ITAT Judgments articles

Income Tax Updates for the Month of August 2019

NEWS INTERNATIONAL 1. Australian Taxation Office publishes important guidance on cross-border tax measures 2. Singapore, Turkmenistan sign comprehensive tax treaty 3. Zimbabwe proposes amendments to thin capitalization rules. 4. Bulgarian mandatory transfer pricing documentation rules enacted 5. USA and Curacao negotiating country-by-coun...

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Posted Under: Income Tax |

Income Tax Updates for the Month of August 2019

 Recent Income Tax circulars/ notifications/ rules/ clarifications CBDT has clarified that small start-ups with turnover up to Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961, which provides deduction for 100 per cent of income of an eligible start-up for 3 years [&hel...

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Posted Under: Income Tax | ,

Can Affidavit of AO Whose action is in Question be Relied for Approval U/S 153D?

When in an RTI Order it was clearly stated that approval was not there and after granting various opportunities to Departmental representative for bringing the copy of approval which he could not, reliance was placed on the affidavits of the officers and it was considered as sufficient evidence for adjudicating the ground....

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Posted Under: Income Tax |

Income Tax Updates for July 2019

NEWS – DIRECT TAX 1. Income Tax Department detects foreign assets in recent search. 2. NR earning income from investment fund set up in IFSC is exempt from filing of ITR. 3. CBDT extends due date for filing of ITR from 31-07-2019 to 31-08-2019. 4. Income earned by NR from off-shore investments routed through Category […]...

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Posted Under: Income Tax |

Income Tax Updates for June 2019

NEWS  DIRECT TAX 1. CBDT clarified that an assessee is entitled to claim set-off of loss against income determined under section 115BBE of the Act till the assessment year 2016-17. [Ref: Circular no 11/2019 [F.NO.225/45/2019-ITA.II], Dated 19-6-2019] 2. CBDT issues revised guidelines for compounding of offences under Direct Tax Laws [Re...

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Posted Under: Income Tax |

Can ITAT Dismiss Appeal for Non-Persecution

Recently a number of decisions have come in which Income Tax Appellate Tribunal has dismissed appeals for non-persecution. This paper is an attempt to understand the legal provisions regarding dismissal of appeal for non-appearance. Rule 24 of the Income Tax Appellate Tribunal Rules reads as, 24. Hearing of appeal ex parte for default by ...

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Posted Under: Income Tax |

Income Tax Updates for May 2019

NEWS DIRECT TAX 1. CBDT notifies TIEA between India-Marshall Islands. [Notification no 40/2019/F.No. 503/1/2018-FT & TR– IV] 2. Form 15H can be furnished if no tax payable on income after sec. 87A rebate. [Notification No. 41/2019/F. No. 370142/5/2019-TPL] 3. CBDT releases draft notification proposing new audit report Form for Trust...

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Posted Under: Income Tax |

Commencement of property construction prior to transfer of original asset not an impediment for section 54F exemption

The Delhi High Court in case of Bharti Mishra held that section 54F prescribes appropriation of sale consideration within one year before the date of transfer of original asset, two years from the date of transfer or construction of new property within three years from the date of transfer. However, the Act does not prescribe any conditio...

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Income Tax Tax Updates – December 2018 to February 2019

TAX UPDATES – DECEMBER  2018 NEWS 1. CBDT vide Notification dated 06th December, 2018 notifies the norms for conversion of Branch of Foreign Banks in India into Subsidiary Company. [Notification No. 85/2018/F.No.370133 /34/2016-TPL] 2. CBDT vide Notification 06th December, 2018 further clarifies that no tax deduction at source u/s ...

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Posted Under: Income Tax |

Section 50B not applicable if transaction is not a sale but exchange

Planet M Division transferred by the assessee as on a going concern basis where no cost of acquisition is possible to be attributed individual assets in that undertaking and therefore the charging of provision of section 45 are not attracted. It was furthere held that the provisions of section 50B were not applicable to this case as it is...

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Posted Under: Income Tax |

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