"30 June 2018" Archive

Due date to link Aadhaar with PAN extended till 31.03.2019

F.No.225/270/2017/ITA.II 30/06/2018

CBDT had allowed time till 30th June, 2018 to link PAN with Aadhaar while filing the tax-returns. Upon consideration of the matter, the CBDT further extends the time for linking PAN with Aadhaar till 31st March, 2019....

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1st July 2018 to be celebrated as ‘GST day’

1st July 2018 to be celebrated as ‘GST day’, to commemorate the first year of the unprecedented reform of Indian taxation GST is a fitting tribute to spirit of cooperative federalism as all decisions in the 27 meetings of GST Council taken by consensus GST – ‘ONE NATION, ONE TAX, ONE MARKET’- binds India into […]...

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Shri S. Ramesh takes over as Chairman, CBIC

Shri S. Ramesh takes over as Chairman, Central Board of Indirect Taxes and Customs Shri S. Ramesh, IRS(C&CE:1981) has taken over as Chairman, Central Board of Indirect Taxes and Customs [CBIC], on superannuation of Smt. Vanaja N. Sarna today . Prior to his elevation, he was Member (Administration) in the Board. Shri S. Ramesh began [&...

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Posted Under: Income Tax |

Tribunal should pass the order within three months of the hearing

M/s. G. Shoe Exports1 Vs ACIT-25 (ITAT Mumbai)

Ms. G. Shoe Exports Vs ACIT (ITAT Mumbai) In this case, admittedly the Tribunal order was passed beyond three months from hearing. No reason whatsoever for the delay has been recorded. As held by the Hon’ble jurisdictional High Court above, such delay is incurable and even administrative clearance cannot cure the same. As held by [&...

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Onus on assessee to justify allottment of shares to outsiders at exorbitant premium

M/s. Pratik Syntex Private Ltd Vs. ITO (ITAT Mumbai)

M/s. Pratik Syntex Private Ltd Vs. ITO (ITAT Mumbai) In the instant appeal before us, the inspector was deputed by the AO to make field enquiries who could not locate these three shareholders and the assessee also could not furnish the current addresses of these three new shareholders. These in the instant case before us, […]...

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Power of AO to change assessee’s status while processing Return and issuing intimation U/s. 143(1)

Radharaman Jew Trust Fund Vs ITO (ITAT Kolkata)

It is clear from bare reading of section 143(1) that change of status as done by AO does not fall within any of the clauses thereof. Also, it could not be said that change of status of assessee fell within the meaning of expression ‘an incorrect claim apparent from any information in the return’ as laid down in Explanation (a) to sec...

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Notice not become invalid for Mere mention of wrong section i.e. 153A instead of 153C

Dy. CIT Vs K.M. Nagaraj (ITAT Bangalore)

The only mistake on the part of AO was in mentioning section 153A, instead of section 153C. If this mistake was not allowed to be cured, the very purpose and object of enacting section 292B would be defeated as impugned notice in substance and effect, was in conformity with or according to the intent and purpose of the Act....

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ITAT dismisses appeal on failure to file revised Form No. 36 post amalgamation

EADS India (P) Ltd. Vs Dy. CIT (ITAT Bangalore)

Rights and liabilities of erstwhile company were transferred to new company, therefore, it was essential to move an application for filing on record the amended memo of parties and also to file a fresh Form 36, mentioning the amalgamation of the assessee company with new company to peruse appeals in the name of new entity. Since assessee ...

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UPS is Integral part of Computer and eligible for 60% Depreciation

ACIT Vs M/s. Caparo Engineering India Pvt. Ltd. (ITAT Delhi)

The aforesaid appeal has been filed by the Revenue against the impugned order dated 12.09.2014, passed by the Ld. CIT(Appeals)-XX, New Delhi for the quantum of assessment passed u/s.144C(3) for the Assessment Year 2007-08. In the grounds of appeal, following grounds have been raised....

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ITAT on Genuineness of Gift of Shares by A Company to other Group Company

Gagan Infraenergy Ltd. Vs DCIT (ITAT Delhi)

That the order passed by Assessing Officer ('AO') dated 30.12.2016 as upheld by the Commissioner of Income Tax (Appeals) ('CIT(A)') dated 29.12.2017 and the additions/disallowances made and upheld are illegal, bad in law and without jurisdiction....

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