Category: Income Tax
Operation Clean Money Phase-II Enforcement action in high risk cases to be taken i.e.; verification, search, survey, scrutiny – Finance Minister Ministry of Finance Press Release 16-May, 2017 The Union Minister of Finance, Shri Arun Jaitley, launches Operation Clean Portal; Will enable citizen engagement for creating a tax …
Business or House Property income-Onus was on assessee to show that out of income or substantial income was from letting out of the property being principal business activity – SC ABCAUS Case Law Citation:ABCAUS 1249 (2017) (05) SC Important Case Laws Cited relied upon:Chennai Properties and Investments Limited …
FAQ-Salary TDS Return for 4th Quarter 24Q4 by NSDL. 10 Questions answered including Annexure-II reporting requirement for 4th quarter. FAQ-Salary TDS Return for 4th Quarter 24Q4 Question 1. How is the Form 24Q for the fourth quarter of FY 2005-06 different from the Form 24 Q to be furnished …
Bogus purchase disallowance reduced from loss declared by the assessee as the purchases were related to the same business only – ITAT ABCAUS Case Law Citation: ABCAUS 1247 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of Income Tax(A) …
Bogus Purchase-profit already disclosed to be reduced from profit rate applied. AO was directed to give credit for disclosed profit and re-compute income – ITAT Judgment ABCAUS Case Law Citation: ABCAUS 1244 (2017) (05) ITAT The Grievance: The relevant issue is comprised in two appeals filed by the …
Penalty us 271(1)(c) for black money in Swiss bank deleted on legal grounds by the ITAT as the Income Tax Department failed poorly to prosecute on legal grounds. This is in fact one of the example to what extent Income Tax Department had prepared its officer with required …
Refusal to grant registration us 12AA for not contesting earlier rejections is contrary in the eyes of law – ITAT ABCAUS Case Law Citation: ABCAUS 1243 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of Income Tax(Exemptions) refusing to …
Sale of listed shares held more than 12 months treated capital gain not business income by Allahabad High Court in view of CBDT Circular No. 06/2016 ABCAUS Case Law Citation: ABCAUS 1242 (2017) (05) ITAT The Grievance: The appellant Revenue was aggrieved by the order passed by the …
Order quashed for not deciding objections to reopening u/s 147. The objections filed by the assessee were not decide in the set aside proceedings. ABCAUS Case Law Citation: ABCAUS 1241 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Assessing Officer …
Wife share in house purchased from savings and stridhan accepted by deleting addition made u/s 69B as unexplained investment – ITAT ABCAUS Case Law Citation: ABCAUS 1240 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) in confirming the disallowance made …
