Category: Income Tax
Rejecting books of accounts duly audited by CA u/s 44AB on the basis of presumptions without making any investigation is erroneous – ITAT ABCAUS Case Law Citation:ABCAUS 3054 (2019) (07) ITAT The instant appeal was filed by the assessee against the order of the CIT(A) in inter alia …
Income Tax launches Business Intelligence Mobile Application for monitoring purposes Director of Income tax (Systems) has developed a Business Intelligence (BI) Mobile Application as part of the Project Insight. The BI Mobile Application includes business intelligence reports in various key areas for monitoring purposes. It provides collection of …
Income wrongly declared in ITR by mistake cannot be taxed because assessee has not earned it. There is no provision in the Act to do so. ABCAUS Case Law Citation: ABCAUS 3052 (2019) (07) ITAT The instant appeal was filed by the assessee against the order of the …
Allowability of deduction u/s 80TTB for SB interest to senior citizens not have fixed deposit interest income The ITR utilities provided by the income tax efiling website have been programmed to disallow the deduction u/s 80TTA to senior citizens (base on the input of date of birth) by …
Transfer u/s 2(47)(v) is complete when possession of immovable property taken over in part performance of contract ABCAUS Case Law Citation: ABCAUS 3051 (2019) (07) ITAT In The instant case, the Revenue had filed the appeal against the order passed by the CIT(A) in directing to treat the …
CBDT exempts income of Chhattisgarh Building and Other Construction Workers’ Welfare Board MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 52/2019 New Delhi, the 4th July, 2019 S.O. 2378(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax …
Penalty u/s 271(1)(c) confirmed despite non specifying charge in the notice as assessee not raised it before CIT(A) and changed stand before ITAT ABCAUS Case Law Citation: ABCAUS 3050 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties: CIT v. Zoom Communication (P) Ltd. Sundaram Finance …
No Revision u/s 263 when assessment order was void and did not exist in law for not following procedure laid down by Supreme Court in GKN Drivesshaft ABCAUS Case Law Citation: ABCAUS 3049 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties: CIT Vs. VSNL (2012) …
Deity is a juristic person having status of individual, Tax rates/slabs as applicable to an individual would apply. Section 167B not applicable. ABCAUS Case Law Citation: ABCAUS 3048 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties: Official Trustee of West Bengal Vs. CIT (1974) 93 …
Tax rates for individuals having taxable income from Rs. 2 cr – 5 cr and Rs. 5 cr & above to be increased by around 3 % and 7 % respectively due to increase in surcharge. Direct Tax revenue increases by over 78 % in FY2018-19 from …
