Category: Income Tax

No Additions solely on AIR information basis when the assessee denied reported transactions as the onus /burden shifted upon the AO – ITAT

No Additions solely on AIR information basis when the assessee denied reported transactions as the onus /burden shifted upon the AO – ITAT

July 3, 2016 Income Tax, ITAT, Judgments
Addition cannot be made solely on the basis of AIR information especially when the assessee denies the reported transactions and the onus/burden shifted upon the AO to rebut the accounts/contentions of the assessee – ITAT ABCAUS Case Law Citation: 963 2016 (06) ITAT Assessment Year: 2010-11 Date/Month of Judgment/Order: …
Double Taxation Avoidance Agreement DTAA between India and Cyprus. In-principle agreement reached on all pending issues – Press Release

Double Taxation Avoidance Agreement DTAA between India and Cyprus. In-principle agreement reached on all pending issues – Press Release

July 2, 2016 Income Tax
DTAA between India and Cyprus – In-principle agreement reached on all pending issues  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 1st July, 2016. Sub : Indo-Cyprus Double Taxation Avoidance Agreement An official level meeting between India and Cyprus took …
Income Declaration Scheme-Government assures complete confidentiality Scheme not be extended beyond 30th September 2016 – Press Release

Income Declaration Scheme-Government assures complete confidentiality Scheme not be extended beyond 30th September 2016 – Press Release

July 1, 2016 Income Tax
Income Declaration Scheme: Government assures complete confidentiality Scheme not be extended beyond September 30 : Revenue Secretary Ministry of Finance Press Release dated 1st July, 2016 The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016.  Addressing a press conference in …
Limitation us 275 imposing penalty starts from date of initiation by AO though it is imposable by Addl/JCIT. Penalty us 272A(2)(k), 271C held time barred

Limitation us 275 imposing penalty starts from date of initiation by AO though it is imposable by Addl/JCIT. Penalty us 272A(2)(k), 271C held time barred

June 30, 2016 Income Tax, ITAT, Judgments
Limitation us 275 imposing penalty starts from the date of initiation by the Assessing Officer though it is imposable by Additional/Joint Commissioner of Income-tax but there is no bar on the initiation of penalty proceedings by the ITO. Proceedings us 272A(2)(k), 271C held time barred by ITAT ABCAUS …
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Assessment u/s 153A based on pre-search enquiries and not on incriminating material invalid – ITAT

June 30, 2016 Income Tax, ITAT, Judgments
Assessment u/s 153A based on pre-search enquiries and not on incriminating material unearthed during search seizure operation u/s 132 invalid – ITAT ABCAUS Case Law Citation:960 2016 (06) ITATDate/Month of Order/Judgment – June, 2016Assessment Year: 2006-07 & 2007-08 Important Judgments Cited/Relied upon: CIT vs. Kabul Chawla – 380 ITR …
Foreign Tax Credit Income Tax Rule 128. Resident allowed credit for foreign tax paid in country/specified territory outside India CBDT Notification 54/2016

Foreign Tax Credit Income Tax Rule 128. Resident allowed credit for foreign tax paid in country/specified territory outside India CBDT Notification 54/2016

June 30, 2016 Income Tax
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE Income-tax Notification No. 54/2016 New Delhi, the Dated: 27th June, 2016 S.O.2213(E).─ In exercise of the powers conferred by clause(ha) of sub-section (2) of section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct …