Category: Income Tax
Peak Credit theory additions ordered despite details not provided, evidence not furnished for the purposes of withdrawals from bank account-ITAT ABCAUS Case Law Citation: ABCAUS 1080 (2016) (12) ITAT Brief Facts of the Case: The return of income of the assessee was selected for scrutiny under the CASS …
No re-opening of earlier years cases due to digital payments leading to increased turnover in a particular year. Circular No. 40/2016 Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, the 9th of December, 2016 Subject: – Directions under section 119 of the …
Direct Tax Collections November 2016 show 15-12 percent Growth. Personal Tax and Corporate Tax up by 11.22% and 22.41% respectively Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 09 December, 2016. PRESS RELEASE Sub: Direct Tax Collections for November, 2016 …
Cash and gold seizure from sand mining contractors Chennai by Income Tax Department. Search still in progress at 4 out of total 8 premises. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 09 December, 2016 PRESS RELEASE Seizure of Rs. …
Innovative Methods of Cash Laundering Transportation detected  by Income Tax Department at Mumbai, Nagpur and Ahmedabad – Press Release by Finmin Ministry of Finance 08-December, 2016 Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad Income tax investigations at Mumbai …
Procedure e-filing Form 27BA for TCS defaults correction for short-non deductions defaults and Role of Accountant. CBDT Notification F. No. DGIT(S)/CPC(TDS)/NOTIFICATION/2016-17 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi. Notification No. 12/2016 New Delhi, 8th December, 2016 Subject: – Procedure …
Gujarish film promotion expenses by Hrithik Roshan disallowed. Amount paid to TV show Saregama contestants voluntarily was not connected to his profession-ITAT ABCAUS Case Law Citation: ABCAUS 1078 (2016) (12) ITAT Assessment Year: Brief Facts of the Case: In the present case, both the appellant assessee (Hrithik Roshan) …
Business promotion personal nature gift expenses disallowance without specifying any specific items not connected with business activity deleted by ITAT ABCAUS Case Law Citation: ABCAUS 1077 (2016) (12) ITAT Assessment Year: 2011-12 Date of Judgment: 01-12-2016 Brief Facts of the Case: During the assessment proceedings, The Assessing Officer …
Demonetisation irregularities-CBDT facing man-power shortage. CBDT Chairman asks PrCCITs to spare AOs and Inspectors for Investigation Wing After the demonetisation and withdrawal of Old currency notes of Rs. 500/- and Rs. 1000/-, the Investigation Directorates of the Income Tax Departments have intensified enforcement actions in detecting serious irregularities. …
Serious irregularities found Post De-monetization referred to CBI-ED by CBDT to examine the criminal conduct for immediate necessary action  Ministry of Finance 6th December, 2016 Press Release Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) …
