Category: Income Tax

Action taken against tax evasion, including evasion of tax on capital gains by the Government in the recent past both on policy and enforcement level

Action taken against tax evasion, including evasion of tax on capital gains by the Government in the recent past both on policy and enforcement level

May 6, 2016 Income Tax
Action taken against tax evasion, including evasion of tax on capital gains Ministry of Finance Press release dated 06/05/2016 Appropriate action against tax evasion, including evasion of tax on capital gains, is an on-going process. Whenever such cases are noticed by the Income Tax Department, appropriate action is …
Debenture restructuring charge paid to debenture holders for re-negotiating terms and conditions to extend the redemption date held revenue expenditure-ITAT

Debenture restructuring charge paid to debenture holders for re-negotiating terms and conditions to extend the redemption date held revenue expenditure-ITAT

May 6, 2016 Income Tax, ITAT, Judgments
Debenture restructuring charge paid to debenture holders for re-negotiated terms and conditions to extend the redemption date was held to be revenue expenditure-ITAT Case Law Details: DCIT vs. M/S JUBILANT FOOD WORKS LTD. ITA No.1407/Del/2014 A.Y. : 2004-05 Date of Order/Judgment: 05/05/2016 Important Case Laws Referred: CIT vs. Gujarat Guardian …
Action taken against defaulting/non performing tax officials. Prematured retirement for non-performance and dismissal in disciplinary actions

Action taken against defaulting/non performing tax officials. Prematured retirement for non-performance and dismissal in disciplinary actions

May 5, 2016 Income Tax
Government takes strict action against defaulting/non performing tax officials/officers; For the First Time, 33 officials/officers including 7 Group ‘A’ officers prematurely retired for non-performance and 72 officers/officials including 6 Group ‘A’ Officers dismissed in other departmental / disciplinary actions in the last two years. Ministry of Finance-Press Release …
Temporary business closure, lull-Rent, staff, other business expenses incurred to keep business alive cannot be disallowed-ITAT

Temporary business closure, lull-Rent, staff, other business expenses incurred to keep business alive cannot be disallowed-ITAT

May 5, 2016 Income Tax, ITAT, Judgments
Temporary business closure, lull and disallowance of expenses Expenses of rent staff and various other business expenses establish that those were incurred to keep its business alive they cannot be disallowed merely on the ground of temporary closure or lull in business due to recession in the market-held by …
CIT(Appeals) must pass speaking order even in ex-parte cases. Appeal dismissed in limine for non appearnace remanded back by ITAT

CIT(Appeals) must pass speaking order even in ex-parte cases. Appeal dismissed in limine for non appearnace remanded back by ITAT

May 5, 2016 Income Tax, ITAT, Judgments
CIT Appeals must pass speaking order even in ex-parte cases. ITAT Delhi, in a recent case remanded back the appeal of the assessee which was dismissed in limine by CIT(A) for non appearnace.  Case Law Details: I.T.A .No.-2379/Del/2015 (ASSESSMENT YEAR-2010-11) Abhinav Dwivedi vs ITO Date of Judgment/Order: 04/05/2016 Brief Facts of the …
Reopening u/s 147/148. Post mortem exercise of analysing materials will not cure an order invalid due to non satisfaction of jurisdictional requirement

Reopening u/s 147/148. Post mortem exercise of analysing materials will not cure an order invalid due to non satisfaction of jurisdictional requirement

May 4, 2016 Income Tax, ITAT, Judgments
Reopening of a case u/s 147/148, a post mortem exercise of analysing materials produced subsequently will not cure an inherently defective reopening order from invalidity due to non satisfaction of jurisdictional requirement. ITAT Delhi has relied on Delhi High Court judgment and quashed the reassessment proceedings and allowed the legal issue in …
Procedure for Registration Preparation e-filing of Form 15G 15H. CBDT Notification 07/2016. Details of declaration, UID to be given in quarterly TDS Return

Procedure for Registration Preparation e-filing of Form 15G 15H. CBDT Notification 07/2016. Details of declaration, UID to be given in quarterly TDS Return

May 4, 2016 Income Tax
Procedure for Registration Preparation e-filing of Form 15G 15H F. No. DGIT(S)/ADG(S)-2/TDS e-filing Notification/110/2016 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No 7/2016 New Delhi,  4 May, 2016 Procedure for submission of declaration by person claiming receipt of …
Scientific Research Expenditure u/s 35 Rule 6 Amendments-Prescribed Authority, Furnishing of Reports. Form 3CK, 3CL 3CLA CBDT Notification-29/2016

Scientific Research Expenditure u/s 35 Rule 6 Amendments-Prescribed Authority, Furnishing of Reports. Form 3CK, 3CL 3CLA CBDT Notification-29/2016

May 3, 2016 Income Tax
Scientific Research Expenditure u/s 35 Rule 6 Amendments- Prescribed Authority, Furnishing of Reports. Form 3CK, 3CL 3CLA CBDT Notification-29/2016 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 28th April, 2016 INCOME-TAX S.O. ___(E).— In exercise of the powers …