Tag: Central Board of Direct Taxes (CBDT)

Keeping in mind a ruling by the Supreme Court, the Central Board of Direct Taxes (CBDT) has come out with detailed guidelines in opening of old cases under Income Tax Law.In April this year, disposing an appeal filed by the Income Tax in the matter of Abhisar Buildwell Pvt Ltd, the apex court had held that assessment under Section 153A of the Income Tax Act can be done only if ‘incriminating’ material is available. However, the judgment seems to leave a window open for revenue, indicating that the...