CBDT releases Explanatory Notes to Provisions of Finance Act, 2018 vide Circular No. 8/2018 dated 26th of December, 2018 and explained changes made vide union budget 2018. Text of the Circular is as follows:-
ITO Vs Shri Suresh Chand Gupta (ITAT Kolkata) On the basis of evidences filed by assessee its claim was to be allowed where income in question was a bona fide long-term capital gains arising from sale of shares and hence, exempt from tax as there was no material indicating assessee’s nexus with alleged share price rigging. FULL […]
As decided by the Central Board of Reserve Bank of India (RBI) in its meeting held on November 19, 2018, the RBI, in consultation with the Government of India, has today constituted an Expert Committee to review the extant Economic Capital Framework of the RBI. The composition of the Committee is as under:
Rajit Jain-succeesor And Legal Heir Vs Commissioner of Customs (CESTAT Allahabad) 1. The appellant is in appeal. 2. Brief facts of the case are that appellants are engaged in re-rubberisation of old, worn out rubberised rollers of various industries. The customers send them their used rollers at random and re-rubberisation comprises removing the old rubber […]
Circular No. 9/2018 F No 370142/17/2018 -TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated December 26, 2018 Order under section 119 of the Income-tax Act, 1961 Vide Notification in GSR 1217 (E) dated December 18, 2018 with effect from the date of its publication in […]
Review of the policy on Foreign Direct Investment (FDI) in e-commerce- e-commerce marketplace entity will not mandate any seller to sell any product exclusively on its platform only.
Where assessee had already paid income-tax on the amount surrendered during the course of survey, it could not be said that the surrendered income was not voluntary and the assessee wanted to conceal the income, therefore, imposition of penalty under section 271(1)(c) was not justified.
Reopening of assessment beyond four years merely on the basis of information received, however, without pointing out failure of assessee to furnish truly and fully all material facts was not valid.
Where valid search was not conducted at assessee’s business premises then until and unless AO assumes valid jurisdiction under section 153A, assessment, therefore, made in consequence of notice issued under section 153A, was invalid and void ab initio.
Lupin Investments Pvt. Ltd vs. ITAT (Bombay High Court) HC observed that we are at a loss to understand as to why the Income Tax Appellate Tribunal has not communicated to the petitioner regarding fixing a specific date of hearing of a Miscellaneous Application invoking Section 254(2) of the Income Tax Act, 1961. In this […]
