Category: Income Tax

NSDL latest e-TDS TCS RPU Version 6.0 from FY 2007-08 NSDL has revised the e-TDS TCS RPU utility for preparing of TDS/TCS returns. e-TDS/TCS RPU version 6.0 for Statement(s) from FY 2007-08 onwards has been released. Also e-TDS/TCS File validation utility (FVU) versions 2.191 for FY 2007-08 to FY 2009-10 …

Requirement for filing Form 67 for claiming Foreign Tax Credit (FTC) is only directory and not mandatory – ITAT In a recent judgment, ITAT Allahabad has reiterated that requirement for filing Form 67 for claiming Foreign Tax Credit (FTC) is only directory and not mandatory, recourse to provisions …

Limitation for invoking revisional jurisdiction u/s 263 with respect to issues not covered in re-assessment would start from the original Assessment Order – ITAT In a recent judgment, ITAT has held that limitation for PCIT to invoke revisionary jurisdiction u/s 263 of the Income Tax Act, 1961 (the …

AO not justified in rejecting registered valuer’s report without making a reference to the DVO – ITAT In a recent judgment, ITAT has held that AO was not justified in rejecting the registered valuer’s report and taking the cost of improvement as Nil, without making a reference to …

Assessee was not liable to withhold tax at source u/s 40(a)(i) on cost-to-cost reimbursement made to parent company In a recent judgment, ITAT has held that the assessee was not liable to withhold tax at source u/s 40(a)(i) on cost-to-cost reimbursement made to parent non-resident company towards IT …

High Court explains the meaning of term ‘enterprise’ appearing in section 80IA to means a project or an undertaking owned by a company registered in India In a recent judgment, the High Court has held that the term ‘enterprise’ appearing in section 80IA means a project or an …

Addition deleted as assessee was only a carrier of cash and the real owner had come forward owning the cash In a recent judgment, ITAT Agra has held that there was no need for addition in the hands of the assessee who was only a carrier of cash …

Payment of imprest whether a transfer within the meaning of section 269ST – case remanded for determination In a recent judgment, ITAT has set aside the penalty u/s 271D and remanded the case for determination of whether payment of imprest constitutes a transfer within the meaning of section …

CIT Revision notice u/s 263 quashed as the Assessing Officer rightly taken DVO value of property sold as actual sale price instead of price mentioned in MoU found during search. In a recent judgment, Hon’ble Gujarat High Court quashed notice u/s 263 holding that in case it is …

No protective addition required in the hand of a third party when additions have been confirmed in the hands of the searched person – ITAT In a recent judgment, ITAT Delhi has held that when additions have been confirmed in the hands of the searched person therefore, no …