Category: Income Tax

Voluntarily charity not business expenditure u/s 37(1). Mere assertion that it was incurred for business cannot be accepted without establishing nexus – ITAT ABCAUS Case Law Citation: ABCAUS 1266 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of Income …

Adding another person as representative in income tax website for reasons -being absent from India, non-resident or any other Reason-User Manual/Guide 1 Introduction As per section 140, section 159 and section 160 of the Income Tax Act, 1961, there are many cases where a person is incapable from …

Permission for non-agricultural use not make land non-agricultural liable to capital gain tax when it was proved beyond doubt that lands were agricultural in nature – ITAT ABCAUS Case Law Citation: ABCAUS 1265 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by …

CBDT Clarification on furnishing SFT form 61A and Preliminary Response to Nil specified transaction for the year Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 26th May, 2017. PRESS RELEASE CBDT Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary …

Committee to recommend measures for expeditious recovery of tax arrears. CBDT constitutes 7 members committee to study and analyse the issue F. No . 385/20/2017-IT(B) Government of India Ministry of Finance Central Board of Direct Taxes ***** Dated: 25.05.2017 Office Memorandum Subject: Constitution of Committee to recommend measures …

Distinction between statements us 132(4) and 133A explained by Delhi High Court. Quashing of reopening of concluded assessments of earlier AYs upheld ABCAUS Case Law Citation: ABCAUS 1264 (2017) (05) HC The Issue: The main contention of the appellant Revenue was that the decision of the Division Bench …

More than 400 benami transactions identified including bank deposits, plots of land, flat and jewellery. 24 dedicated Benami Prohibition Units (BPUs) set up Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 24th May, 2017 PRESS RELEASE Income Tax Department Steps …

Revision order us 263 on conducting additional enquiry on different pattern when AO conducted adequate enquiry and took view permissible in law could not be said to be erroneous or prejudicial to the interest of Revenue – ITAT ABCAUS Case Law Citation:ABCAUS 1262 (2017) (05) ITAT Grievance:The appellant …

Revenue cannot judge fee paid for business development services with respect to the benefit derived by the assessee in terms of increased turnover– ITAT ABCAUS Case Law Citation: ABCAUS 1261 (2017) (05) ITAT Grievance: The appellant assessee had challenged the order passed by CIT(A), confirming the confirming the …

Deposits in Bank-Income estimated 10% of cash and 20% of cheque deposits as the assessee reasonably proved that he was carrying on business activity – ITAT ABCAUS Case Law Citation: ABCAUS 1260 (2017) (05) ITAT Grievance: The appellant assessee had challenged the order passed by CIT(A), confirming the …