Category: Income Tax
Trust is entitled to deduction u/s 54F by fiction of section 161. Deduction can not be denied on the ground that AOP is not a individual or HUF – ITAT ABCAUS Case Law Citation: ABCAUS 1236 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the …
Sushil Chandra CBDT Chairman re-appointed as Chairman CBDT for a period of one year F. No. A.12026/6/2017 -Ad.I Government of India Ministry of Finance Department of Revenue New Delhi, the 9th May 2017 Office Order No. 100/2017 The President of India is pleased to re-appoint Shri Sushil …
Section 14A applies to dividend income u/s 115-O on which tax is paid by the dividend paying company-Supreme Court explains ABCAUS Case Law Citation: ABCAUS 1235 (2017) (05) SC The issue: The issue in the present appeal was related to the admissibility or otherwise of deduction of expenditure …
Principles for writing off bad debts u/s 36(2) as laid down by Courts-ITAT explains. Writing off & claiming deduction are two different things and it is not sweet will of the assessee. ABCAUS Case Law Citation:ABCAUS 1233 (2017) (05) ITAT The Grievance:The appellant assessee was aggrieved by the …
Penalty 271(1)(c) Merely if suppliers not traced at given address not indicative of concealment of income or furnishing of inaccurate particulars-ITAT ABCAUS Case Law Citation: ABCAUS 1231 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) qua confirmation of penalty …
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-ITATÂ 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 …
