Tag: income tax scrutiny
Procedure for Scrutiny assessment of Startup Companies on application of section 56(2)(viib). Clarification by CBDT Circular No. 16/2019 Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes North-Block, New Delhi, dated the 7th of August,2019 Subject:- Clarification with respect to assessment of Startup Companies …
Limited scrutiny order passed by AO was not erroneous or prejudicial to the interest of Revenue as enquiries were focused and limited – ITAT ABCAUS Case Law Citation: ABCAUS 2902 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties Malabar Industrial Co Ltd Vs. CIT’ (2008) …
Addition made by AO in limited scrutiny by extending scope deleted as AO did not take due permission to convert it into full scrutiny. ABCAUS Case Law Citation:ABCAUS 2883 (2019) (04) ITAT Important Case Laws Cited/relied upon by the partiesCIT Vs. Mekala Balreddy The appeal in the instant …
Complete time barring scrutiny assessments by 25th of December 2018 – CBDT direction to AOs over pendency of large number of cases CBDT in its latest DO addressed to all Principal Chief Commissioners of Income Tax ( PrCCIT ) has expressed concern over pendency of large number of …
Scope of enquiry in limited Scrutiny cases selected under CASS cycles 2017/2018 where information provided by any law-enforcement, intelligence agency-CBDT F.No. 225/402/2018/ITA.IIGovernment of IndiaMinistry of FinanceDepartment of Revenue (CBDT) North Block, New Delhi, the 28th December, 2018 ToAll Principal Chief-Commissioners of Income-tax/All Principal Director-Generals of Income-tax Sir/Madam, Subject: …
Criteria for income tax manual selection of returns for Complete Scrutiny during the financial-year 2018-2019- CBDT Guidelines Instruction No. 04/2018 Government of IndiaMinistry of FinanceDepartment of RevenueCentral Hoard of Direct Taxes (ITA-II division) North Block New Delhi the 20th August 2018 To All Pr. Chief-Commissioners of Income-tax/Chief-Commissioner of …
High Pitched Scrutiny Assessment-concerned AO to be transferred and no coercive action for recovery in cases identified by the Local Committee-CBDT Chairman Functioning of Local Committee to deal with tax payers’ grievances arising from High-Pitched Scrutiny Assessments In 2015, the CBDT had issued Guidelines for constitution of Local …
Invoking Section 56(2)(viib) to share premium received in limited scrutiny was not beyond the jurisdiction of the AO as the issue of share premium being correctly offered to tax was linked to the said section-HC ABCAUS Case Law CitationABCAUS 2348 ( 2018) 05 HC The Petitioner was a …
Conversion of limited scrutiny to complete scrutiny is question of fact. High Court dismisses the writ as petitioner had a right to appeal against the assessment order The Petitioner assessee was aggrieved by the assessment order passed u/s 144 by converting limited scrutiny to complete scrutiny. The impugned …
All pending scrutiny assessment to be conducted only through e-Proceeding except for search cases CBDT has issued an Instruction (01/2018) making all pending scrutiny assessments mandatorily to be conducted only through the ‘E-Proceedings’. Sub-section (23C) of Section 2 of the Income-tax Act, 1961 (Act), applicable from 01.06.2016, provides …
