Income Tax Archives - Page 378 of 453

Issue of notice us 133(6) for cash deposits verification CBDT issues Instruction No. 4/2017

administrator March 3, 2017 Income Tax

Issue of notice us 133(6) for cash deposits verification under Operation Clean Money. CBDT issues Instructions for procedure to be followed Instruction No. 4/2017 Government of India Ministry of Finance Department of Revenue Central Board of Direct taxes North Block, New Delhi dated the 3rd of March, 2017 …

Section 43B applicable to both employee and employer contributions. No disallowance u/s 36(1)(va) if paid before ITR due date. Allahabad HC

administrator March 3, 2017 High Courts, Income Tax

Section 43B applicable to both employee and employer contributions. No disallowance can be made u/s 36(1)(va) if paid before ITR due date. Allahabad High Court CBDT in view of the decision of the Hon’ble Supreme Court in Alom Extrusions Ltd. has vide circular no. 22 of 2015 dated 17/12/2015 …

Commercial expediency-Disallowance for loan-advance u/s 40A(2).Once commercial expediency established beyond doubt no further test to be applied -Allahabad High Court

administrator March 2, 2017 High Courts, Income Tax, Judgments

Commercial expediency-Disallowance for loan-advance u/s 40A(2).Once commercial expediency established beyond doubt no further test to be applied -Allahabad High Court ABCAUS Case Law Citation: ABCAUS 1152 (2017) (03) HC Question for determination: In short, the question sought to be answered by the Hon’ble High Court was whether …

Income declared us 132(4) is voluntary offer, the statement cannot be considered as detection by the Revenue. Penalty u/s 271(1)(c) deleted by ITAT

administrator March 2, 2017 Income Tax, ITAT, Judgments

Income declared us 132(4) is voluntary offer, the statement cannot be considered as detection by the Revenue. Penalty u/s 271(1)(c) deleted by ITAT ABCAUS Case Law Citation: ABCAUS 1151 (2017) (03) ITAT Assessment Year(s) : 2006-07 and 2007-08 Date/Month of Pronouncement: March, 2017 Brief Facts of the Case: …

Surplus arising from educational activities after meeting expenses incurred do not disentitle trust from exemption u/s 10(23C)(iiiad)

administrator March 1, 2017 Income Tax, ITAT, Judgments

Surplus arising from educational activities after meeting the expenses incurred do not disentitle the trust from exemption u/s 10(23C)(iiiad) of the Income Tax Act, 1961. ABCAUS Case Law Citation: ABCAUS 1150 (2017) (03) ITAT The Grievance: The appellant assessee was aggrieved by the order of the CIT(A) denying …

Total Number of APA Signed by CBDT Touch 140 since the scheme was introduced in 2012 . This includes 10 Bilateral and 130 Unilateral APAs

administrator March 1, 2017 CBDT, Income Tax, Press Release

Total Number of APA Signed by CBDT Touch 140 since the scheme was introduced in 2012 . This includes 10 Bilateral and 130 Unilateral APAs Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 28th February, 2017. Press Release Advance Pricing …

Private company director held liable for tax defaults u/s 179 of Income-tax if in true sense company not acted as public limited company

administrator February 28, 2017 High Courts, Income Tax, Judgments

Private company director held liable for tax defaults by lifting corporate veil us 179 of Income-tax if in true sense company not acted as public limited company ABCAUS Case Law Citation: ABCAUS 1149 (2017) (02) HC The Grievance: The petitioner, had challenged the legality, validity and propriety of …

Compensation from builder for nuisance-inconvenience held as capital receipt

administrator February 28, 2017 Income Tax, ITAT, Judgments

Compensation from builder for nuisance-inconvenience held as capital receipt against income other sources as casual income as assessed by AO – ITAT In a recent judgment, ITAT Mumbai has held that compensation from builder for nuisance-inconvenience is capital receipt and not income other sources as casual income as …

Advance tax not payable-Income declared after financial year closure. ITAT deleted interest u/s 234B and 234C on income declared in survey

administrator February 27, 2017 High Courts, Income Tax, Judgments

Advance tax not payable-Income declared after financial year closure. ITAT deleted interest u/s 234B and 234C on income declared in survey ABCAUS Case Law Citation: ABCAUS 1145 (2017) (02) ITAT The Ground of Appeal: The only ground that survived for consideration was as under: That CIT(A) erred in …

Rule 8D not applicable to shares held as stock in trade. Calcutta High Court upheld ITAT judgment deleting disallowance made us 14A for interest expenditure