Category: Income Tax

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 …

Second reopening notice u/s 148 issued without completing earlier reassessment proceedings is invalid ABACUS Case Law CitationABCAUS 3370 (2020) (08) ITAT Important case law relied upon by the parties:A.S.S.P. & Co. vs. CIT 172 ITR 274 (Mad)CIT vs. P. Krishnankutty Menon, 181 ITR 237 (Ker)Tao Publishing (P) Ltd. …

Capital gain to be computed first applying exemption and then provisions for set off of capital loss ABACUS Case Law CitationABCAUS 3369 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs Vijay M. Mahtaney 35 taxmann.com 228 (Mad) In the instant case, the assessee had …

Income Tax Department conducts searches in Bhopal Government of India Department of Revenue Ministry of Finance Central Board of Direct Taxes   New Delhi, 21st August, 2020 Income Tax Department conducts searches in Bhopal PRESS RELEASE   The Income Tax Department carried out a search and seizure operation …

Addition for unsecured loans tenable when profits are estimated as it is not trading account but balance sheet item ABACUS Case Law CitationABCAUS 3368 (2020) (08) ITAT Important case law relied upon by the parties:Addl. CIT vs Hanuman Agarwal 151 ITR 150 (Pat)Mather & Platt (India) Ltd vs …

CBDT designates Pr.CCsIT as cadre controlling authority overall the field formations including ReAC F No. 1871312020-ITA-IGovernment of India Ministry  of Finance Department  of  Revenue(Central Board of Direct Taxes)***** North Block, New Delhi – 110001.Dated  the  20th August,  2020 ORDER Subject : Order under section 119 of the Income-tax …

Inability to produce evidence by Legal representative of assessee alone should not be a basis to decide allowability of expenses.  ABACUS Case Law CitationABCAUS 3366 (2020) (08) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming disallowance under the head …

Conditions to be satisfied by pension fund for exemption u/s 10(23FE). Guidelines for notification MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 67/2020 New Delhi, the 17th August, 2020 INCOME-TAX G.S.R. 508(E).—In exercise of the powers conferred by sub-clause (iii) of clause (c) of Explanation …