"09 April 2020" Archive

Demystifying Amendments Related to Residential Status of Individual

Recently in Finance Bill, 2020; amendment as well as insertion  has been made in section 6 of Income Tax Act,1961. Therefore for checking residential status of  Individual for A.Y. 2021-22  (F.Y. 2020-21) new provision is to be seen. Old Provision Related to Residential Status of Individual for Financial Year 2019-20 Individual  will ...

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Posted Under: Income Tax |

No Penalty for TDS Default due to reasonable cause on Foreign LTC Paid to Staff

State Bank of India Vs ACIT (ITAT Bangalore)

State Bank of India Vs ACIT (ITAT Bangalore) The assessee is a banking institution. A survey u/s 133A of the Act was conducted in the hands of the assessee in order to verify compliance of TDS provisions. It was noticed that the assessee has provided LTC facility to its employees and some of the employees […]...

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Agriculture land situated beyond 8 kms is not Capital Asset & Section 50C not applies

DCIT Vs Shri Ravjibhai Manibhai Patel (ITAT Ahmedabad)

DCIT Vs Shri Ravjibhai Manibhai Patel (ITAT Ahmedabad) If an agriculture land is situated beyond 8 kms. from the local limit of any municipal or cantonment area, whose population is more than Rs.10 lakhs, then that would not fall within the ambit of definition ‘capital assets. This demarcation of the geographical situation of the land [...

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Companies Fresh Start Scheme 2020: Never happens in the history

In furtherance of the Ministry’s General Circular No. 11/2020 dated 24th March, 2020 and in order to facilitate the Companies registered in India to make a fresh start on a clean slate, Ministry has decided to take certain remedial measures for the benefit of all Companies. The Ministry has granted the one-time opportunity to all [&...

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Posted Under: Income Tax |

No penalty leviable if finding of AO on bogus purchases was set aside

DCIT Vs Sri Anil J Kothari (ITAT Ahmedabad)

Court concurs with the CIT(A) and the ITAT that once the finding of the AO on bogus purchases was set aside, it could not be said that there was any concealment of facts or furnishing of inaccurate particulars by the Assessee that warranted the imposition of penalty under Section 271(1)(c) of the Act....

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CIT to examine refund claims with due application of mind & issue the same

Ericsson India Pvt. Ltd. Vs ACIT (Delhi High Court)

Withholding of refund claims should be examined by the Principal Commissioner of Income Tax with due application of mind and the entire exercise should be completed within the period of six weeks and the case of failure of Officers should transmit the amount including the interest to assessee without awaiting any further orders....

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9 Tips On How To Succeed Financially

Everyone of us has that cliché dream to work hard till 40, retire early and then revel in the money earned. But most of us find ourselves toiling till the age of 60 with not enough time to do what we were always passionate about. The safest bet to fulfil your passion is by making […]...

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Posted Under: Income Tax |

Bogus Capital Gain: No adverse inference could be drawn against assessee on the basis of untested statements without allowing opportunity of cross-examination

Shankar Lal Daruka Vs ITO (ITAT Kolkata)

We note that the fact that neither the statement relied on by the authorities below were provided to the assessee nor any cross examination was allowed to prove the veracity of the statement. We note that the fact that in the statement of third party, the name of the assessee was not implicated. Even otherwise, according to Learned Counse...

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Income earned by assessee from letting out various shops/stalls in shopping malls constructed by it is business income

DCIT Vs ATC Realtors Pvt. Ltd. (ITAT Guwahati)

Assessee had developed shopping mall on a property owned by it and by providing host of services/facilities amenities in the said mall and as such, basic intention of assessee was commercial exploitation of its property by developing it as shopping malls, therefore, income earned by assessee from letting out various shops/stalls in shoppi...

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Clarification on Extra Ordinary General Meeting Due to LockDown

As demanded by most corporate professional and compliance professionals, Ministry of Corporate Affairs has clarified the mode of conducting general meetings for corporates in the era of the outbreak of Coronavirus. This circular is for passing of resolution in general meeting which are of ‘Urgent Nature‘. Legally companies Act...

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Posted Under: Income Tax |

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