Category: Income Tax
No concealment when all information available for determining income given voluntarily by assessee either in return or at the time of assessment ABACUS Case Law CitationABCAUS 3380 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Samson Perinchery 392 ITR 4 (Bom). Ventura Textiles Ltd., vs. …
Whether an expenditure is capital or revenue squarely fall within the ambit of a debatable issue. Penalty u/s 271(1)(c) deleted ABACUS Case Law CitationABCAUS 3379 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Vegan International Ltd. 2 Taxmann.com 140 In the instant case, the …
Depreciation allowable even if asset not used during the year when it formed part of block of assets ABACUS Case Law CitationABCAUS 3378 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Norplex Oak India reported in 198 Taxman 0470 In the instant case, the …
Reassessment completed without serving notice u/s 143(2) invalid. Issue and service of notice are jurisdictional requirements ABACUS Case Law CitationABCAUS 3377 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Chetan Gupta 382 ITR 613 In the instant case, the assessee had raised additional grounds …
CBDT asks banks to refund charges collected on or after 01.01.2020 on transactions done using electronic modes prescribed u/s 269SU F.No.370142/35/2019-TPL-PtGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes Circular No. 16/2020 Dated: 30th August, 2020 Subject: Imposition of charge on the prescribed electronic modes under section 269SU of the Income-tax …
Addition for jewellery found in search deleted as net weight found in search was lower than jewellery found during earlier search despite minor mismatch in items of jewellery. ABACUS Case Law CitationABCAUS 3376 (2020) (08) ITAT Important case law relied upon by the parties:Krishan Kumar Modi versus ACIT …
Corrigendum to restructuring of income tax jurisdictions in view of Faceless Assessment MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No.68/2020 CORRIGENDUM New Delhi, the 27th August, 2020 (Income-tax) S.O. 2902(E).—In the notification of the Government of India, Ministry of Finance, Department …
Revised claim of deduction u/s 80IC allowed without revised return Judgment of Supreme Court applies to AO not appellate Authorities ABACUS Case Law CitationABCAUS 3373 (2020) (08) ITAT Important case law relied upon by the parties:Goetz India Ltd In the instant case, the assessee had challenged the order …
Comparison between present income tax assessment and faceless assessment Current vs Faceless Assessment Present Assessment System Faceless Assessment System Case selection through system, Manual & Tax evasion information 1. No discretion to any officer in selection 2. No selection except through system red alerts 3. No selection other …
Law does not debar assessee from making a claim which he believes is plausible and knowing that it will be examined by AO ABACUS Case Law CitationABCAUS 3371 (2020) (08) HC Important case law relied upon by the parties:Alpati Venkataramiah v/s. CIT – 57 ITR 185 (SC)Union of …
