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CIT (e-Verification) shall be subordinate to Principal DGIT (Systems)

March 13, 2019 867 Views 0 comment Print

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 21/2019 New Delhi, the 13th March, 2019 (INCOME-TAX) S.O. 1362(E).—In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Commissioner of Income-tax (e-Verification) shall be […]

CBDT delegates further powers to PDGIT (Systems), Delhi

March 13, 2019 3657 Views 0 comment Print

Central Board of Direct Taxes hereby directs that the Principal Director General of Income-tax (Systems), Delhi, shall exercise the powers and perform the functions in respect of such territorial area or such persons or class of persons or such incomes or class of incomes or such cases or class of cases, in respect of which the Commissioner of Income-tax (e-Verification) has jurisdiction vested in him.

CBDT designates CIT for centralised issuance of notice etc.

March 13, 2019 870 Views 0 comment Print

CIT to exercise concurrent powers in addition to any other authority under the Income-tax Act–(i) for the purpose of centralised issuance of notice and for collection and processing of information or documents and making available the outcome of the collection and processing under sub-sections (1) and (2) of section 133C of the Income-tax Act, 1961;

Sales surrendered outside books can only be added as undisclosed income and not entire sales

March 12, 2019 3147 Views 0 comment Print

ITAT Delhi rules on the treatment of surrendered sales outside books, stating only profit is taxable, not the entire sales. Full judgment details.”

No disallowance u/s 40(a)(ia) on payment to film distributors u/s 40(a)(ia) if not subject to TDS

March 12, 2019 7404 Views 1 comment Print

Payment to the film distributors is not subject to TDS and therefore disallowing expense by invoking the provisions of Section 40(a)(ia) is not justified

Documentary Evidence Mandatory for admissibility of Cash Expenditure

March 12, 2019 5607 Views 0 comment Print

Shri Shantilal B. Parekh Vs ITO (ITAT Mumbai) BOGUS PURCHASES – On the basis of information, huge racket of hawala dealers involved in issuing bogus invoices to allow the traders to claim tax credit was discovered. Assessee was alleged to be one of the beneficiary to who dealt with certain parties engaged in hawala racket. […]

Sales tax on free replacement of defective parts during warranty period : SC refers to Larger Bench

March 12, 2019 4701 Views 0 comment Print

In case of warranty for the supply of free spare parts, once the replacement was made and the defective part was returned to the manufacturer, whether sales tax would be payable on such a transaction relating to the spare part, based on a credit note, which may be issued for the said purpose to dealer by the manufacturer was referred to Larger Bench to decide.

Amount paid to SEBI under consent order is allowable business expense

March 12, 2019 1740 Views 0 comment Print

Payment made by assessee to SEBI under consent order was an allowable business expenditure under section 37(1) and the same was not in the nature of the penalty for infraction of the law.

Even one bogus donation may establish that activities of trust are not genuine: SC

March 12, 2019 2922 Views 1 comment Print

CIT Vs Jagannath Gupta Family Trust (Supreme Court of India) In case of order passed by High Court on cancellation of Trust Registration in which high court held that one Bogus Donation cannot prove that activities of Trust are not genuine but high court has ignored the fact that Trust has pleaded that proceedings for […]

Amendment in Place of supply for transportation of goods service – Rationale fulfilled?

March 12, 2019 33753 Views 4 comments Print

In this article, we shall be discussing the amendment brought in the provision relating to place of supply for transportation of goods service i.e. Section 12(8) of Integrated Goods and Services Tax Act, 2017

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