Category: Income Tax
Separate agreement towards rent of property and hiring charges for equipment and services allowable. Revenue cannot prevent it merely for loss to Revenue. ABCAUS Case Law CitationABCAUS 3395 (2020) (09) ITAT Important case law relied upon by the parties:Ranbaxy laboratories vs. CIT (2011) 336 ITR 136 (del)CIT vs. …
Reassessment made by issue of notice 143(2) before filing of return of income is invalid and not sustainable in the eyes of law ABCAUS Case Law CitationABCAUS 3394 (2020) (09) ITAT Important case law relied upon by the parties:Singhad Technical Society 397 ITR 344.Fast Booking (I) Pvt. Ltd. …
CBDT notifies L&T Infra Debt Fund as Infrastructure Debt Fund u/s 10(47) of the Income Tax Act for assessment year 2018-2019 onwards MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification 74/2020 New Delhi, the 11th September, 2020 S.O.3122(E).—In exercise of the powers conferred by clause (47) …
CBDT transfers officers in grade of PCITs/CCITs for implementing Faceless Assessment Scheme CBDT has transferred/ gave additional charge to 318 PCITs and for implementation of Faceless Assessment Scheme CBDT, as a result of diversion of posts for implementing the recently launched Faceless Assessment Scheme, transferred 164 officers in …
Renovation of residential house allowable exemption u/s 54F as it amounts to construction of a residential house. ABCAUS Case Law CitationABCAUS 3393 (2020) (09) ITAT Important case law relied upon by the parties:CIT Vs. Godavari Devi Saraf (1978) 113 ITR 589 (Bom) In the instant case, the assessee …
Income of District Mineral Foundation Trust made exempt u/s 10(46) of Income-tax Act, 1961 for Assessment years 2020-2021 to 2022-2023 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 73/2020 New Delhi, the 10th September, 2020 S.O.3088(E).—In exercise of the powers conferred by clause (46) of …
Reassessment quashed as void ab-initio for service of notice u/s 148 at wrong address when assessee had communicated changed new address ABCAUS Case Law CitationABCAUS 3392 (2020) (09) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in rejecting the objection raised …
Without cogent reasons for belief towards escapement, even a non-filer can not be forced to file a return u/s 147. ITAT held notice u/s 147 bad in Law ABCAUS Case Law CitationABCAUS 3391 (2020) (09) ITAT Important case law relied upon by the parties:Shri Ravindrasinh N. Gohil vs. …
Undertaking developed, maintained and operated by Softzone Tech Park Ltd notified as an industrial park u/s 80-IA of the Income Tax Act MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 72/2020 New Delhi, the 8th September, 2020 INCOME TAX S.O.3035(E).—Whereas the Central …
Assessee entitled to tax credit u/s 91 of both federal and state taxes paid by him. Benefit also available to not ordinarily resident Indians ABCAUS Case Law CitationABCAUS 3390 (2020) (09) ITAT Important case law relied upon by the parties:Wipro Ltd vs Deputy Commissioner of Income Tax
