Leave Encashment Deduction on Payment basis u/s 43B is constitutional valid : SC SUPREME COURT OF INDIA Union of India v. Exide Industries Ltd. A. M. KHANWILKAR, HEMANT GUPTA AND DINESH MAHESHWARI, JJ. CIVIL APPEAL NO. 3545 OF 2009 APRIL 24, 2020 JUDGMENT A.M. Khanwilkar. J. – In this appeal, the constitutional validity of clause (f) of Section 43B… Read More »
No Tax Exemption if mutual concern principal not existing : SC Purported mutual concern in the present case undertakes a commercial venture wherein contributions are accepted both from the members as well as non-members, as discussed earlier. Moreover, one member is vested with a myriad set of powers to control the functioning and interests of… Read More »
Ministry of Finance Never asked for a report, Inquiry being initiated: CBDT Posted On: 26 APR 2020 i The Central Board of Direct Taxes (CBDT) has said today that there is some report circulating on social media regarding suggestions by a few IRS officers on tackling COVID-19 situation. It is unequivocally stated that CBDT never… Read More »
No Sec 68 Addition of Partners Capital Contribution in Partnership Firm : HC In the case at hand, the partners have shown the agricultural income in their personal returns of the past years which had been accepted by the department as such. The partners are all identifiable and separately assessed to tax. The source of… Read More »
CBIC guidelines for Personal Hearings through video conferencing F.No. 390/Misc/3/2019-JC Government of India Ministry of Finance, Deptt of Revenue Central Board of Indirect Taxes & Customs (Judicial Cell) *** CBIC guidelines New Delhi, dated 27 April 2020 INSTRUCTION 1. All Principal Chief Commissioner/ Chief Commissioner (Customs, CGST & Central Excise) 2. All Principal Commissioner/ Commissioner… Read More »
Circular No.10/2020 GST F. No. 37014219/20 18-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes TPL Division New Delhi, dated 24th April, 2020 Order under section 119 of the Income-tax Act, 1961 Section 44AB of the Income-tax Act, 1961 (‘the Act’) read with rule 6G of the Income-tax Rules,… Read More »