Category: Income Tax
No income concealment us 271(1(c) on gift under explanation 5A. NSC declared us 153A was received as inheriting, gift from father, grandfather-ITAT ABCAUS Case Law Citation: 1032 (2016) (10) ITATÂ Important case law cited: Sheraton Apparels Vs. ACIT (2002) 256 ITR 20 Brief Facts of the Case: The …
Annual Information Return Amendment Rules 114D 114E. Furnishing statements by registering officer, aggregation of AIR amounts. CBDT vide Notification No. 95/2015 had notified new Rules 114B, 114C, 114D and 114E. The Rules governs the following areas. Rule Subject 114B Transactions in relation to which permanent account number is …
Bogus share capital entry to obtain bank loan. Addition made u/s 68 remanded back to verify facts in view of re-casted and revised audited balance sheet and ROC filing-ITAT ABCAUS Case Law Citation: 1031 (2016) (10) ITAT Brief Facts of the Case: The was a provate limited company …
Form No 68 application us 270AA2-grant of immunity from penalty provisions u/s 270A of the Income-tax Act 1961 The Budget 2016-17 (Finance Act, 2016) has provided for the rationalisation of the penalty provisions under the Income Tax Act, 1961. Section 271 related to penalty for failure to furnish return, …
Section 68 is about satisfaction of AO not CIT us 263 to sit on the judgment of Assessing Officer. Revision order can not be made merely on audit objection basis-ITAT ABCAUS Case Law Citation: 1030 (2016) (10) ITAT Important case Laws cited: CIT v. Sohana Woollen Mills – …
CBDT to share info of Private Hospitals Nursing Homes Medical Clinics, Medical Colleges/Research Institutes, Diagnostic Centre, Pathological Labs, with CAG DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 F.No. System/ITBA/CAG/DGA(CR)/16-17/172-7830 Â Â Â Â Â Â Â Â Â Â Â Â …
Expenditure for obtaining right to use spectrum for telecommunication services. Allowability of upfront fee paid or deferred on actual payment basis or as per accounting method employed. GOVERNMENT Â OF INDIA MINISTRYÂ OF FINANCE (DEPARTMENT Â OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 89/2016 New Delhi, the 4th …
Expenses on issue of shares eligible deduction us 35D. Deduction for payment of bonus to employees eligible u/s 36 and section 43B or 40A(9) does not come into play-Supreme Court ABCAUS Case Law Citation: 1029 (2016) (10) SC Assessment Year: 2001-02 Questions of Law framed: Whether expenditure incurred on …
IDS-2016 declarations-no break-up of trades-cities-states shall be released in order to ensure absolute secrecy-Finance Minister. CBDT Press Release Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 3rd October, 2016. Press Release Sub: CBDT committed to Strict Confidentiality under Income Declaration …
Diary also books of accounts us 44AA. Section does not prescribe books for business but only talks of accounts-documents which may enable AO to adduce true income, penalty u/s 271A deleted by ITAT ABCAUS Case Law Citation: 1028 (2016) (10) ITAT Assessment Year: 2009-10 and 2010-11 Brief Facts …
