"20 May 2016" Archive

Explanatory Notes on Income Declaration Scheme, 2016

Circular No. 16/2016-Income Tax (20/05/2016)

A declaration under the Income Declaration Scheme, 2016 may be made in respect of any income or income in the form of investment in any asset located in India and acquired from income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year 2017-18...

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Unexplained investment addition can be made in year of Purchase

Shri Mahesh Chandra Chaurasia Vs D.C.I.T. (ITAT Lucknow)

If period of holding is >1yr then it is LTCG & Exempt & Assessing Officer can make addition in the year of purchase if unexplained but no addition can be made in the present year/year of assessment....

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No Penalty u/s 271AAA on post search voluntarily disclosed income

DCIT Vs M/s Salasar Stock Broking Ltd. (ITAT Kolkata)

The ITAT Kolkata in the above cited case held that if the additional income disclosed by assessee u/s 132(4) voluntarily without being any incriminating material found during the course of search , then department cannot levy penalty u/s 271AAA on such voluntarily disclosed income. ...

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Detailed analysis of Income Computation & Disclosure Standards

Earlier Vide Notification No. 9949 DATED 25-1-1996, two accounting standards were issued: Accounting Standard I relating to disclosure of accounting policies. Accounting standard II relating to disclosure of prior period and extraordinary items and changes in accounting policies...

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Posted Under: Income Tax |

ITAT condones delay of 2191 days caused due to Staff

M/s Lahoti Overseas Ltd. Vs DCIT (ITAT Mumbai)

In this case ITAT held that a liberal approach has to be adopted by the appellate authorities, where delay has occurred for bona fide reasons on the part of the assessee or the Revenue in filing the appeals....

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Tax on services rendered abroad by foreign firms to Indian CA Firm

ACIT Vs M/s. BSR & Co. (ITAT Mumbai)

ITAT Mumbai that payment made by M/s. BSR & Co to KPMG group professional entities based in Various Countries outside India for Services in relation to taxation matters, independent personal services, assistance in audit, taxation, information technology services, conducing background checks, etc....

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CIT cannot fault an assessment order without his own inquiry

Shri Narayan Tatu Rane Vs ITO (ITAT Mumbai)

In the case of Former Chief Minister of Maharashtra Narayan Rane ITAT Mumbbai held that before holding an order to be erroneous, Ld Pr. CIT should have conducted necessary enquiries or verification in order to show that the finding given by the assessing officer is erroneous, the Ld Pr. CIT should have shown that the view taken by the AO ...

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Income Declaration Scheme Rules, 2016

Notification No. 33/2016-Income Tax (20/05/2016)

Central Government hereby makes the following rules for carrying out the provisions of Chapter IX of the said Act relating to the Income Declaration Scheme, 2016 namely :-...

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Service Tax not to be added in Gross Receipts calculation U/s. 44B

M/s Hanjin Shipping Company Ltd. Vs Deputy Director of Income Tax (ITAT Mumbai)

Service tax collected by the assessee and paid to the government account having no profit element, cannot be included in the gross receipts for computation of income under section 44B of the Act....

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FAQs / Clarifications on Income Declaration Scheme, 2016

Circular No.17/2016-Income Tax (20/05/2016)

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all the 45% of such undisclosed income declared. The Article clarify the points raised in the form of questions and answers as fol...

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