Category: Income Tax
Non-filing of ITRs by lenders can give rise to suspicion for the lack of creditworthiness but not sufficient to draw inference against assessee ABCAUS Case Law CitationABCAUS 3437 (2021) (01) ITAT Important case law relied upon by the parties:CIT Vs. Chanakya Developers reported 43 taxmann.com 91 In the …
Claim of agricultural income allowed in view of ownership of large land, girdwari and village sarpanch certificate ABCAUS Case Law CitationABCAUS 3436 (2021) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in part confirming the additions made by the Assessing …
Even a single transaction may constitute business as defined in section 2(13) of the Income Tax Act ABCAUS Case Law CitationABCAUS 3435 (2021) (01) ITAT Important case law relied upon by the parties:ITO vs. Amrit Foods (P) Ltd. (1984) 10 ITD 681 In the instant case, the assessee …
Gujarat High Court directs CBDT to decide on further due date extension by 12.01.2021. Writ Petition was filed by All Gujarat Federation of Tax Consultants Breaking: CBDT denies any further extension in due dates for filing ITRs/Audit Reports. Order u/s 119 in pursuance of Gujarat HC direction Read …
Aadhaar OTP based EVC of ITRs-Maximum 5 OTP requests for a single Aadhaar can be made within a span of 30 minutes. Aadhar based OTP is one of the Electronic Verification options of verifying submission of the Income Tax Returns (ITRs). Other options for generating Electronic Verification Code …
Some tax evasion sought by assessee is a necessary condition for imposition of penalty u/s 271(1)(c). What has to be shown is whether, and if so, how, assessee can be said to have sought to evade tax. ABCAUS Case Law CitationABCAUS 3433 (2021) (01) ITAT Important case law …
Extension of due date of 31.12.2020 for tax and other audit and ITRs filing for AY 2020-21 – Read CBDT Order Extension of due date for tax audit and ITRs filing for AY 2020-21 In view of the continued challenges faced by taxpayers in meeting statutory compliances due …
Aadhaar based EVC OTP for e-verification of ITRs is not working properly As per advisory displayed at Income Tax e-filing website, Aadhaar based OTP for e-verification of ITRs is not working The text of the advisory is as under: “It has come to our notice that users are …
No TDS requirement u/s 195 on employee secondment agreement for payments for reimbursement to a non resident enterprises towards costs of seconded employees. ABCAUS Case Law CitationABCAUS 3432 (2020) (12) HC Important case law relied upon by the parties:M/s Centrica India offshore Pvt. Ltd. vs. Commissioner of income …
Income of Yamuna Expressway Industrial Development Authority exempted u/s 10(46) of the Income Tax Act 1961 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 91/2020 New Delhi, the 24th December, 2020 S.O. 4684(E).—In exercise of the powers conferred by clause (46) of section 10 of …
