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Archive: 14 February 2019

Posts in 14 February 2019

Guidelines for representation of cases before CIT(A)

February 14, 2019 1443 Views 0 comment Print

Undersigned is directed to state that since the monetary limit of tax effect for filing of appeals to ITAT against the order of CIT(A) has been raised to Rs. 20 lakhs vide CBDT Circular No 3 of 2018 dated 11.7.2018, it is expedient that the cases are properly defended before the CIT(A), as the department will have no recourse to any appeal, against the Order of CIT(A).

I-T officer gets 7-year imprisonment; mother, 90, jailed in DA case

February 14, 2019 1311 Views 1 comment Print

SEVEN YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS.3.5 CRORE TO THEN ADDITIONAL COMMISSIONER OF INCOME TAX IN DISPROPORTIONATE ASSETS CASE; THREE OTHER ACCUSED ALSO SENTENCED The Special Judge, CBI Cases, Dehradun (Uttarakhand) has sentenced Shri Swetabh Suman(an IRS Officer of 1988 Batch), the then Additional Commissioner of Income Tax, Jamshedpur to undergo seven years Rigorous […]

No Protective addition against Company if Dept already assessed Company MD

February 14, 2019 1422 Views 0 comment Print

Ms Inderpuri Express Couriers Pvt Ltd Vs DCIT (ITAT Mumbai) The AO has made protective addition in the hands of the assessee towards estimated commission income derived from hawala transactions on the ground that certain incriminating materials were found in the premises of the assessee and further, one of the employees has stated that the […]

Date of acquisition of capital asset is date of allotment letter

February 14, 2019 19962 Views 0 comment Print

PCIT Vs Vembu Vaidyanathan (Bombay High Court) The controversy between the assessee and the revenue revolves around the question as to when the assessee can be stated to have acquired the capital asset. The assessee argued that the residential unit in question was acquired on the date on which the allotment letter was issued by the […]

In-depth analysis of overriding effect of Section 43B of I.T. Act, 1961 

February 14, 2019 16920 Views 1 comment Print

CA Gaurav Pahuja Background While the issue regarding the deduction of employer’s contribution made after due date, in funds set up for welfare of employees is well settled now, the practice of disallowing the claim of the assessee employer on account of delayed deposit of employee’s contribution is continued by the Income Tax Department since […]

3 New Functionality / Improvement on GST Portal

February 14, 2019 2652 Views 0 comment Print

GST Registration– For Taxpayer Suo-moto cancelled taxpayers were not able to file revocation of cancelled registration application, as they were asked to file return after the month (also), in which cancelation order was issued (till filing of this application) and same (the later months) was also not shown in drop down list for filing. This […]

Prosecution proceedings justified on failure to disclose foreign bank accounts under Black Money and Imposition of Tax Act, 2015

February 14, 2019 1611 Views 0 comment Print

Where assessee was given an opportunity to make the disclosure with regard to foreign bank accounts and the amount lying thereat however assessee failed to avail the  opportunity to make disclosure with regard thereto while submitting his return in the proceedings under search and seizure and also before Settlement Commission, the authorities was justified to initiate prosecution as per the provisions of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

RCM on Security Charges Applicable from 01.01.2019

February 14, 2019 5022 Views 2 comments Print

अगर कोई Person (Other than Body Corporate), Man Power Supply का काम करता हे तथा वह GST में रजिस्टर्ड किसी Person को Man Power Supply करता हे तो उसे अपने बिल को/अपने Man Power Personnel को निमंलिखित दो parts में बांटना पड़ेगा. (1) Security Personnel (2) Other Personnel उपरोक्त सप्लायर, Security Personnel के सम्बन्ध में, […]

Mandatory to link Aadhaar-PAN by 31.03.2019 to to file Income Tax Return

February 14, 2019 975 Views 0 comment Print

Aadhaar-PAN linking is mandatory now which has to be completed till 31.3.2019 by the PAN holders requiring filing of Income Tax Return. Constitutional validity of Aadhaar has been upheld by the Hon’ble Supreme Court of India in September 2018. Consequently, in terms of Section 139AA of Income Tax Act., 1961 and order dated 30.6.2018 of […]

Income Tax E-Proceedings -An Aurora of New Era

February 14, 2019 8838 Views 4 comments Print

CBDT is taking initiatives to make income tax proceedings paperless, faceless, nameless and jurisdiction-less to bring about transparency and accountability in assessments under Income-tax laws.

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