Reimbursement of salary cost of high level managerial personal can be treated as FTS Case Law Citation:- M/s Food world Supermarkets Ltd. vs. Deputy Director of Income Tax (ITAT Bangalore), ITA Nos.1356 & 1357/Bang/2013 Assessment year: 2008-09, Date of Decision – 28th October 2015. Brief Facts and Question of Law: Brief Facts of the Assessee: […]
Tag Archives: Income Tax updates
Amended Rules regarding quoting of PAN for specified transactions to come into force from 1st January, 2016 The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, it is mandatory under Rule 114B of […]
Compensation for loss of income-generating asset is not revenue in nature CIT Vs. Sharda Sinha (Delhi High Court), Appeal No. ITA 471/2003, Date of Pronouncement-22.12.2015 The Respondent is the successor-in-interest and legal representative of the deceased Assessee. The Assessee was a journalist by profession and was appointed as the Foreign Correspondent in India of a […]
Issue Questionnaire with First Notice in scrutiny cases: CBDT Instances have come to the notice of the Board that in cases selected under scrutiny, while issuing the first notice, Assessing Officers do not convey the specific compliance requirements like production of accounts, furnishing of documents, information, evidences, submission of other requisite particulars etc. Since the […]
Clarification on Scope of scrutiny in cases selected through CASS Scrutiny Assessments-some important issues and scope of scrutiny in cases selected through Computer Aided Scrutiny Selection (‘CASS’)-reg .- The Central Board of Direct Taxes (‘CBDT’) , vide Instruction No. 7/2014 dated 26 09.2014 had clarified the extent of enquiry in certain category of cases specified […]