CBDT further amends Notification of Income Tax jurisdiction

CBDT further amends Notification of Income Tax jurisdiction

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

Notification No. 5/2020

New Delhi, the 28th January, 2020

(Income-Tax)

S.O. 388(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), Central Board of Direct Taxes hereby makes the following amendments in the notification of Income-tax, published in the Gazette of India, Extraordinary Part II, section 3, sub-section (ii) vide number S.O. 2752(E), dated the 22nd October, 2014, namely :—

In the SCHEDULE, against Serial No. 72, for the entries relating to column (4), the following entries shall be substituted:-

2. This notification shall come into force from the date of its publication in the Official Gazette.

[F. No. 187/02/2020-(ITA. I)]

GULZAR AHMAD WANI, Under Secy

• Related party transaction u/s 40A(2) shall be treated as bona fide, unless evading tax
• ‘Transfer of property’ not include ‘acquiring’ of property or ‘purchasing’ of property – ITAT
• AO was not justified in questioning cash withdrawals from bank account – ITAT
• Return/Balance sheet filed within limitation extended by SC to be considered within time
• Satisfaction Note u/s 153C – term immediate cannot be extended to unreasonable delay