CBDT Circulars On Prosecution Of Offenses And Compounding Of Offenses Under Direct Tax Laws

Circular No. 24 12019 F.No.2 85/08/2014-IT(Inv. V)/ 349 Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ******* Room No. 515, 5th Floor, C-B1ock, Dr. Shyama Prasad Mukherjee Civic Cent re, Minto Road, New Delhi – ll 0002. Dated: 09.09.2019 Subject: Procedure for identification and processing of cases for prosecution Read More …

Taxation Of Startups – Angel Tax: Complete Guide

This is a guide to the levy of “angel tax” on start-ups. It summarizes the legislative amendments made to the Income-tax Act 1961 and also the various circulars and instructions issued by the CBDT. Section 56(2)(viib) (Section) of the Indian Tax Laws (ITL) (popularly known as the “angel tax” provisions) is an anti-abuse provision which applies when a CHC issues shares (including preference shares) to a resident at a premium and receives consideration which is in excess of the FMV of the shares. The excess amount so received is deemed as income from other sources in the hands of the CHC in the year of issue of the shares Read More …

Continuity of Erstwhile Incentives under GST Regime: Bombay High Court (Nagpur Bench) Judgement

The judgement in K. M. Refineries & Infraspace Pvt Ltd directs the state authorities to implement the incentive scheme as amended up-to-date with a discretion to modify the scheme to bring it in line with the new tax structure under the General Sales Tax scheme, but without reducing or restricting the benefits as conferred Read More …

Penalty under section 271(1)(c) is invalid if charge is vague

A Bench of The Income Tax Appellate Tribunal Pune Bench “B”, Pune, comprising of Ms. Sushma Chowla, JM And Shri Anil Chaturvedi, AM had to decide appeals relating to different assessment years against penalty levied under section 271(1)(c) of the Income Tax Act, 1961. The lead case was Uttam Bhagwanrao Patil & Ors ITA Nos.1718 Read More …

CBEC Circular On Orders Of Supreme Court, High Courts And CESTAT Accepted By The Department

Sub: Orders of Supreme Court, High Courts and CESTAT accepted by the Department and on which no review petitions, SLPs have been filed– reg.

Field formations send SLP & CA proposals to the Board. Many of them after examination are not approved and such decisions of High Courts & Tribunals thus attain finality. It has been decided to disseminate such information to the field formations. Attention is invited to sixty three orders of different High Courts summarized in this Circular which have been accepted by the Department. In fourteen of these orders, Hon’ble High Courts have decided various questions of law. In the rest forty nine cases the Hon’ble High Courts have delivered judgments on the basis of some settled case law or have decided points of facts or have dismissed the appeal on monetary grounds. The said orders have been complied in this Circular so that cases pending in the field can be expeditiously decided, if the questions of law or facts involved are identical Read More …