Provision of sec. 43CA not applicable if builder entered into agreement to sell under-construction flats

INCOME TAX : Where assessee, engaged in construction of a commercial project, entered into agreement to sell flats/offices (which were under construction) and there was no transfer of any land or building or both in favour of buyers in year under appeal, provisions of section 43CA could not be made applicable to assessee's case

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CBDT releases MLI synthesised text for India-UAE tax treaty

The Central Board of Direct Taxes has released the synthesised text for India-UAE DTAA., incorporating the changes made by the MLI on the basis of respective positions taken by both the countries. The MLI provisions that are applicable are included in boxes in the relevant provisions of convention.

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Provision of section 56(2) not applicable on bonus shares received from co.: ITAT

INCOME TAX: Provisions of sub-clause (c) of clause (vii) of section 56(2) would not apply to bonus shares

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​Consolidated circular for assessment of Startups - reg.

Publish Date : Friday, August 30, 2019

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Notice to be given to assessee if his case was transferred to another AO having office in different locality

INCOME TAX: Where assessee's case was transferred from one Assessing Officer to another Assessing Officer having offices in different localities/places, notice under section 127(1) had to be given to assessee

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Assessee could be asked to explain only 50% of amount paid to seller of land if he had joint holding; SLP dismissed

INCOME TAX: Where High Court upheld Tribunal's order holding that since assessee had purchased land jointly with another person, he could be asked to explain only 50 per cent of amount paid to seller of land for purpose of section 69C; SLP filed against decision of High Court was to be dismissed

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Search has to conducted at place where books of account, document, unaccounted assets, etc. are located

INCOME TAX: Where revenue authorities rejected application of assessee for stay on demand and directed assessee to pay 20 per cent of amount demanded by relying wholly on CBDT Instruction No. 1914 dated 2-2-1993, impugned order being passed without application of mind was to be set aside

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