Category: Income Tax
No Penalty 271(1)(c) for disallowance 43B if quantum not disputed and following mercantile accounting it could be debited to Profit and Loss A/c – ITAT ABCAUS Case Law Citation: ABCAUS 1230 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) …
Penalty 271(1)(c) Non-deletion of few words not invalidated notice or caused any prejudice to the assessee when relevant clause was duly ticked-ITAT ABCAUS Case Law Citation: ABCAUS 1229 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) qua confirmation of …
Bogus purchases-when sales not disputed entire addition not warranted. ITAT estimated addition @12.5% of alleged bogus purchases ABCAUS Case Law Citation: ABCAUS 1228 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) qua confirmation of addition of bogus purchases to …
Draft rules for valuation of unquoted equity share for the purposes of section 56 and section 50CA Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 5th May, 2017. Subject: Request for stakeholder’s comment on draft rules relating to …
Revised work and reporting Structure of CBDT Directorates. TDS related functions to shift from Directorates of TDS & TPS to Directorate of Income Tax Recovery. F.No. HRD/AD/802/3/2017-18/736 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes OFFICE MEMORANDUM Date: 03.05.2017 The CBDT …
Disallowance us 40(a)(ia) applies to amounts paid also-Supreme Court. Allahabad HC judgment holding that it applies to amount payable at the year end overruled ABCAUS Case Law Citation: ABCAUS 1227 (2017) (04) SC Date/Month of Pronouncement: May, 2017 The Controversy-Section 40(a)(ia) applies to sums paid or payable? Section …
Exercise of Option us 115BA-Rule 21AD Form 10-IB. Option by domestic company to be exercised electronically either under DSC or EVC Under the newly inserted section 115BA (by Finance Act, 2016) w.e.f 01/04/2017, every domestic company has the option of paying income tax at the rate of 25% …
Distribution of work among Members of CBDT- Order No. A-3501517/2012-Ad-VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi-110 001. Date: 03.05.2017. ORDER No. 68 of 2017 In modification of the existing order and with the approval of the …
Revision us 263 set aside as CIT did not do homework. No record was called for examining the issue or application of mind by CIT – ITAT ABCAUS Case Law Citation: ABCAUS 1226 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by …
Net profit ratio of 3 percent in contract business allowed as in earlier years even lower profit rate was consistently accepted without objection by the Department – ITAT ABCAUS Case Law Citation: ABCAUS 1225 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by …
