Category: Income Tax

No arrest of wilful defaulters by income tax department Though the provisions for arrest and detention by Tax Recovery Officers contained in the Act – CBDT

No arrest of wilful defaulters by income tax department Though the provisions for arrest and detention by Tax Recovery Officers contained in the Act – CBDT

June 21, 2016 Income Tax
No arrest of wilful defaulters by income tax department-CBDT Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 21st June, 2016. Sub: – Clarification regarding News Report on Arrest of Tax Defaulters – reg Certain sections of the press …
Penalty us 2711c imposable on voluntary surrender-disclosure to avoid litigation and to buy peace of mind, as it does not meet requirements of Explanation (1) to section

Penalty us 2711c imposable on voluntary surrender-disclosure to avoid litigation and to buy peace of mind, as it does not meet requirements of Explanation (1) to section

June 21, 2016 Income Tax, ITAT, Judgments
Penalty us 2711c imposable on voluntary surrender-disclosure to avoid litigation and to buy peace of mind, as it does not meet requirements of Explanation (1)  to section 271(1)(c). This was held by ITAT in a recent judgment as under. ABCAUS Case Law Citation: 954 2016 (06) ITAT Assessment …
FDR Interest Business Income-No addition when books rejected. AO cannot fall back upon same books for making addition of interest reflected therein

FDR Interest Business Income-No addition when books rejected. AO cannot fall back upon same books for making addition of interest reflected therein

June 20, 2016 Income Tax, ITAT, Judgments
FDR Interest Business Income-No addition when books rejected In an interesting judgment which is quite opposite to the view held by another ITAT reported in ABCAUS 951 (2016) (06) ITAT, it has been held by ITAT that where the books of accounts were rejected and profits were estimated applying 10%  net …
Annual Conference of Tax Administrators-2016 Major Take aways and action points identified on CBDT and CBEC Side

Annual Conference of Tax Administrators-2016 Major Take aways and action points identified on CBDT and CBEC Side

June 19, 2016 Income Tax
Annual Conference of Tax Administrators-2016 Major Take aways Ministry of Finance Press release dated 18-06-2016 Rajswa Gyansangam- Annual Conference of Tax Administrators-2016”concludes; Major Take Aways from two day “Annual Conference of Tax Administrators-2016” include further improvement in Tax Payers Services by use of technology and increased human touch; …
FDRs Interest was business income but not contract income. Interest on Margin Money deposits for bank guarantee is not income out of contract business

FDRs Interest was business income but not contract income. Interest on Margin Money deposits for bank guarantee is not income out of contract business

June 19, 2016 Income Tax, ITAT, Judgments
FDRs Interest was business income but not contract income. Interest on Margin Money deposits for obtaining bank guarantee is not income out of contract business-ITAT upheld CIT order u/s 263 ABCAUS Case Law Citation: 951 2016 (06) ITAT Assessment Year – 2009-10 Date/Month of Judgment/Order: June 2016 Brief Facts …
Penalty 2711c – Pending Petition us 154 to be disposed off first and penalty be dropped if assessees claim as per rectification petition found correct-ITAT

Penalty 2711c – Pending Petition us 154 to be disposed off first and penalty be dropped if assessees claim as per rectification petition found correct-ITAT

June 18, 2016 Income Tax, ITAT, Judgments
Penalty 2711c – Pending Petition us 154 to be verified/disposed off first and penalty be dropped if the claim of the assessee as per rectification petition was found correct-ITAT ABCAUS Case Law Citation: 950 2016 (06) ITAT AY: 2006-07 Date of Judgment: June, 2016 Brief Facts of the …