Ministry of Finance Clarification in respect of residency under section 6 of the Income-tax Act, 1961 Posted On: 09 MAY 2020 10:39AM by PIB Delhi Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to residency of a person. The status of an individual as to whether he is resident in India… Read More »
Ministry of Finance New procedure for registration, approval, etc. of certain entities deferred to 1st October, 2020 Posted On: 09 MAY 2020 10:41AM by PIB Delhi In view of the unprecedented humanitarian and economic crisis, the CBDT has decided that the implementation of new procedur for approval/ registration/notification of certain entities shall be deferred to… Read More »
GST on Second Hand Jewellery purchased from unregistered person
Circular No 11/2020 Dated 08.05.2020 F. No. 370142/18/2020-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Circular No 11/2020 Dated 08.05.2020 ***** Circular 11. of 2020 New Delhi, May 8, 2020 Clarification in respect of residency under section 6 of the Income-tax Act,1961 1. Section 6 of the Income–tax… Read More »
No addition u/s 153A if incriminating material not found in search : ITAT IN THE ITAT KOLKATA BENCH Assistant Commissioner of Income Tax v. Majestic Commercial (P.) Ltd. A.T. VARKEY, JUDICIAL MEMBER AND DR. A.L. SAINI , ACCOUNTANT MEMBER C.O. NO. 135/KOL/2018 IT(SS).A NO. 83/KOL/2018 [ASSESSMENT YEAR 2011-12] MARCH 20, 2020 Vijay Shankar for the Appellant. D.S. Damle for the… Read More »
Before 01.10.2009 Sec 50C not applicable if properties were sold otherwise than by registered sale deed : ITAT Word ‘Assessable’ inserted in section 50C w.e.f. 01-10-2009 has no retro-effect. The Assessing Officer, in view of the provisions of section 50C of the Act, the assessee was required to declare the long-term capital gain on the… Read More »
No Tax u/s 41 on Waiver of loan by Govt : HC sec. 41(1) additions can not be made in respect of waiver of loan by Maharashtra Govt HIGH COURT OF BOMBAY Principal Commissioner of Income Tax v. SICOM Ltd. UJJAL BHUYAN AND MILIND N. JADHAV, JJ. IT APPEAL NO. 1692 OF 2017 JANUARY 21, 2020 Sham… Read More »
No infirmity if rectification order isn’t passed within 6 months as ITAT has power to extend such limitation period it is seen that Tribunal is vested with the power to rectify any mistake apparent from the record to amend any order passed by it under sub-section (1) of section 254 at any time within six… Read More »
No disallowance u/r 8D if Investment made from Interest free Surplus funds : ITAT IN THE ITAT DELHI BENCH ‘F’ Additional Commissioner of Income-tax v. PNB Gilts Ltd. BHAVNESH SAINI, JUDICIAL MEMBER AND O.P. KANT, ACCOUNTANT MEMBER IT APPEAL NO. 682 (DELHI) OF 2017 [ASSESSMENT YEAR 2012-13] MAY 1, 2020 Smt. Sushma Singh for the Appellant. Ms. Sana Baqai,… Read More »
Reassessment notice valid as parent company outside India made huge Investment in Its Indian Company : HC Explanation 1 to the proviso to section 147 elaborates on the meaning of the phrase “disclosure” as mentioned in the proviso.from a reading of the said Explanation, it is clear that that mere production of books of account or… Read More »