CBDT defines unauthorised colony in NCT of Delhi for exemption from deemed tax u/s 56(2)(x)

CBDT defines unauthorised colony in NCT of Delhi for exemption from deemed tax u/s 56(2)(x) under Rule 11UAC  

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 12/2020

New Delhi, the 17th February, 2020

INCOME-TAX

G.S.R. 124(E).—In exercise of the powers conferred by clause (XI) of the proviso to clause (x) of sub-section (2) of section 56 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government, hereby makes the following rules further to amend the Income-tax Rules,1962, namely:─

1. Short title and commencement.(1) These rules may be called the Income tax Amendment (6th Amendment), Rules, 2020.

(2) They shall come into force from the 1st day of April, 2020.

2. In the Income-tax Rules, 1962, in rule 11UAC, in the Explanation, for clause (b), the following clause shall be substituted, namely:—

‘(b) “unauthorised colony” shall have the same meaning as assigned to it in clause (b) of section 2 of the National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) Act, 2019 (45 of 2019)’.

[F. No. 370142/29/2019-TPL]

GUDRUN NEHAR, Director (Tax Policy and Legislation)

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number S.O. 969(E), dated the 26th March, 1962 and last amended vide notification number G.S.R. 112(E), Dated 13.02.2020.

• AO is under an obligation to assign reasons for rejecting explanation of the assessee
• CBIC issues SoP for clearance of imported goods through Foreign Post Offices
• Sale deed executed with full knowledge of only part consideration paid, not void – SC
• No fault in serving notice to last known address when PAN data was not updated – ITAT
• Investment by firm through capital introduced by partners cannot be treated as unexplained