Category: Income Tax
In a recent judgment, ITAT Mumbai has held that as per CBDT circular no. 09 of 2014, construction cost on development of infrastructure facility of roads/highways under BOT project may be amortized and claimed as income tax business expenditure Case Details: ITA No.644/M/2013 Assessment Year: 2009-10 M/s. Koratalaiyar Bridge …
In a recent judgment, ITAT Amritsar has quashed penalty imposed u/s 271(1)(c) for non declaration of bank fixed deposit interest when the assessee due to her old age, forgot to obtain the information and certificates from the bank on account of accrual of interest Case Details: ITA No.170(Asr)/2014 Assessment …
In a recent judgment, ITAT Delhi has held that it is not pre-requirement for seeking registration u/s 12A of the Income tax Act, 1961 that the applicant must show and establish having undertaken charitable activities before filing such application for registration u/s 12A. Case Details: ITA No. 3766 …
In a recent judgment, ITAT Delhi has held that land possession given and major sales consideration received through unregistered agreement to sell amounts to transfer u/s 2(47) of the Income Tax Act, 1961, though it was claimed that possession was taken back for non receipt of balance sales consideration. …
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 1st April, 2016 Sub: Request to taxpayers to avail facility for online rectification – regarding Income-tax Act provides the taxpayer with an option to seek rectification of mistakes apparent from …
New Income Tax Return Forms (ITRs) for AY 2016-17 Notified by CBDT GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE Notification No. 24/2016 New Delhi, the 30th day of March, 2016 Income-tax S.O. 1262(E).– In exercise of the powers conferred by section 295 of the Income-tax Act, …
CBDT has asked Income Tax Department to identify the potential cases of non filing of income tax return (ITRs) for AY 2013-14 and initiate prosecution u/s 276CC if the conditions prescribed are fulfilled. In a letter issued by Directorate of Income tax (Systems) dated 22/03/2016, Pr. Chief Commissioner of …
In its latest judgment, the Supreme Court has held that the transaction charges paid to the Bombay Stock Exchange by its members are not for ‘technical services’ and hence no TDS on such payments is deductible under Section 194J of the Income Tax Act 1961. Case Details: Civil Appeal No. 3141 …
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 29th March, 2016 Sub: Signing of 11 unilateral Advance Pricing Agreements (APAs)- regarding. The Advance Pricing Agreement (APA) programme was introduced by the Finance Act, 2012 to provide a predictable …
In a recent judgment, the Delhi High Court has held that Indian National Congress Party (INC) (I) not entitled to exemption u/s 13A of the Income tax Act, 1961 for AY 1994-95 being failed to fulfil the three conditions of keeping books of accounts, maintaining records of voluntary contributions …
