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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 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 MoreDeepak Mittal Vs. ACIT (ITAT Delhi) - The facts of the case are that the assessee filed return of income declaring income at Rs.22,52,471/-. The assessee is an individual and engaged in the business of trading/ Distribution of ITC Products under the name and style of M/s. DK Enterprises. On verification of the P & L A/c, audited report ...
Read MoreACIT Vs Jasmine Buildtech (P) Ltd. (ITAT Delhi) - These two appeals are filed by the Revenue and the assessee respectively challenging the order dated 18-12-2012 in Appeal No. 495/09-10/284 passed by the learned Commissioner (Appeals)-XXXIII, New Delhi (hereinafter for short called as the learned Commissioner (Appeals))....
Read MoreNarayan Rice Mill Vs. CIT (ITAT Kolkata) - West Bengal State Electricity Distribution Company Limited (WBSEDCL) is covered by the exception Rule 6DD(b) of the IT Rules and as such no dis allowance under section 40A(3) of the Act can be made. Therefore, the grounds raised by the assessee are allowed....
Read MoreITO Vs. Dhanshree Ispat (ITAT Pune) - Where assessee had sufficiently explained the circumstances under which the payments were made to the truck drivers in cash, for transport of items and no doubt was raised over genuineness of the payments and the payees were identifiable; no dis allowance under section. 40A(3) was warranted....
Read MoreSumit Industries Vs. ITO (ITAT Jodhpur) -
Deepak Mittal Vs. ACIT (ITAT Delhi) -
ACIT Vs Jasmine Buildtech (P) Ltd. (ITAT Delhi) -
Narayan Rice Mill Vs. CIT (ITAT Kolkata) -
ITO Vs. Dhanshree Ispat (ITAT Pune) -
