Category: Income Tax
Cash sale of agricultural produce by cultivator to traders for an amount less than Rs 2 Lakh not attract disallowance u/s 40A(3) or 269ST or PAN/ Form No. 60 requirements – CBDT Circular Circular No. 27/ 2017 F. No. 370149/213/2017 -TPL Government of India Ministry of Finance Department …
Refund granted should be adjusted first towards interest component and balance left if any shall be adjusted towards the tax component – ITAT ABCAUS Case Law Citation: ABCAUS 2113 (2017) (11) ITAT The Challenge/Grievance: The Revenue was aggrieved by the order of Commissioner of Income Tax Appeals …
Addition based on judicial precedence in other cases unsustainable without first addressing the factual inadequacy of assessee’s explanation – ITAT ABCAUS Case Law Citation: ABCAUS 2112 (2017) (11) ITAT The Challenge/Grievance: The appellant assessee had challenged the correctness of the order passed by CIT(A) confirming the additions …
Cash received over and above land registry price treated as capital gain for taxation purpose. Addition on account of unexplained income deleted – ITAT ABCAUS Case Law Citation: ABCAUS 2111 (2017) (11) ITAT Brief Facts of the Case: A sum of Rs. 12,50,000/- was deposited by the appellant …
Adding new source of income by CIT-A is beyond his powers u/s 251 of Income Tax Act if such new source is not dealt with by the Assessing Officer – High Court ABCAUS Case Law Citation: ABCAUS 2110 (2017) (11) HC Important Case Laws Cited/relied upon by …
Supreme Court explains scope and interpretation of Section 44BB of the Income Tax Act 1961. Provisions of Sections 5 and 9 not excluded where Section 44BB is opted ABCAUS Case Law Citation: ABCAUS 2109 (2017) (11) SC Brief Facts of the Case: For computation of profits and gains …
Income Tax Rules 10DB and 10DA-Information/documents to be maintained under proviso u/s 92D(1), Furnishing of Report in respect of an International Group Rule 10DB MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 92 /2017 New Delhi, the 31st, October, 2017 INCOME-TAX S.O. 3497(E).— …
CBDT promotes 86 Additional CITs to the grade of Commissioner of Income Tax CBDT promotes 86 Additional CIT to the grade of Commissioner of Income Tax . Out of total of 86, 20 Addl CIT are promoted against the panel for the year 2015-16 The 66 for the …
Reassessment quashed for being a change of opinion when view and opinion formed by AO in original assessment were doubted as erroneous-High Court ABCAUS Case Law Citation: ABCAUS 2108 (2017) (10) HC The Challenge/Grievance: The Petitioner company had filed two writ petitions impugning notices issued under Section …
Registration u/s 12AA-Document evidencing creation of Trust could be of any type. Trust can be created even orally and if Trust is able to give some evidence of its creation by a word of mouth, the same is eligible for registration. ABCAUS Case Law Citation: ABCAUS 2106 (2017) (10) …
