Category: Income Tax

Rule 39A-Intimation of estimated income and advance tax payment as on 30th September to be furnished by the assessee in form 28AA – CBDT Draft Notification  Presently there is no such mechanism whereby the assessee is suo moto required to intimate the payment of advance tax to the …

No Concealment penalty u/s 271(1)(c) for income surrendered during survey if income was disclosed in return which was filed within due date-Allahabad High Court   ABCAUS Case Law Citation: ABCAUS 2077 (2017) (09) HC The Substantial Question of Law framed/urged for determination: “(I) Whether the ITAT was justified …

Disproportionate increase in expenses in relation to turnover can not be reason in itself for making adhoc disallowance without cogent material – ITAT ABCAUS Case Law Citation: ABCAUS 2076 (2017) (09) ITAT Assessment Year :  2012-13 Brief Facts of the Case: The Petitioner assessee had claimed certain expenses. …

Income Tax Officer is bound to furnish reasons for re-opening u/s 147 which should already be on record, prior to issuance of notice u/s 148 of the Income Tax Act, 1961 – High Court   ABCAUS Case Law Citation: ABCAUS 2075 (2017) (09) HC The Challenge/Grievance: The petitioner …

ITAT has no jurisdiction to direct registration of Trust u/s 12AA without there being satisfaction recorded by the Registering Authority as contemplated by the Income Tax Act – High Court   ABCAUS Case Law Citation: ABCAUS 2074 (2017) (09) HC The Challenge/Grievance: The appeal was filed by the …

CBDT-SOP for implementation of Prohibition of Benami Property Transactions Act 1988 following setting up of dedicated Benami Prohibition Units (BPUs) CBDT-SOP for implementation of Prohibition of Benami Property Transactions Act 1988 CBDT (Investigation Division) has issued a Standard  Operating  Procedure (SOP) with regard to implementation of Prohibition of Benami Property …

Limitation u/s 153-Period between vacation of stay and receipt of order not covered. Only the period during which the assessment proceeding is stayed by an order is covered by the Explanation 1 to Section 153- High Court     ABCAUS Case Law Citation: ABCAUS 2072 (2017) (09) HC …

Interest under Section 234B of the Act cannot go beyond the stage of Section 245D(I) before the Settlement Commission as per Law declared by Supreme Court   ABCAUS Case Law Citation: ABCAUS 2071 (2017) (09) HC The Grievance: The grievance made in the present case was that the …

MOU between the Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT) for Automatic and Regular Exchange of Information  Press Information Bureau  Government of India Ministry of Corporate Affairs 14-September-2017 15:07 IST MOU between the Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT) …

Attachment order to be notified to CERSAI by Income tax field authorities whether such order already issued or whenever the same are issued in future  Directorate of Income Tax (Recovery& TDS) 6th floor, Mayur Bhawan Connaught Circus, New Delhi- 110001 Phone : 011-23411993, Fax: 011-2341-3218 F. No. 1(380)/DIT(R)/SARFAESI/17-18/ …