F.NO.225/270/2017/ITA.II

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

North-Block, ITA.II Division New Delhi

Dated the 30^th of June, 2018

Order under Section 119 of the Income-tax Act, 1961

Vide its orders dated 31.07.17, 31.08.17, 08.12.17 & 27.03.18, in file of even number, CBDT had allowed time till 30^th June, 2018 to link PAN with Aadhaar while filing the tax-returns. Upon consideration of the matter, the CBDT further extends the time for linking PAN with Aadhaar till 31^st March, 2019.

Instant e-PAN allotment (Beta version) in near to real time is available free of cost for limited period. Individuals (other than minors) with a valid Aadhaar number (with updated Mobile number) can avail the e-PAN allotment facility.

Click here to read more on and access the instant e-PAN allotment facility

ITAT deletes disallowance u/s. 40(a)(i) on amounts paid towards consultancy and legal service charges; Notes that coordinate bench in the case of Sonic Biochem Extractions disapproved the disallowance u/s. 40(a)(i) when no expenditure was claimed by the assessee and disallowance of depreciation u/s. 32 and held that depreciation cannot be disallowed to the assessee with the help of section 40(a) because section 40(a) is applicable if the assessee has claimed deduction of expenditure mentioned in the section; Assessee was in the pre-commencement stage of setting up the power plants in the year under consideration and had capitalized entire expenditure and did not debit any amount in the profit & loss account;

Click here to read facts and download copy of ITAT Order reported in [TS-7392-ITAT-2018(Ahmedabad)-O]

ITAT : Temporary credits in bank account on account of bounced cheques, subsequently reversed cannot be treated as unexplained cash credit u/s. 68; A non-verifiable expenditure recorded in the books of account should be considered u/s. 37(1) and not u/s. 69C;

Click here to read facts and download copy of ITAT Order reported in [TS-7362-ITAT-2018(Hyderabad)-O]

CBDT issues final notification u/s. 115JH on tax consequences on foreign company having Indian POEM

Click here to read and download the CBDT notification no. 29/2018 dated 22.06.2018