Category: Income Tax
Removal of Cyprus from list of notified jurisdictional areas us 94A of the Income-tax Act retrospectively from 01.11.2013-Clarification Removal of Cyprus from list of notified jurisdictional areas F. No. 500/002/2015-FT&TR-III(1) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes **** Circular No. 15 …
Disallowance of interest for drawings out of cash credit account deleted as despite drawings closing balance of capital was more than opening balance ABCAUS Case Law Citation: ABCAUS 1217 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order of the Commissioner of Income Tax …
Do not visit CBDT Office for transfers and postings. Income Tax Officers have been advised to forward their request to Data Base Cell only CBDT in its recent office memorandum has impressed upon the Income Tax Officers not to visit CBDT office in connection with transfer and postings. …
Slump Sale of entire running business was LTCG us 48(2). Sale in one go with assets and liabilities cannot be considered as STCG for Taxation-Supreme Court ABCAUS Case Law Citation: ABCAUS 1216 (2017) (04) SC The Grievance: The appellant Commission of Income Tax (CIT) was aggrieved by the …
No concealment penalty on return revision made before issue of notice u/s 148 though after initiation of investigation in tax evasion petition filed against the assessee – ITAT ABCAUS Case Law Citation: ABCAUS 1215 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the order …
Concealment means positive act on part of the assessee and the onus to prove is on Revenue. Penalty can not be levied on estimate or guess work – ITAT ABCAUS Case Law Citation: ABCAUS 1214 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the …
Sales Promotion expenses allowed based on percentage to sales when such expenses were allowed on similar ratio in preceding year. Sales Promotion expenses allowed based on percentage to sales ABCAUS Case Law Citation: ABCAUS 1213 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the …
Purchase not bogus merely for non-appearance of supplier Merely non-appearance of the supplier in absence of any other corroborate evidence cannot be a basis to justify the stand of the Revenue that the transaction of purchase is bogus-ITAT ABCAUS Case Law Citation: ABCAUS 1212 (2017) (04) ITAT The …
High cash sales during demonetization-more than 60000 persons identified for investigation. All the liable accounts will be brought to tax – CBDT Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th April, 2017. PRESS RELEASE CBDT’s Operation Clean Money Reins …
CPC Bengaluru Pincode 560500 for submission of ITR-V etc. As per public notice of Income Tax Department, a unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC), Income Tax Department located in Bengaluru by the Department of Post. Taxpayers can henceforth address their mails to “Centralized …
