Scope of enquiry in Limited scrutiny cases selected under CASS cycles 2017 and 2018 – CBDT
THE CBDT , Ministry of Finance on 28th November, 2018 provided the procedure which shall be adopted while examining the cases under CASS cycles 2017...
Category : Income Tax
Reliance by the AO on statements of third parties without giving the assessee an opportunity of cross-examination is a gross failure of the principles of natural justice and renders the assessment order a nullity -ITAT Delhi
The additions made merely on the statement of the third party and without providing an opportunity of being heard and cross examine the basis of...
The period of holding of ESOP options clarified and to be considered as Long term irrespective of the date of vesting of the same – ITAT Bangalore
The ITAT Bangalore in the recent judgement clarifies the period of holding of the ESOP options in the case of Shri. N. R. Ravikrishnan Vs Assistant Commissioner...
Income-tax department can’t claim any priority in payment from liquidation estate under Insolvency and Bankruptcy Code – HC
The High Court of Andhra Pradesh & Telangana in the case of Leo Edibles & Fats Ltd held that “The Income-tax Department does not enjoy the...
Where no return was filed in compliance to notice u/s 148, issuing of notice u/s 143(2) was not required for making assessment – HC
The High Court of Jammu & Kashmir in the recent judgement in the case of Principal Commissioner of Income-tax v.Broadway Shoe Co. held that where no return was filed...
CAs can be held guilty of Other Misconduct even outside the ambit of the profession- SC
In the recent judgement by the Supreme Court in the case of Shri Gurvinder Singh, it has been stated that the Chartered Accountant is guilty of a...
Task Force for drafting a New Direct Tax Legislation – CBDT
The Government of India has constituted a Task Force in order to review the existing Income Tax Act, 1961 and to draft a new direct...
Linking of Aadhaar with Bank accounts and mobile number is invalid – SC
The Supreme Court of India has provided a judgement regarding the validity of the Aadhaar and its linking with various other things. The crux of...
Mandatory e-assessments in majority of cases for AY 2018-19 excepts 7 cases – CBDT
In the direction of paperless working in the income tax department, the CBDT vide its Instruction no. 03/2018 issues an instruction for conducting assessment proceedings...
Deduction u/s 54 is allowed even if the assessee purchased new residential house before the sale of another residential house owned by him – ITAT Mumbai
Held: The Mumbai Tribunal in a recent decided case law has held that where the assessee has purchased the new residential house before the sale...
SLP admitted against the ruling that interest earned on funds deposited prior to commencement of business – SC
The Supreme Court has granted SLP against the High Court ruling that interest received on funds deposited with the banks borrowed for specific purpose of...
CBDT proposes to amend the rules for making the process of issue of certificate for no deduction or lower deduction electronically
For the purpose of downloading the revised Form No. 13, Click here...
ICAI suggested CBDT to implement revised form 3CD from AY 2019-20 for smooth implementation
Institute of Chartered Accountant of India in their suggestions dated 2nd August, 2018 requested CBDT to implement the changes made in Form 3CD to be...
Excise & Customs : Exemption notifications should be interpreted strictly, assessee cannot take benefit of ambiguity in exemption notification – SC
The Constitution Bench of Supreme Court of India in Commissioner of Customs vs Dilip Kumar & Company [Civil Appeal No. 3327 of 2007] on July 30,...
Submission of evidence during seizure isn’t necessary; can be done in assessment proceeding as well: HC
The High Court of Bombay, in a recent judgement held the following in a case of block assessment, ” Where in course of block assessment, assessee...
CBDT has extended date of AADHAR linking with PAN till 31-03-2019
CBDT vide order dated 30-06-2018 has extended the time for linking PAN with AADHAR till 31st March 2019. To download the order, click here.cbdt-order-regarding-linking-of-pan-with-aadhaar-while-filing-of-itrs-30-06-2018 (1)...
Analysis of Defective returns u/s. 139(9)
In the recent times, a lot of notices u/s. 139(9) have been issued to the assessee regarding the defects being detected in the furnished returns...
There is no bar in filing revised return of income during the assessment proceedings u/s 143(3) of the Act – ITAT Mumbai
Held : There is no bar that an assesse cannot file a revised return of income after issuance of notice u/s 143(2) of the Income...
Interest-free Loan from employer taxable as Perquisite: ITAT Mumbai
Held: The value of the interest free loan is taxable in the hands of the employee as perquisite as per section 17(iii)(c) of the Income...
Indian Valuation Standards as issued by the Institute of Chartered Accountants of India effective for the valuation reports issued on or after 1st July, 2018.
ANNOUNCEMENT The Institute of Chartered Accountants of India (ICAI) issues Valuation Standards as a benchmark for Valuation Practices applicable for Chartered Accountants Recognising the need...
Technical guide on understanding Income tax return forms for AY 2018-19
Recently, amid of the changes in the Income tax return forms for AY 2018-19, the Institute of Chartered Accountants of India (ICAI) has published “Technical...