Now onwards Government do not appreciate income tax officers issuing notices for exaggerated & baseless tax demands.
Income Tax department modified Annual Performance Appraisal Report (APAR) of assessing Income Tax officers to bring about greater accountability.
If interest free loan given in business expediency to Sister concern, no disallowance can be made towards interest paid to banks.
AO has to establish the nexus between the interest bearing borrowings and interest free loan to prove that interest expenditure was for non-business purposes.
IN THE SUPREME COURT OF INDIA
HERO CYCLES (P) LTD. Vs COMMISSIONER OF INCOME TAX (CENTRAL), LUDHIANA
CIVIL APPELLATE JURISDICTION; CIVIL APPEAL NO. 514 OF 2008 Continue reading
Electronic filing of appeal before CIT(Appeals) is being made mandatory for persons who are required to file the return of income electronically.
# E filling cit appeal
More Relaxed form 15CA and 15CB compliances w.e.f 01.04.2016
No more form 15CA and 15CB required for import payments
Recently CBDT amended the rules requiring form 15ca and 15cb for foreign remittance in view of reducing the burden of compliances.
The amended Rules will become applicable from 01.04.2016.