Income Tax Archives - Page 182 of 446

CPC if not satisfied with reply of assessee, has to issue notice u/s 143(2) before making disallowance

administrator February 24, 2020 Income Tax, ITAT

CPC if not satisfied with reply of assessee, has to issue notice u/s 143(2). No disallowance to be made merely on the basis of tax audit report ABCAUS Case Law Citation:ABCAUS 3267 (2020) (02) ITAT Important case law relied upon by the parties:Peerless General Finance & Investment Co. …

CBDT fixes Vivad Se Vishwas Scheme target as 100% eligible disputed tax demand cases

administrator February 24, 2020 Income Tax

CBDT fixes Vivad Se Vishwas Scheme target for field officers as 100% disputed tax demand cases fulfilling eligibility condition The Direct Tax Vivad Se Vishwas Bill, 2020 has been introduced in the Parliament. The scheme will come in force after enactment of the Bill. Earlier CBDT had conveyed …

Amendments to Direct Tax Vivad se Vishwas Bill 2020. Read Summary

administrator February 24, 2020 Income Tax

Amendments to Direct Tax Vivad se Vishwas Bill 2020. Read Summary With the passing of Direct Tax Vivad se Vishwas Bill, 2020 by the Lok Sabha on 4th March, 2020 it has now become the Direct Tax Vivad se Vishwas Act, 2020 earlier the Direct Tax Vivad …

Assessment u/s 153A has to be on the basis of seized material. It can’t be arbitrary/without nexus

administrator February 22, 2020 Income Tax, ITAT

Assessment u/s 153A has to be made only on basis of seized material. Assessment can not be arbitrary or without any relevance or nexus with seized material ABCAUS Case Law Citation:ABCAUS 3265 (2020) (02) ITAT Important case law relied upon by the parties:Kabul Chawla, 380 ITR 573.Chintels India …

CIT should make detailed enquiry at revision stage if he wants to take different view

administrator February 22, 2020 Income Tax, ITAT

CIT should make detailed enquiry at revision stage if he wants to take a different view and give finding how assessment order is erroneous and prejudicial to the interests of Revenue ABCAUS Case Law Citation:ABCAUS 3264 (2020) (02) ITAT Important case law relied upon by the parties:Malabar Industrial …

e-Assessment proceedings can lead to erroneous results without personal hearing

administrator February 22, 2020 High Courts, Income Tax

e-Assessment proceedings can lead to erroneous assessment if AO not able to understand transactions and accounts without a personal hearing ABCAUS Case Law Citation:ABCAUS 3263 (2020) (02) HC Important case law relied upon by the parties:Smt. Shrilekha Banerjee Vs. CIT 1964 AIR SC 697 In the instant case, …

Once registration granted u/s 12A entire receipts can not be taxed without allowing expenses

administrator February 21, 2020 Income Tax, ITAT

Once registration granted u/s 12A entire receipts can not be taxed as income without allowing any expenses. Disallowances can be made only on violation of conditions. In a recent judgment, ITAT Delhi has held that Once registration granted u/s 12A entire receipts can not be taxed as income …

Addition made u/s 143(3) and deleted by ITAT cannot be again made u/s 153A

administrator February 20, 2020 Income Tax, ITAT

Addition made in original assessment proceedings u/s 143(3) and deleted by ITAT cannot be made again in assessment proceedings u/s 153A ABCAUS Case Law Citation:ABCAUS 3261 (2020) (02) ITAT In the instant case, appeal had been filed by the Assessee against the impugned order passed by Commissioner of …

CBDT to felicitate best performing Income Tax Officers/Officials in e-assessments

administrator February 20, 2020 Income Tax

CBDT to felicitate best performing Income Tax Officers/Officials in e-assessments. Categories and eligibility criteria CBDT, in order to promote and appreciate the outstanding work of Officers/Officials in e-assessments, has decided that from January, 2020 and onwards, every month the best performing ‘Officers/Officials achieving excellence in the prime areas, …

Functionality for Demand Adjustment u/s 245 by AO . ITBA Instruction