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evisional order passed by the Principal Commissioner in case of Anil Kapoor Film Co. Pvt. Ltd was upheld as AO had not made enquiries/verification, to satisfy himself with respect to creditworthiness of the lender and genuineness of the transactions before framing the assessment.
The Prime Minister, Shri Narendra Modi, today, released the new series of visually impaired friendly circulation coins,in New Delhi.Rs.1, Rs.2, Rs.5, Rs.10 and Rs.20 are the various denominations of coins released as part of the new series. The coins were released at a function at 7, Lok Kalyan Marg, where visually impaired children were specially […]
Notification No. 14/2019-Income Tax Dated: 6th March 2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 14/2019 New Delhi, the 6th March, 2019 S.O. 1142(E).—On consideration of application of M/s Agricultural Development Trust, Baramati, Pune (‘ADT’) (PAN:- AAATB7892F) dated 10.03.2018 for approval under section 35(1)(ii) of Income Tax Act,1961(‘said Act’) […]
He held that the amount in question thus represented provision for meeting unascertained liabilities which was not allowable as deduction in the case of the assessee. He accordingly made a disallowance of Rs. 2,25,01,129/- on account of future development expenses and made addition to that extent to the total income of the assessee in the assessment completed under section 143(3) vide an order dated 31.03.2016.
Assessee-GE group had carried out business through PE in India and GE India constituted DAPE in India for all overseas GE Group entities as LO were discharging vital responsibilities relating to finalization of commercial terms and a prominent involvement in the contract finalization process.
Where services provided by employees of BGIL were merely in the nature of routine support services, the same could not be termed as ‘FTS’ under Article 13 of the India UK DTAA, therefore, there was no requirement for assessee to deduct taxes from such payments in India u/s 195.
Assessee was not entitled to claim of deduction under section 54F as assessee had failed to deposit the unutilized amount of capital gains in the capital gains scheme account by the due date of filing of return of income.
Complete these important income tax tasks before 31-03-2019. Pay advance tax, claim deductions, and fulfill obligations for a smooth tax season.
Special Judge, CBI Cases, Raipur (Chhattisgarh) has sentenced Shri Dilip Kumar Das, then Income Tax Officer, Raipur in a case of possession of disproportionate assets, to undergo three years Rigorous Imprisonment with fine of Rs. 5,00,000/-.
Where assessee had purchased new residential house utilizing own funds lying in his saving bank account, deduction under section 54F could not be denied on the allegation that assessee did not utilize capital gains for investment purpose because source of utilization of fund is irrelevant for claiming benefit of deduction under section 54F.
