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Guidelines has been issued on 14.6.2019for compounding of Offices under Direct Tax Laws,2019
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No TDS is required to be deducted u/s 194H on credit card charges paid by assessee to Banks on payments received from customers on purchases made through credit Section 14A Assessee had utilised interest bearing funds to make said investments—In absence thereof, presumption would apply that assessee invested its own interest free funds to make investments in securities capable of yielding an exempt income—Revenue was not able to rebut said presumption—Revenue’s ground dismissed
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There is no case for disallowance of expenditure u/s 14A relatable to exempt income when there is no exempt income
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In K.C. Builders (Supra), the Supreme Court held in para¬26 that once the finding of concealment and subsequent levy of penalties under Section 271 (1)(c) of the Act has been struck down by the Tribunal, there is no concealment, u/s 276¬C and 277 read with Section 278 of the Income Tax Act, 1961. Chattisgarh High Court again confirmed in M/S System India Castings vs The Principal Commissioner Of …. on 26 June, 2019
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Registered U/s 12AA gives advance to trust not registered u/s 12AA where trustee are entitled for 20% of profits of the said concern.- exemption u/s 11 will be denied.
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Amount found deposited in a foreign bank is taxable in India u/s 68 & 69 if the assessee is a “Not Ordinary Resident” and to check the residential status of the assessee we have to understand section 6(1) of the Income Tax act 1961.
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Tribunal can not dismiss an appeal for default of non appearance of the assessee or his council appeal has to decided on merits.
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BANGALORE TRIBUNAL on 4.6.2019 held that 271(1)(c) – non strike of limb in SCN-No penalty can be imposed. DESAI AND COMPANY vs. DCIT
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धारा 133(6) 131(1) के संबंध में महत्वपूर्ण जानकारी
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Reassessment—Income escaping assessment -Since the sale consideration has been accepted by the Department itself in the case of the purchaser no case is made out in initiating proceedings under section 147 of the Act in the case of the seller of the property. This amounts to approbation and reprobation, which is not permissible under the law. The Department cannot blow hot and cold in the same breath, accepting the position in the case of the purchaser, while calling it in question in the case of the seller, i.e., the assessee. Holding it to be a mere change of opinion, the initiation of proceedings under section 147 of the Act in the case of the assessee is held to be null and void. Accordingly, the initiation of proceedings under section 147 of the Act, and everything pursuant to such initiation, culminating in the order under appeal, are quashed.