Category: Income Tax
Number of Taxpayers added after Demonetization-clarification on media reports on different figures given at PM Speech, FM Statement, Rajya Sabha Reply etc. Press Information Bureau Government of India Ministry of Finance 18-August-2017 19:37 IST Clarification regarding number of Taxpayers added after Demonetization Various news reports/articles have appeared in …
Non-renewal of THC cannot deprive supporting manufacturer of deduction u/s 80HHC(1A). Lgislative intent is to extend benefit either to exporter or to supporting manufacturer and not to both – High Court ABCAUS Case Law Citation: ABCAUS 2033 (2017) (08) HC Assessment Year :  1996-97 Important Case Laws Cited/relied …
Promotion and posting in the grade of Principal CIT-CBDT Order. List of 68 officers promoted , 60 new postings and 10 Transfer Postings Promotion and posting in the grade of Principal CIT-CBDT order Central Board of Direct taxes has promoted 67 officers to the grade of PrCIT (level …
Penalty us 271(1)(b) for failure to file return u/s 153C. Provisions of section 271(1)(b) does not empower AO to impose the penalty for delay or failure to file the returns in response to notice u/s 153C – ITAT Â ABCAUS Case Law Citation: ABCAUS 2032 (2017) (08) ITAT …
Income contained in unverified transaction can only be taxed and not the amount of entire transaction. Â ITAT upheld tax on profit embed in alleged bogus purchase ABCAUS Case Law Citation: ABCAUS 2031 (2017) (08) ITAT The issue involved: The only issue involved in present two appeals filed by …
20 years aged person capable enough to give tips for purchasing shares. ITAT deletes penalty u/s 271(1)(c) for subjective disallowance of commission paid for tips given to customers- ITAT Â ABCAUS Case Law Citation: ABCAUS 2030 (2017) (08) ITAT Assessment Year : Â 2010-11 Brief Facts of the Case: …
Reopening us 147 based on material found in search not permissible. In such cases section 153C applies for framing assessment  which excludes application of section 147 – ITAT  ABCAUS Case Law Citation: ABCAUS 2029 (2017) (08) ITAT Assessment Year :  2007-08 Important Case Laws Cited/relied upon by …
AO can not extrapolate numbers on seized dumb document into lakhs. Addition made by deciphering erased figures by forensic report was based on surmises and conjunctures- ITAT Â ABCAUS Case Law Citation: ABCAUS 2028 (2017) (08) ITAT Assessment Year : Â 2010-11 Important Case Laws Cited/relied upon by the …
Peak credit theory not applicable if deposits are unexplained u/s 68. High Court overruled ITAT decision where CA was providing accomodation entries and could not explain the deposits in his bank account. The Court held that where assessee is unable to explain the sources of deposits and the corresponding …
Expression ‘’derived’’ is narrower then ‘’attributable to’’ in section 80IA or like sections. Income derived from secondary source not the effective source, falls outside deductions – High Court  ABCAUS Case Law Citation: ABCAUS 2025 (2017) (08) HC Assessment Year :  2009-10 Important Case Laws Cited/relied upon by …
