"April, 2018" Archive

Instructions for filing Sahaj (ITR-1) for A.Y. 2018-19

Article contains Instructions for filing ITR-1 -SAHAJ for Assessment Year 2018-19 / Financial Year 2017-18 based on ITR Released by CBDT vide its notification no. Notification No. 16/2018-Income Tax / G.S.R. 332(E) dated: 03/04/2018.  Instructions for filling ITR-1 SAHAJ for A.Y. 2018-19 General Instructions These instructions are guidel...

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Posted Under: Income Tax |

Instructions for filing ITR-4-SUGAM for A.Y. 2018-19

Article contains Instructions for filing ITR-4-SUGAM for Assessment Year 2018-19 / Financial Year 2017-18 based on ITR Released by CBDT vide its notification no. Notification No. 16/2018-Income Tax / G.S.R. 332(E) dated: 03/04/2018.  Instructions for filling ITR-4 SUGAM  for A.Y. 2018-19 General Instructions These instructions are guide...

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Posted Under: Income Tax |

Notice Pay Recovery – Whether Taxable Under GST

Appointment letter usually provides that an employee must serve a notice period upon giving a notice to resign from the employment. This is to provide adequate time to the employer to ensure proper handover of the tasks of the resigning employee. However such appointment letter also provides that resigning employee can pay a certain amoun...

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Posted Under: Income Tax |

Mere change of opinion on same facts and law does not justify a reassessment

Export Import Bank of India Vs ACIT (ITAT Mumbai)

To sum up, even under the amended law, in all cases, there must exist reason to believe that income has escaped assessment and a mere change of opinion on the same facts and law does not justify a reassessment. For a reassessment proceeding initiated after four years, it must further be established that the escapement was by reason of fai...

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Penalty leviable on Income disclosed voluntarily when Assessee had no explanation to offer

Varshney Bhandu Foods Pvt. Ltd. Vs DCIT (ITAT Delhi)

It is apparent that when the assessee could not establish the genuineness of the impugned transaction before the Assessing Officer that it decided to surrender an amount of Rs. 55 lakh. Thus, the factual matrix indicates that the assessee made the surrender when it had no explanation to offer. Thus, the assessee could not prove the bona f...

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Holding period of property registered and Re-registered subsequently will be counted from that date of original registration

Shri Doddapaneni Atchaiah Tenali Vs Asstt. Commissioner of Income Tax (ITAT Hyderabad)

This is assessee’s appeal for the A.Y 2009-10. In this appeal, the assessee is aggrieved by the order of the learned CIT (A)-V, Hyderabad, dated 31/08/2016 confirming the assessment order u/s 143(3) r.w.s. 147 of the I.T. Act dated 4.3.2015....

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Recording of satisfaction in assessment order about initiation of penalty is must

EFG Wealth Management (P) Ltd. Vs. DCIT (ITAT Mumbai)

Where AO failed to record his satisfaction in the assessment order as to under which limb, penalty under section 271(1)(c) was initiated against assessee, being essential condition was not fulfilled, penalty was liable to be deleted....

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Mere holding of Agricultural land not proves earning of agriculture income

Sharma Tyagi Vs. ITO (ITAT Delhi)

Where assessee did not furnish any evidence of earning agricultural income shown in return of income merely because assessee was holding agricultural land of 20 bighas would not prove that assessee earned any agricultural income or has any past savings so as to make any investment in the property....

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DGIT (Investigation) is exempt from Disclosure under RTI Act

Central Board Of Direct Taxes Vs. Satya Narain Shukla (Delhi High Court)

CBDT Vs. Satya Narain Shukla (Delhi High Court) A plain reading of Section 24(1) of the Right to Information Act, 2005 indicates that the provisions of the Act would not be applicable to Intelligence and Security Organizations as specified in the Second Schedule. Further, any information received from such organizations falls under the ex...

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Penalty Notice without Application of Mind by AO is Invalid

ITO Vs. Sri T.Biswanath Patro (ITAT Cuttack)

Assessing Officer has issued notice under section 274 r.w.s. 271(1)(c) of the Act dated 27.03.2015 without striking off the irrelevant words, the penalty proceedings show a non-application of mind by the Assessing Officer and is, thus, unsustainable....

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