplained investments – ITAT Â ABCAUS Case Law Citation: ABCAUS 2082 (2017) (09) ITAT The Challenge/Grievance: The present appeal was been filed by …
Deferral of depreciation allowance not concealment of income or furnishing of any inaccurate particulars for levy of penalty u/s 271(1)(c). Noted Lawyer Harish Salve gets relief from ITAT Â ABCAUS Case Law Citation: ABCAUS 2081 (2017) (09) ITAT The Challenge/Grievance: This appeal was filed by assessee against the …
Fake Income Tax Search-ITD Delhi launched mobile help number to verify identity of genuine Income Tax Officials The other day, In Delhi, six people impersonating as Income Tax (IT) officers were beaten up by a businessman’s family while they tried to extort money in a fake IT raid. Taking note of …
Procedure for filing Statement of Foreign income and Foreign Tax Credit by resident assessee by online filing Form 67 DGIT(S)-ADG(S)-3/e-filing notification/form67/Â Â Â Â Â Â Â /2017 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No 9 New …
Income Tax to lodge tax arrear claims and implead as party before NCLTs in sick companies cases governed by Insolvency and Bankruptcy Code 2016Â DIRECTORATE Â OF INCOME TAX (RECOVERY Â & TDS) 6TH FLOOR, MAYUR BHAWAN, CONNAUGHT CIRCUS, NEW DELHI-110001 TEL: 011-23411993, FAX: 011-23413218 ADDL DIRECTOR GENERAL, CBDT F. …
Distinction between setting aside of assessment and assessment order. When assessment on an issue set aside and remanded for decision afresh, time limit u/s 153(2A) applies-HC Â ABCAUS Case Law Citation: ABCAUS 2080 (2017) (09) HC The Challenge/Grievance: This Petitioner (Nokia India Pvt. Ltd) sought the quashing of …
Show cause notice u/s 263 at old address was not full opportunity afforded to the assessee to controvert the grounds of revision as mandated by the Supreme Court  ABCAUS Case Law Citation: ABCAUS 2078 (2017) (09) HC The Substantial Question of Law framed/urged for determination: “(i) Did …
