"29 November 2019" Archive

Guidelines for scrutiny of invalid returns selected through CASS

F. No. 225/333/2019/ITA-11 29/11/2019

It has been brought to the notice of Board that notices under section 143(2) of the Income-tax Act, 1961 ('Act') were generated in respect of certain invalid returns of the assessees filed for the Assessment Year 2017-18 through CASS Cycle 2018. As the scrutiny of such returns will pose a challenge for the AO and is bad in law, I am direc...

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Cut-off Time for Determining Minimum Threshold of Margins to be Collected from Clients

Circular No. SEBI/HO/CDMRD/DRMP/CIR/P/2019/149 29/11/2019

a. For the purpose of determining minimum threshold of margins to be collected by members from their clients, cut off time shall be kept as 5:00 b. Risk Parameter File (RPF) to be generated at cut-off time shall be applied on clients’ EOD portfolio for the purpose of determining minimum threshold of margin to be collected from clients b...

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Norms for Debt Exchange Traded Funds (ETFs)/Index Funds

Circular No. SEBI/HO/IMD/DF3/CIR/P/2019/147 29/11/2019

The following norms are prescribed for Debt ETFs/Index Funds to be adopted by all AMCs: (a) The constituents of the index shall be aggregated at issuer level. (b) The index shall have a minimum of 8 issuers. (c) No single issuer shall have more than 15% weight in the index. (d) The rating of the constituents of the index shall...

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Bank Account disclosed in ITR found in search cannot be treated as Incriminating Material

Sarva Priya Holdings Pvt. Ltd. Vs DCIT (ITAT Kolkata)

The issue under consideration is whether the addition made by AO u/s 68 by considering the share application money received by assessee as unexplained cash credit is justified in law?...

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Section 271B Penalty Not Leviable for Undisclosed Turnover

Vinay Agrawal Vs ITO (ITAT Indore)

Penalty U/s. 271B of the Income Tax Act, 1961 is leviable for failure to get accounts audited where the turnover / gross receipts exceeds the prescribed limit. Many times it happens that the turnover as per the regular books of accounts remains under the prescribed limit and as such the assessee do not gets the accounts audited U/s. 44AB....

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Recent Update in GST till 28th November 2019

20 November, 2019 was to last date to file Form GSTR 3B for month of October 2019. The data released by CBIC indicate that returns filed on last two days were 11.52 lakh and 14.36 lakhs where as cumulative figure till 20.11.2019 is 60.91 lakh indicating that bulk of returns are filed on last 2 days or so, of course putting tremendous pres...

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Appeal cannot be dismissed for Manual Filing during transition period: ITAT Mumbai

Mr. Umesh A Mishra Vs ITO (ITAT Mumbai)

Assessee had filed appeal in manual form and such appeal had been filed within prescribed time under the Act, merely because assessee had not filed appeal in electronic form, assessee’s appeal could not be dismissed on technical grounds that too during transition period prescribed by CBDT....

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Penalty cannot be levied on surmises, conjectures and possibilities

Rajendra Shingi Vs DCIT (ITAT Jaipur)

Concealment of particulars of income or furnishing of inaccurate particulars of income by the assessee has to be in the income tax return filed by it. Even if some discrepancies were found during the survey resulting in surrender of income by the assessee, once the assessee has declared the said income in the return of income filed under ...

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Depreciation on Cars used for Business cannot be disallowed

M/s. Bhardwaj Construction Co. Vs ACIT (ITAT Delhi)

M/s. Bhardwaj Construction Co. Vs ACIT (ITAT Delhi) As regards to Ground Nos. 11 and 12, relating to disallowance on account of depreciation claimed at Rs. 33,726/- on Cars, the Ld. AR submitted that this disallowance is without any basis. The Ld. AR further submitted that the vehicles have been used for business purposes and […]...

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AO cannot disallow Section 35(2)(AB) deduction without application of Mind

ACIT Vs M/s. Crompton Greaves Ltd. (ITAT Mumbai)

Disallowance of deduction under section 35(2)(AB) on the ground of non approval of expenditure claimed by the DSIR was allowable as prior to the amendment, i.e., upto 30.06.2016, the pre-requisite for allow ability of deduction was approval for Units and not approval for the quantum of expenditure. Moreover, AO disallowed the claim withou...

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