Category: Income Tax
Bounced cheque can not be treated unexplained credits u/s 68. Onus to prove identity, genuineness and creditworthiness of the party out of question – ITAT ABCAUS Case Law Citation: ABCAUS 2385 (2018) 06 ITAT In a recent judgment, ITAT Hyderabad has held that bounced cheque can not be …
Foreign company resident in India due to Pace of Effective Management PoEM. Provisions of the Income Tax Act applicable from 01/04/2018-CBDT Notification MINISTRY OF FINANCE DEPARTMENT OF REVENUE Notification No. 29/2018 New Delhi, the 22nd June, 2018 (INCOME-TAX) S.O. 3039 (E).—In exercise of the powers conferred by sub-section …
Allahabad HC admits PIL against creation of ITAT Varanasi Bench alleging non constitution of permanant benches at Allahabad regularly to dispose of cases ABCAUS Case Law Citation: ABCAUS 2384 (2018) 06 HC Allahabad High Court has admitted a Public Interest Litigation (PIL) filed by the Income Tax Bar …
Capital gain deduction u/s 54 for purchase of two flats on different floors allowed as flats were one above the other and converted into a single residential duplex unit The instant appeal was filed by the appellant assessee against he order of the CIT(A) in upholding the action …
Income tax notice issued in the name of dead person is illegal. Revenue can nor plead ignorance as there is no provision requiting legal representative to to intimate death or cancel PAN– High Court The instant Writ Petition was filed by the appellant assessee seeking quashing of the …
There is no statutory bar for the Assessing Officer to rectify the assessment order even if an appeal is pending against it – High Court The instant Writ Petition was filed by the appellant assessee against the notice issued under section 154/155 of the Income Tax Act, 1961 …
There is no bar in filing revised return of income after issue of income tax notice u/s 143(2). There is no such provision in section 139(5) of the Income Tax Act that the assessee cannot file a revised return of income after issuance of notice – ITAT ABCAUS Case …
Fresh cases of Panama Papers leaks released by media today are under scanner of enforcement agencies, shall be addressed within a reasonable time frame-Finance Ministry Soon after fresh records of Panama Papers has been released by media with more than 1.2 million fresh documents of which at least 12,000 …
Fees for technical services not cover order specific commission at small percentage of order value. Order wise commission based on order value not covered u/s 40(a)(i) ABCAUS Case Law Citation: ABCAUS 2378 (2018) 06 HC The instant appeal was filed against the order passed by the Income Tax …
Computation of interest income pursuant to secondary adjustment made u/s 92CE of Income-tax Act-Amendment in Rule 10CB. Comments and suggestions invited F. No. 370142/12/2017-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes **** New Delhi, dated the 19th of June, 2018 Subject: Amendment in …
