Insertion of Rule 12F in the Income Tax Rules 1962
The prescribed income tax authority in accordance with the Rule should not be below the rank of Income tax officer (ITO). Also, the aforementioned authority should be so authorized by the CBDT.
Fiction Created By One Provision Cannot Be Super-Imposed On Another Provision
No deduction under section 54F can be denied in pursuance of fiction that has been established under section 27
Amendment To Section 72A To Incentivize Erstwhile PSUs
Incentives under the Income Tax Act have been provided in case of amalgamation of an erstwhile PSU which became so by reason of its strategic disinvestment.
Whether Order of Magistrate Is Suffice For Attracting Penalty Under Section 271D?
The onus of proving that the provisions contained in Section 269SS have been violated rests with the A.O. The Assessing officer is liable to prove that the amount of loan or deposit was accepted by other than the means prescribed. Only then the penalty can be imposed.
Deemed Authentication of Documents For Faceless Assessment
New Rule 14C has been inserted to simplify the procedure of authentication for the electronic records furnished in the course of faceless assessment.
Final Order Under Section 144C(3) Should Be Based On Draft Order
Any review by the AO at a later stage, at the time of the final assessment order, will be unlawful as no further hearings take place after the draft assessment order, or no directions are received by the AO regarding any variations pertaining to the subject matter.
Do Inter-corporate Deposits Attract Section 2(22)(e)?
A distinction between loan and ICDS can be made on the ground that in the case of the former, the debtor approaches the creditor while in the case of ICD, the depositor places the deposit with the recipient. Such distinction will hold good in law only in the case of unrelated transaction.
Will Incorrect Claim in Return Of Income Cost You Penalty?
The mere idea of being penalized by authorities causes panic amongst the people. Indeed, law is drafted in a way so as to ensure proper safeguards are in place. However, how liberally those are executed and interpreted is a matter of debate.
Newly Introduced Form 10-IE
A new Form 10-IE has been introduced by inserting Rule 21AG as a part of the Income Tax (22nd Amendment) Rules, 2020.
Is Refund Lost If Due Date Under Section 139 Is Missed?
The route of condonation exists wherever an assessee seeks to claim refund, deduction or exemption after the expiry of period prescribed under the Income Tax Act.
