Home Highlights March 2017 Year 2017 This

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1. The GOI officially refutes claims of proposed GST on UPI transactions over Rs.2,000, confirming no such taxation measure exists. CBDT has eliminated Merchant Discount...

2. Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

3. 100% penalty on cash transaction over ₹ 2 lakh (originally it was proposed as 3 lakh) from April 1, 2017 - Loksabha Passed the Finance Bill, 2017 today i.e. 22-3-2017

4. The ITAT upheld the CIT(A)'s order deleting the penalty levied by the AO u/s 271DA for alleged violation of Section 269ST. The ITAT observed that the AO had aggregated...

5. Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values...

6. Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

7. In the case, ITAT decided on two main issues: 1. Addition on account of Gold and Silver Jewellery u/s 69A: Assessee disclosed Rs. 70,00,000 as unexplained investment...

8. Appellant imported fermented and dried processed Sumatra cocoa beans which failed to conform to IS 8865:2003 standards as per FSSAI and BIS testing. Adjudicating...

9. Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Standards - Money changing activities - Circular

10. Sections 42 and 43 of the Black Money Act, 2015 impose penalties for failure to disclose foreign income and assets in ITRs by resident and ordinarily resident...

11. HC ruled that Black Money Act proceedings cannot continue where income was declared and settled under Chapter XIX-A of Income Tax Act prior to Black Money Act...

12. ICAI's Suggestions for Review of Income Tax Act, 1961: Tax Deducted at Source (TDS) prosecution proceedings are appropriate only where deductors deliberately do not...

13. The Lok Sabha passed the Finance Bill 2025 with 35 government amendments, including the abolition of a 6% digital tax on online advertisements. This completes the lower...

14. Addition of fixed deposits and interest thereon in wife's name was deleted as the Revenue could not controvert that the deposits belonged to the assessee's wife from her...

15. The Income Tax Appellate Tribunal allowed the assessee's appeal against the reopening of assessment u/s 148A of the Income Tax Act. The Assessing Officer had alleged...