AO should examined return of income and carry out initial investigation before coming to the conclusion that income has escaped assessment – ITAT ABCAUS Case Law Citation:ABCAUS 2680 (2018) (12) ITAT Important Case Laws Cited/relied upon:M/s. Allied Gems CorporationPCIT v/s M/s Shodiman Investments P Ltd.Narain Dutt Sharma v. …

Determination of fair market value of unquoted equity shares of ‘Start Up’ companies under section 56(2)(viib) of the  Income-tax  Act,  1961 read  with Rule 11UA(2) of Income-tax Rules, 1962 -reg. CBDT vide instruction dated 06.02.2018 instructed that no coercive measures to recover the  outstanding demand would be taken in …

Exception from online filing of application under section 197 and 206C (9) in the cases of NRIs and resident applicants Recently, CBDT vide Notification No. 74/2018 dated 25.10.2018, amended rule 28 of the Income-tax Rules to prescribe electronic filing of application for lower deduction or no deduction under …

Not providing certified copy of penalty order was reasonable basis for seeking condonation of delay in filing the appeal before the CIT(A) ABCAUS Case Law Citation:ABCAUS 2679 (2018) (12) ITAT This appeal was filed by the assessee against the order of CIT(A) wherein the appeal of the assessee …

Online IEC applications-Code to be issued in firm name. Supporting documents for address Proof of the firm and requirement of pre-printed cancelled cheque – Clarification DGFT, in August 2018 notified the new procedure for online IEC applications and mandated that  online application  for  IEC  would  require only 2 documents …

Govt. proposes amendment to IT Act to curb Socail Media fake news Draft IT rules issued for public consultation  The Information Technology Act (IT Act), 2000 was enacted with a view to give a fillip to electronic transactions, to provide legal recognition for e-commerce and e-transactions, to facilitate …