Category: Income Tax
Delay in filing appeal condoned as CA was unaware of law. Quality of explanation, legal assistance to litigant, and detriment to Revenue important factors to consider- Madras High Court ABCAUS Case Law Citation: ABCAUS 1185 (2017) (03) HC The Moot Question: Can a litigant be prejudiced on account …
Receipt of ITAT order by any CIT triggers limitation period u/s 260A(2)(a). In a recent judgment, the Hon’ble Delhi High Court has held that the terms used in the relevant sub-section are the only designations of the officers who could receive a copy of the order. Therefore, in the …
Guidelines for waiver of interest for TDS default us 201(1A)(i). CBDT Order u/s 119 authorises CCIT/DGIT to waive interest under prescribed conditions Circular No. 11/2017 F. No. 275/56/2016-IT (B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block , New Delhi …
Income tax searches conducted on 2534 groups of persons in FY 2013-14, 2014-15, 2015-16 and FY 2016-17 (up to January, 2017) ITD conducted searches in about 2534 groups of persons led to admission of undisclosed income of about Rs. 45,622 crore apart from seizure of undisclosed assets (cash, …
Additions not related to reasons recorded for reopening not permissible as it was not subject matter of reasons recorded by AO for reopening the assessment – ITAT ABCAUS Case Law Citation: ABCAUS 1183 (2017) (03) ITAT The Grievance: The appellant assessee was aggrieved by the additions made by …
India-Singapore DTAA amendments made by third protocol comes into Force on 27th February 2017 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 23rd March, 2017. Press Release Third Protocol Amending India-Singapore DTAA Comes into Force The Third Protocol amending India-Singapore …
CBDT Latest FAQ on ICDS containing 25 Question answers Circular No. 10 of 2017 F.No  133/23/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) **** Date: 23rd March, 2017 Subject: Clarifications  on  Income  Computation  and  Disclosure  Standards  (ICDS) notified under …
Quoting Aadhaar Number in Income Tax Return Compulsory. Existing PAN holders to intimate Aadhaar to Income tax Authorities or PAN will become invalid Quoting Aadhaar Number in Income Tax Return Compulsory It is learnt from unconfirmed sources that a new section 139AA has been proposed in the amended …
Entire amount of undisclosed purchases can not be added as profit. In absence of information on sales of such purchases only profit element can be taxed – ITAT ABCAUS Case Law Citation: ABCAUS 1181 (2017) (03) ITAT Assessment Year : 2007-08 Date/Month of Pronouncement: March, 2017 Brief Facts …
Cash Transaction Limit us 269ST reduced to Rs 2 lakhs. As per Revenue Secretary tweet, Govt in official amendment to Finance Bill has proposed so. Finance Bill 2017 had proposed a check on domestic black money by inserting a new section 269ST in the Income Tax Act, 1961 to provide that …
