The Income Tax Department conducted Search and Seizure operation on 29.07.2019 on a prominent group involved in Real Estate Development, covering more than 40 premises across Mumbai and Pune. During the course of search operations, the Department unearthed evidences related to receipt of ‘On Money’ on sale of commercial and residential blocks, bogus unsecured loans taken, bogus Long Term Capital Gains and various other sham transactions to evade income aggregating to about Rs.700 crore.
Swati Luthra Vs ITO (ITAT Delhi) Conclusion: Assessee had entered into genuine transaction of sale and purchase of shares and therefore, satisfied the conditions of Section 10(38) as no law prohibits purchase of shares in cash and it was the option of the buyer of shares to keep the shares either in Demat form or […]
Extension for submission of Documents till 14th August for Identified taxpayers who were unable to upload applications under Amnesty Scheme 2019 in Maharashtra. FINANCE DEPARTMENT Hutatma Rajguru Chowk, Madam Cama Marg, Mantralaya, Mumbai 400 032, dated the 2nd August 2019 Removal of Difficulty ORDER MAHARASHTRA SETTLEMENT OF ARREARS OF TAX, INTEREST, PENALTY OR LATE FEE […]
Unutilized capital gain amount under Section 54 F[4] had to be charged under Section 45 as income of the previous year, after the expiry of three years from the date of sale of the capital asset as per proviso appended to Section 54F[4] and withdrawal of amount was permitted subject to deduction of tax.
Reserve Bank of India RBI/DBR/2019-20/71 Master Direction DBR.Appt.No: 9/29.67.001/2019-20 August 2, 2019 Master Direction – Reserve Bank of India (‘Fit and Proper’ Criteria for Elected Directors on the Boards of PSBs) Directions, 2019 In exercise of the powers conferred by sub-section (2) of Section 19A of the State Bank of India Act, 1955 [hereinafter referred […]
CBDT notifies Bangalore Water Supply and Sewerage Board for exemption U/s. 10(46) of Income Tax Act, 1961 vide Notification No. 56/2019 dated 2nd August, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 56/2019 New Delhi, the 2nd August, 2019 S.O. 2782(E).—In exercise of the powers conferred by clause (46) […]
The accused and their associates were found to be operating 19 fake firms created to facilitate fraudulent Input Tax Credit (ITC), thus defrauding the Exchequer. Prima facie fraudulent ITC of about Rs 25 crores has been detected to have been passed on using invoices involving an amount of Rs 137 crores.
A member of the Institute in practice shall generate Unique Document Identification Number (UDIN) for all kinds of the certification, GST and Tax Audit Reports and other Audit, Assurance and Attestation functions undertaken/signed by him which made mandatory from the following dates through announcements published on the website of the ICAI www.icai.org at the relevant time: –
Income tax department is launching ‘e-Filing Lite’, a lighter version of e-Filing portal with a focus on filing of Income Tax Return (ITR) by the taxpayers. The same can be accessed by clicking ‘e-Filing Lite’ button in home page. The current e-Filing portal having all the services can be accessed by clicking on ‘Portal Login’ […]
Issuing of notice under section 142(1) in the name of amalgamating company despite of the fact that AO was already known that amalgamating company having ceased to exist as a result of the approved scheme of amalgamation, that jurisdictional notice in the name of amalgamating company was invalid.
