Deduction 54F-House used for commercial activity not counted for limit of one residential house on the date of transfer of the original asset- ITAT ABCAUS Case Law Citation: ABCAUS 2289 (2018) (04) ITAT The appellant assessee was aggrieved by the order That the CIT(Appeals sustaining the addition made …

Exclusive Jurisdiction of one CIT-A overs cases assessed under the Black Money Act 2015. Nineteen such stations notified by CBDT  The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BM Act) has been  enacted  to deal with the problem of Black money in …

Levy of fee u/s 234E before 01.06.2015-in view of difference between High Courts, the one in favour of assessee needs to be followed where decision of Jurisdictional High Court is not in against-ITAT ABCAUS Case Law Citation: ABCAUS 2288 (2018) (04) ITAT The assessee  had filed the instant …

Angel Tax provisions relaxed for startups. Companies with paid up share capital and share premium after the proposed issue up to 10 crore may apply for exemption-u/s 56(2)(viib)  The Ministry of Commerce and Industry, Department of Industrial Policy and Promotion has amended the Notification No. G.S.R. 501(E) dated May 23, 2017. …

Prosecution for violation u/s 139(1) and 142(1) quashed as penalty u/s 271F was deleted by CIT(A) and no adjudicatory proceedings were initiated u/s 142(1) ABCAUS Case Law Citation: ABCAUS 2287 (2018) (04) AC Important Case Laws Cited/relied upon by the parties K.C. Builders & Anr. Vs The Assistant …

No Requirement for obtaining PAN card by corporate assessees. PAN & TAN mentioned in Certificate of Incorporation shall be sufficient proof of PAN and TAN  Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees  In case of a company, an application for …