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Income Tax - The Government of India with an intention to evade black money and to discourage the cash transactions time and again taking various steps. Specially the Income tax Act is amended and provided with disallowances and stringent penal provisions for various types of cash transactions. Let us briefly understand some of such provisions here....
Read MoreIncome Tax - This article brings out the contradiction over the intention and implementation of amendment in section 11 so as to bring the disallowances u/s 40A(3) and section 40(a)(ia) in computation of income of the Trusts or other institutions claiming exemption u/s 11...
Read MoreIncome Tax - Salary of Employee after deducting TDS where, employee is temporarily posted greater then or equal to 15 days continuously at place (not place of duty) or ship & at that place, employee does not have any bank accounts....
Read MoreIncome Tax - To put restriction on the cash transactions & promote digital economy, a new section 269ST has been inserted in the Income-tax Act, 1961 vide Finance Act, 2017 w.e.f 1st April 2017 Section Relevant Provisions – In Brief Section 269ST Prohibits receipt of an amount of Rs. 2 lakh or more by a person, Circumstances […]...
Read MoreIncome Tax - Looking to the hard realities, practical problems of traders in respect of payments for the purchases for business, there was need to increase threshold limit of Rs. 20000/- instead it is proposed to be Rs. 10000/- w.e.f. from 1.4.2017(effective date i.e. from the start of the FY 2017-18)....
Read MoreIncome Tax - It is suggested that there should be a positive provision under the I.T. Act that any transaction involving more than Rs.3,00,000/– (Rupees Three Lacs) shall be invalid & illegal and would be a punishable offence, if amount is not paid by account payee cheque or account payee bank draft or use of electronic clearing system through a ban...
Read MoreM/s A Daga Royal Arts Vs ITO (ITAT Jaipur) - In the facts and circumstances of the case and in law, the ld. CIT(A) has grossly erred in confirming the action of ld. AO in disallowing the claim o f expenditure of Rs. 1,71,67,000/- by applying section 40A(3) of Income Tax Act, 1961. The action of the ld. CIT(A) is illegal, unjustified, arbitrary...
Read MoreSabita Panda Vs ITO ( ITAT Cuttack) - The provisions of section 40A(3) are not intended to restrict the business activities but to caution that payments exceeding Rs.20,000/- are made in cheque/draft. The provisions of section 40A(3) of the Act are to be in consonance with business expediency trade practice and other genuine relevant fa...
Read MoreACIT Vs Jasmine Buildtech (P) Ltd. (ITAT Delhi) - Question of disallowance under section 40A(3) would not arise, where assessee had not claimed the payments as expenditure, while computing its business income. ...
Read MoreIqbal Ahmed Khalil Ahmed Subedar Vs ITO (ITAT Mumbai) - These two appeals, filed by the assessee, being ITA No. 2135/Mum/2013 & I.T.A. No. 4896/Mum/2015 for assessment year 2009- 10 and 2008-09 respectively are directed against two separate appellate orders dated 22.01.2013 and 25-02-2015 respectively passed by learned Commissioner of Income Tax (Appeals...
Read MoreSumit Industries Vs. ITO (ITAT Jodhpur) - Payment of electricity bills to JVVNL is held to be the payment made to the government for the purpose of section 40A(3) of the Income-tax Act and therefore said section 40A(3) cannot be invoked and no addition is called for and additions so made and confirmed by the ld. CIT(A) is directed to be del...
Read MoreM/s A Daga Royal Arts Vs ITO (ITAT Jaipur) -
Sabita Panda Vs ITO ( ITAT Cuttack) -
ACIT Vs Jasmine Buildtech (P) Ltd. (ITAT Delhi) -
Iqbal Ahmed Khalil Ahmed Subedar Vs ITO (ITAT Mumbai) -
Sumit Industries Vs. ITO (ITAT Jodhpur) -
Deepak Mittal Vs. ACIT (ITAT Delhi) -
ACIT Vs Jasmine Buildtech (P) Ltd. (ITAT Delhi) -
