CUSTOMARY
Ο Revision of Form 49A – Quoting of aadhaar mandatory for applying PAN
w.e.f. 01.07.2017
Notification No. 56/2017/F.No. 370142/40/2016-TPL dt. 27.06.2017
While applying PAN, quoting of Aadhaar No or Aadhaar enrolment ID is mandatory. Even existing PAN holder has to intimate Aadhaar No or Aadhaar Enrolment ID for filing of Income Tax Returns from AY 2017-18 onwards
Sec. 54EC – Expansion of Notified Bonds for capital gain exemption to cover Power Finance Corporation Limited
Notification No. SO 1818(E)[NO.47/2017(F.NO.370142/18/2017-TPL)] dt. 08.06.2017
Share transaction excluded from capital gain exception
Notification No. SO1789(E)[NO.43/2017(F.NO.370142/09/2017-TPL)] dt. 05.06.2017
| 1. Acquisition of existing listed equity shares of a company, whose equity shares are not frequently traded in recognized stock exchange of India, which are made through a preferential issue |
| 2. Transactions for acquisition of existing listed equity shares in a company which are not entered through a recognized stock exchange |
| 3. Acquisition of equity shares of a company during the period between when a company is delisted from recognized stock exchange and when it is again listed on a recognized stock exchange |
‘Frequently traded shares’ is specifically defined in the notification
Ο Sec. 50C – ITO vs. Aditya Narain Verma (HUF)
ITA No.4166/Del/2013 (Del. Trib.)
Power of ITAT to set aside the matter cannot be exercised by AO to cover up deficiencies in his case. ITAT rejected AO’s action of referring the matter to valuation officer u/s 50C after set aside and not in original proceedings
Sec. 48 – New Cost Inflation Index has been specified from FY 2017-18 onwards
Notification No. SO 1790(E)[NO.44/2017(F. NO. 370142/11/2017-TPL)] dt. 05.06.2017
| FY | CII | FY | CII |
| 2001-02 | 100 | 2010-11 | 167 |
| 2002-03 | 105 | 2011-12 | 184 |
| 2003-04 | 109 | 2012-13 | 200 |
| 2004-05 | 113 | 2013-14 | 220 |
| 2005-06 | 117 | 2014-15 | 240 |
| 2006-07 | 122 | 2015-16 | 254 |
| 2007-08 | 129 | 2016-17 | 264 |
| 2008-09 | 137 | 2017-18 | 272 |
| 2009-10 | 148 |
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Disclaimer:
Please note that the above is a summary of judicial decisions and the same should not consider as an advice. We recommend soliciting the advice of the consultant before taking any action. We shall not be held responsible for any action taken by anyone on the basis of this note before consulting us
