"09 September 2019" Archive

Relaxation of time-Compounding of Offences under Direct Tax Laws-One-time measure-Reg

Circular No. 25/2019 (09/09/2019)

CBDT has been issuing guidelines from time to time for compounding of offences under Direct Tax Laws, prescribing eligibility conditions. One of the conditions for filing of Compounding application is that, it should be filed within 12 months from filing of complaint in the court....

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Procedure to identify & process Income Tax cases for prosecution

Circular No. 24/2019 (09/09/2019)

Prosecution is a criminal proceeding. Therefore, based upon evidence gathered, offence and crime as defined in the relevant provision of the Act, the offence has to be proved beyond reasonable doubt. To ensure that only deserving cases get prosecuted the Central Board of Direct Taxes in exercise of powers under section 119 of the Act lays...

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What are the most important new Reportings in ITR for AY 2019-20?

CBDT notifies new ITR’s and brings changes in the Income Tax Return and the and requires new information from the taxpayers. Like each year, this year also CBDT has brought about new reporting requirements in the Income Tax Returns....

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Posted Under: Income Tax |

How your Life Insurance can provide Tax Benefits to you

Often, people opt into life insurance because of reasons that have to do with tax planning and saving. The importance of life insurance is not lost on anyone who has a family or dependents. Life insurance provides an essential financial shield for the family in the unfortunate event of the policyholder’s demise. So the decision [&hellip...

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Posted Under: Income Tax |

The Pros of Offering Employee Health Care Benefits

As a business owner, you have to make many decisions related to your business, from how to market your products to how to deal with your employees. One employee-related decision is what employee benefits you will offer, from paid overtime to health care benefits. While there are many ways of ensuring that your employees are […]...

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Posted Under: Income Tax |

No penalty for income declared in original return filed within time U/s. 139(1) post Survey

DCIT Vs Dr. Ravindra Babasaheb Kadam (ITAT Pune)

DCIT Vs Dr. Ravindra Babasaheb Kadam (ITAT Pune) The issue in the present ground is with respect to levy of penalty u/s 271(1)(c) of the Act. It is an undisputed fact that additional income of Rs.1.49 crores was offered by the assessee during the course of survey conducted on 12.01.2012. It is also a fact […]...

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Addition cannot be made by merely relying on 26AS

Mercury Car Rentals Pvt. Ltd. Vs DCIT (ITAT Kolkata)

Mercury Car Rentals Pvt. Ltd. Vs DCIT (ITAT Kolkata) During the course of assessment proceeding, the AO observed that assessee failed to reconcile interest income to the extent of Rs.67,939/- with its books of accounts and therefore added back the said amount as undisclosed interest income of the appellant as shown in the Form 26AS. [&hel...

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Consider Net Interest expenses for section 14A disallowance: ITAT Delhi

DCIT Vs M/s. DLF Assets Pvt. Ltd. (ITAT Delhi)

DCIT Vs M/s. DLF Assets Pvt. Ltd. (ITAT Delhi) On the aspect of disallowance made by the Ld. AO by invoking the provisions u/s 14A of the Act r/w Rule 8D (2) (ii) of the Rules, it is the submission of the Ld. AR that the interest expenses net of interest income may be considered […]...

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L&T Case: Classic example of change of opinion

DCIT Vs M/s Larsen & Toubro Limited (ITAT Mumbai)

The assessee had challenged reopening of assessment on two grounds. The CIT(A) had accepted the arguments of the assessee, in light of provisions of section 147 of the Act, and the assessment order passed by the AO u/s 143(3) of the Act, dated 29/12/2018 and came to the conclusion that the assessment has been reopened on change of opinion...

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Report of Committee on Development of Housing Finance Securitisation Market

Press Release: 2019-2020/651 (09/09/2019)

The key recommendations of the Committee, guided by the broad perspective of enhancing efficiency and transparency of securitisation transactions, are as follows: setting up of a government sponsored intermediary, through the National Housing Bank, to enable market making and standard setting;...

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