Category: Income Tax
Security deposit written off allowed as business loss us 37(1) even though rent security w/o in books was claimed wrongly as bad debts u/s 36-ITAT ABCAUS Case Law Citation: 1059 (2016) (11) ITAT A.Y : 2010-11 Important Case Laws considered: Fab India Overseas P. Ltd. vs. ACIT CIT …
Sikkim connection of Demonetisation Scheme Tax Evasion. No income tax payable by Sikkimese person u/s 10(26AAA) of Income Tax Act, 1961 Post demonetisation and withdrawal of old bank notes of the denomination of Rs. 500/- and 1000/- as reported, the Income Tax Department is all set to tighten …
Penalty us 221(1) on tax due as per revised return of income. It is not correct to levy penalty on the amount due as per original return of income-ITAT ABCAUS Case Law Citation: 1058 (2016) (11) ITAT Brief Facts of the Case: The assessee filed its original return …
CIT-A can decide appeal against CIT revision order us 263 when no direction given to make assessment in a particular way except to invoke Section 50C-ITAT ABCAUS Case Law Citation: 1057 (2016) (11) ITAT Brief Facts of the Case: The appellant assessee had filed his return of income …
Not get lured by black money converters and be a crime partner. CBDT warns people allowing their bank accounts to convert black money into new notes Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 18th November, 2016. PRESS RELEASE Sub: …
Cash deposits notices from Income tax department on demonetization of currency notes-sending started. Notice from Investigation Wing Siliguri It is learnt that Income Tax Department (Directorate of Investigation) apart from asking cash balances as on 08-11-2016, has started sending notices for inquiring cash deposits made. It is notable …
IDS-2016 declarations without PAN-CBDT has asked officials to contact declarants to obtain PAN and issue Form-2 latest by 25-11-2016 The relevant text of the DO is as under: Dear Pr. Commissioners of Income-tax, It has come to my notice that some declarations under IDS, 2016 received manually without PAN are …
Penalties shall followed by prosecutions-CBDT Chairman. Action shall be taken even before filing return for huge cash deposits with unmatched past profile of the assessees. CBDT Chairman Shri Sushil Chandra in his latest TV interview has hinted the impending actions that are being planned by the CBDT after 30th …
Transactions for which Quoting PAN Mandatory. The list under Rule 114B as on date requiring PAN quoting including banking transactions. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 17th November, 2016 PRESS RELEASE Sub : Transactions in Relation to which …
New Rule 12E-ITO authorsied to issue notice u/s 143(2) for scrutiny. Move to create enough manpower to scrutinise income tax returns post 30-12-2016 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 105 /2016 New Delhi, the 16th November, 2016 G.S.R. 1073(E).—In exercise of the powers …
