"04 July 2018" Archive

CBDT disposes More than 20,000 Income Tax refund cases

The Income Tax Department observed a dedicated fortnight from 1st to 15th June, 2018 to expeditiously clear pending matters of appeal effect and rectification. More than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due. Seeing the success of this initiative, the special drive was extended in cert...

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Posted Under: Income Tax |

CBDT signs three UAPAs in May and June, 2018

The Central Board of Direct Taxes (CBDT) has entered into three Unilateral Advance Pricing Agreements (UAPA) during the past couple of months. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 223, which inter alia include 20 Bilateral APAs....

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Posted Under: Income Tax |

Allow CMAs to do Valuation under Section 56 r.w. Rule 11UA

Income Tax Rule 11UA deals with Valuation of jewellery, archaeological collections and shares and securities for the purpose of Section 56. Erstwhile as per Clause (b) of Sub-Rule 2 of Rule 11UA earlier merchant banker and Chartered Accountant were allowed to do valuation of unquoted equity shares under Discounted Free Cash Flow method bu...

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Posted Under: Income Tax |

In absence of information to treat a Transaction as bogus same are to be accepted as Genuine Transactions

Smt. Sarita Devi Vs Income Tax Officer (ITAT Hyderabad)

These two appeals are by the assessees against the respective orders of the CIT(A)-6, Hyderabad dated 29.07.2016. Even though many issues are contested, mainly the issue pertain to whether the income offered by the assessee has to be assessed under capital gains or under ‘other sources....

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IBBI amends IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 today....

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Posted Under: Income Tax |

Exemption U/s. 54F cannot be denied for investment of amount in Mutual Funds before Purchase of property

ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru)

In terms of Section 54F the assessee is only entitled to proportionate exemption vis-a-vis, cost of the original asset and the cost of the new assets. In the light of the above, the AO is directed to recomputed the capital gains exemption....

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Addition cannot be made or mere Statement of Secretary of Assessee

Ms. Priyanka Chopra Vs Dy. CIT (ITAT Mumbai)

We find that this addition has solely been made on the basis of a statement obtained from the secretary of the assessee. There is no corroborative material whatsoever. A mere statement by the secretary cannot be said to be a conclusive proof of undisclosed income earned. ...

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Likely Vacancy for the post of Members of CBDT for FY 2018-19

F.No.A.12026/20/2017-Ad.I (04/07/2018)

Some posts of Members in the Central Board of Direct Tax (CBDT) in the Department of Revenue in the Level 17 of the pay matrix 2,25,000/- are likely to fall vacant in the financial year i.e. 2018-19....

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TDS U/s. 195 not deductible if Commission Income of Foreign Agent not Taxable in India

DCIT Vs M/s. Gujarat Microwax Pvt. Ltd. (ITAT Ahmedabad)

DCIT Vs M/s. Gujarat Microwax Pvt. Ltd. (ITAT Ahmedabad) ITAT held that the Commission income in the hands of foreign agent is not chargeable to tax in India in the given facts & circumstances and Once an income is not chargeable to tax in India then the question of deducting TDS under the provision of […]...

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CBDT slams Committees to Monitor High­ Pitched Assessment Orders

D.O.F.No. 225/256//2018/ITA.II (04/07/2018)

Board had issued Guidelines for constitution of Local Committees in each of the Pr. CCIT Regions to expeditiously deal with taxpayers’grievances arising from High Pitched Scrutiny Assessments...

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