Income Tax Archives - Page 319 of 475

ITAT’s jurisdiction is not to rewrite the AO’s order and improve upon it. High Court uphelds Revision order u/s 263

administrator July 20, 2018 High Courts, Income Tax

ITAT’s jurisdiction is not to rewrite the AO’s order and improve upon it. High Court uphelds Revision order passed u/s 263 for lack of enquiry ABCAUS Case Law Citation: ABCAUS 2427 (2018) 07 HC The instant appeal had been filed by the Revenue against the order of the …

Section 50C not applicable to sale of property through Power of Attorney – ITAT

administrator July 20, 2018 Income Tax, ITAT

Section 50C not applicable to sale of property through Power of Attorney. Provisions at best could be invoked only in the hands of the original owner-ITAT ABCAUS Case Law Citation: ABCAUS 2426 (2018) 07 ITAT The instant appeal had been filed by the assessee against the order of …

Denial of Section 54F exemption for quoting wrong section without examining merits-ITAT remands case to AO

administrator July 19, 2018 Income Tax, ITAT

Denial of Section 54F exemption for quoting wrong section without examining merits of deduction claimed-ITAT remands the case to Assessing Officer ABCAUS Case Law Citation: ABCAUS 2425 (2018) 07 ITAT The instant appeal had been filed by the assessee against the order of the CIT(A) upholding the …

Non-mentioning precise section for making addition for bogus purchase made it bad in law – ITAT

administrator July 19, 2018 Income Tax, ITAT

Non-mentioning the precise section for making addition for bogus purchase made the impugned addition bad in law – ITAT deletes the addition ABCAUS Case Law Citation: ABCAUS 2424 (2018) 07 ITAT The instant appeal was filed by the assessee against the order of CIT(A) in confirming the action …

12 Mistakes/Practices that would invite TDS-TCS Survey by Income Tax Department

administrator July 18, 2018 Income Tax

12 Mistakes/Practices that would invite TDS/TCS Survey by Income Tax Department. Follow best practices to ensure proper compliance of TDS provisions The Income Tax Central Action Plan 2018-19 has set a target of at least 30 surveys/spot verifications by each Assessing Officer during the year. CPC (TDS) regularly …

CBDT issues Income Tax Central Action Plan 2018-19. 1250000 new return filers to be added

administrator July 18, 2018 Income Tax

CBDT issues Income Tax Central Action Plan 2018-19. 1250000 new return filers to be added The CBDT has issued the Central Action Plan (CAP) for 2018-19. The Action Plan lays down the deliverables, action points and time-lines in respect of Key Result Areas of the Income Tax Department …

Revision u/s 263 upheld as AO had not formed any opinion but erroneously allowed expenses – HC

administrator July 18, 2018 High Courts, Income Tax

Revision u/s 263 upheld as AO had not formed any opinion but erroneously allowed the capital expenses as revenue causing a clear prejudice – High Court ABCAUS Case Law Citation: ABCAUS 2422 (2018) 07 HC The instant appeal was filed by the assesseee against the order of the …

Amendment to forms of application for obtaining advance ruling in Form No. 34C and 34D

administrator July 17, 2018 Income Tax

Amendment to forms of application for obtaining advance ruling in Form No. 34C, 34D for quoting identification number of non-resident MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 31/2018-Income Tax New Delhi, the 13th July, 2018 G.S.R. 647(E).―In exercise of the powers conferred …

Section 54 Exemption 54 Exemption not require utilisation of sale proceeds of original capital asset only – ITAT

administrator July 17, 2018 Income Tax, ITAT

Section 54 Exemption not require utilisation of sale proceeds of original capital asset only. Investment out of bank loan and owned fund allowable- ITAT ABCAUS Case Law Citation: ABCAUS 2421 (2018) 07 ITAT The instant appeal was filed by the assessee against an order passed by the Commissioner …

CBDT asks for withdrawal of Income Tax Appeals in accordance with revision of monetary limits