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) ITAT 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 …
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 OF INDIA MINISTRY OF FINANCE (DEPARTMENT 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 …
