"11 September 2020" Archive

Furnishing of First Return – Section 40 of CGST Act 2017

GST SERIES – PART 30 1. The individual shall obtain GST registration within 30 days of becoming liable to obtain registration. On grant of registration, a taxable person is required to file his first return. 2. The effective date of Registration: Rule 10(2) The registration shall be effective from the date on which the person […]...

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CIT(A) cannot enhance Assessment without giving section 251(2) notice

Syed Maqsoodulla Vs ITO (ITAT Bangalore)

Syed Maqsoodulla Vs ITO (ITAT Bangalore)  In the present case also the assessee’s turnover was Rs.9,45,200/- and offered income of Rs.4,84,158/– u/s. 44AD of the I.T. Act. If the AO wants to make any addition, he shall ignore income returned by the assessee and proceed to scrutiny the accounts so as to make any addition. [&hellip...

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Keyman Insurance Policy | Practical issues | Income Tax Act

a) Whether the assignee is liable to pay tax on surrender value of Keyman Insurance Policy at the time of assignment or not ? If answer is affirmative then what is the TDS liability on the Company ? b) Whether assignee is liable to pay tax on maturity proceeds of Keyman Insurance Policy or not […]...

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Applicability of deeming provisions of Section 56(2)(x) of IT Act to buyer of undertaking under Slump Sale u/s 50B of IT Act

Applicability of deeming provisions of Section 56(2)(x) of Income Tax Act to buyer of undertaking under Slump Sale under section 50B of Income Tax Act, 1961 There were lots of controversies about taxation of such a sale of business as a going concern due to period of holding of the assets etc. To resolve the […]...

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Taxability of monthly financial assistance to legal heir of deceased government employee

In the light of the various judicial decisions of the higher authorities as mentioned below, it is observed that Top of Form Income received by widow of deceased person who died while in Government service) as Monthly Financial Assistance from Government is not chargeable to tax whether it is received on monthly basis or lumps […]...

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Covid-19 Relief Measures in Insolvency Resolution Process

Relief Measures Introduced in Insolvency Resolution Process in Country Due to Outbreak of Covid-19 Pandemic Message The outbreak of COVID-19 pandemic and the subsequent restrictions due to lockdowns have severely affected the wellbeing of economies across the world. It has completely jeopardized everyone’s life and the normal operation ...

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AO cannot make addition for Difference between income in original & revised return without rejecting books

Mersen India Pvt. Ltd. Vs JCIT (ITAT Bangalore)

Mersen India Pvt. Ltd. Vs JCIT (ITAT Bangalore) In the present case admittedly the assessee filed original return of income based on unaudited accounts within the due date of filing i.e. on 30.09.2008. Later the assessee filed the Revised Return of Income on 1.4.2009 which is the basis of audited books of accounts which is […]...

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Assessment cannot be reopened u/s 147 Based on Material Assessed by AO in Original Assessment

Shri Dinesh Kumar Gupta Vs ITO (ITAT Agra)

The issue under consideration is whether reopen assessment u/s 147 based on the same material which is examined by AO in original assessment is justified in law?...

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Transfer/postings of 164 officers in the grade of Principal CIT

Office Order No. 171 of 2020 11/09/2020

Office Order No. 171 of 2020 Consequent upon diversion of posts for implementation of the Faceless Assessment Scheme, the transfer/postings of the following officers in the grade of Principal Commissioner of Income Tax, are hereby ordered with immediate effect and until further orders:...

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Transfer/postings of 41 officers in the grade of Chief CIT

Office Order No. 170 of 2020 11/09/2020

Office Order No. 170 of 2020 Consequent upon diversion of posts for implementation of the Faceless Assessment Scheme, the transfer/postings of the following officers in the grade of Chief Commissioner of Income Tax, are hereby ordered with immediate effect and until further orders:...

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