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, 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 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 as per Circular No.3/20 18 dated 11.07.2018 issued by the Board Withdrawal of appeals in consequent to Circular No. 3/2018  CBDT vide Circular No. 3/2018 dated 11.07.2018 has enhanced the monetary limits for …

Ex parte penalty order passed ignoring adjournment application filed set aside as the  CIT-A  had never ever bothered to peruse the Appellate Folder ABCAUS 2420 (2018) 07 ITAT The instant appeal was filed by the assessee against an order passed by the Commissioner of Income Tax (Appeals) whereby …

CBIC to observe Third Refund Fortnight to clear pending refunds  Refunds of GST have been a concern for the Government and Trade for the past several months.  In this regard, the CBIC has observed two special drives cum refund fortnights in the Month of March, 2018 (15th to …