Settled Issues

SR No. Circular No. Subject Gist Download
1 Circular No. 7/2013 dated 16.07.2013 Section 10A r.w. Section 10AA and 10B of the Act (Set off and carry forward of business loss, income/loss aggregation of various sources against same head, aggregation of one head against another, b/f loss to be set off, thereafter deduction on balance pr This circular is regarding applicability of Chapter IV (set off/carry forward of losses) for undertakings to which sections 10A/10B/10AA/10BA applies click here
2 Circular No. 10/2013 dated 16.12.2013 Section 40(a)(ia) of the Act (On amounts payable any time during the year) This circular is regarding amounts not deductible u/s 40(a)(ia) in computing business income wherein TDS has not been deducted. click here
3 Circular No. 16/2015 dated 06/05.10.2015 Non applicability of Rule 9A of the Income Tax Rules 1961 (In case of abandoned feature film) This circular is regarding allowability of expenditure incurred on abandoned feature films. click here
4 Circular No. 17/2015 dated 06.10.2015 Measurement of the distance for the purpose of Section 2(14)(iii)(b) of the IT Act for the period prior to Assessment Year 2014-15 (Ammendment finance Act 2013 w.e.f 01.04.2014, not retrospective, aerially) This circular is regarding measurement of distance from municipal limits for the purpose of deciding taxability of capital gains from sale of agricultural land. click here
5 Circular No. 18/2015 dated 02.11.2015 Interest from Non-SLR securities of banks (Business income). This circular is regarding taxability of interest earned from investment by banking companies. click here
6 Circular No. 22/2015 dated 17.12.2015 Allowability of employer's contribution to funds for the welfare of the employees in terms of section 43B(b) of the IT Act (If paid by due date of filing of return) This circular is regarding disallowance of employer's contribution to employee welfare funds in terms of section 43B. click here
7 Circular No. 23/2015 dated 28.12.2015 TDS under section 194A of the Act on interest on fixed deposit made on directions of courts (such income to be subjected to 194A on basis of final order of court) This circular is regarding non-deduction of TDS from interest on fixed deposits as per the directions of a court, till final decision of the court. click here
8 Circular No. 24/2015 dated 31.12.2015 Recording of satisfaction note under section 158BD/153C of the Act. This circular is regarding recording of satisfaction by the AO in search cases before transmitting records of the assesse to another AO having jurisdiction over the assesse u/s 158BD/153C. click here
9 Circular No. 25/2015 dated 31.12.2015 Penalty u/s 271(1)(c) wherein additions/disallowances made under normal provisions of the IT Act, 1961, but tax levied under MAT provisions u/s 115JB/115JC, for cases prior to A.Y. 2016-17 (No penalty, however, if adjustment under MAT, will depend on fact This circular is regarding non-levy of penalty u/s 271(1)(c) when tax on total income computed under normal provisions of the Act is less than the tax payable on Book Profit u/s 115JB/115JC w.e.f. 01.04.2016. click here
10 Circular No. 1/2016 dated 15.02.2016 Clarification of term 'Initial Assessment year' in section 80IA (5) - (Option of assesse to choose initial A.Y, claim admissible for 10 consecutive years) This circular is regarding determination of initial/first assessment year for the purpose of claiming deduction u/s 80IA. click here
11 Circular No. 6/2016 dated 29.02.2016 Taxability of surplus on sale of shares and securities (Irrespective of period of holding - business income if assesse so opts, If period of holding 12 months or more-capital gains if assessee so choose. Cannot adopt contrary stand in subsequent year). This circular is regarding taxability of profit from sale of shares/securities either as business income or capital gains. click here
12 F. No. 200/3/2016-ITA.1 dated 13.04.2016 Section 10(10C) of the Act (Benefit of ERO-2003 scheme available to retirees of ICICI Bank). This board's letter regarding exemption u/s 10(10C) to employees of ICICI Bank opting for voluntary retirement under the Early Retirement Option (ERO 2003 scheme). click here
13 Circular No. 9/2016 dated 26.04.2016 Commencement of limitation for penalty proceedings under section 271D and 271E of the IT Act, 1961. (Range head to issue notice, limitation there from) This circular is regarding the limitation for completion of penalty proceedings u/s 271D/271E by the Range-head as prescribed u/s 275(1)(c).
14 Circular No. 10/2016 dated 26.04.2016 Limitation for penalty proceedings under sections 271D and 271E of the IT Act, 1961 (Limitation u/s 275(1)(c)). This circular is regarding the limitation for completion of penalty proceedings u/s 271D/271E irrespective of pendency of appeal against assessment or other orders referred to u/s 275(1)(a). click here
15 Circular No. 11/2016 dated 26.04.2016 Payment of Interest on refund under section 244A of excess TDS deposited under section 195 of the IT Act, 1961 (If refund due, then admissible interest to be paid). This circular is regarding payment of interest u/s 244A to resident deductors on refund of excess tax deducted u/s 195. click here
16 F. No. 225/12/2016/ITA.II dated 02.05.2016 Consistency in taxability of income/loss arising from transfer of unlisted shares under IT Act, 1961 (Only Capital Gains). This is board's instruction on tax treatment of profits on transfer of unlisted shares as capital gains except in certain situations. click here
17 Circular No. 15/2016 dated 19.05.2016 Additional depreciation u/s 32(1)(iia) of the IT Act, 1961. (Printing or printing & publishing amounts to manufature or production of article or thing) This circular is regarding admissibility of additional depreciation u/s 32(1)(iia) in the cases of assesses engaged in printing/publishing. click here
18 Circular No. 12/2016 dated 30.05.2016 Bad debt u/s 36(1)(vii) and 36(2) of the IT Act, 1961 (Not to prove bad debt, write-off in accounts sufficient) This circular is regarding allowability of Bad debt u/s 36(1)(vii) which is written off as irrecoverable subject to fulfillment of conditions stipulated u/s 36(2). click here
19 Circular No. 21/2016 dated 27.05.2016 Clarification regarding cancellatin of registration u/s 12AA of the IT Act, 1961 in certain circumstances- regarding (If cut-off specified in proviso to 2(15) is exceeded, exemption will be denied but cancellation of registration not mandatory) This circular is regarding cancellation of registration u/s 12AA granted to charitable trusts/institutions strictly in accordance with sections 12AA(3)/(4). click here
20 Circular No. 35/2016 dated 13.10.2016 Clarification regarding non-applicability of TDS provisions of section 194-I of the IT Act on lumpsum lease premium paid for acquisition of long-term This circular is regarding non-deduction of TDS u/s 194I from amount received as lumpsum/onetime lease premium/charges which are not payments in the nature of rent. click here
21 Circular No. 36/2016 dated 25.10.2016 Compensation for land acquired under RFCTLAAAR Act (Compensation received in respect of award which is exempted from Income tax u/s 96 of the RFCTLAAAR Act shall also be treated as non taxable under IT Act). This circular is regarding taxability of compensation received with respect to award/agreement which has been exempted from Income tax vide section 96 of RFCTLARR Act (Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Res click here
22 Circular No. 37/2016 dated 02.11.2016 Chapter VIA deduction on enhanced profit (Due to disallowances related to business 43B, 40(A), 32, 40(a)(ia)). This circular is regarding grant of higher deduction under chapter VIA vis-a-vis enhanced profits due to disallowances u/s 32/40(a)(ia)/43B etc. related to business activity by Assessing Officers. click here
23 Circular No. 38/2016 dated 22.11.2016 Admissibility of expenditure incurred by a Firm on Keyman Insurance Policy in the case of a Partner. This circular is regarding the admissibility of deduction of premium paid by a firm on Keyman Insurance Policy in the name of a partner. click here
24 Circular No. 39/2016 dated 29.11.2016 Transport, Power and Interest subsidies received by an Industrial undertaking-(Eligibility for deduction u/s 80-IB, 80-IC of the IT Act, 1961). This circular is regarding admissibility of deduction u/s 80IB/80IC etc. on subsidies received by an industrial undertaking/eligible business. click here
25 Circular No. 41/2016 (FT & TR) dated 21.12.2016 Clarification on Indirect Transfer provisions under the IT Act, 1961. This circular is regarding applicability of Indirect Transfer provisions contained in section 9(1)(i). click here
26 Circular No. 19/2017 dated 12.06.2017 Settled View on section 2(22)(e) of the Income Tax Act, 1961 trade advances-reg. This circular is regarding the exclusion of trade advances in the nature of commercial transactions from the ambit of provisions u/s 2(22)(e). click here
27 Circular No. 20/2017 dated 12.06.2017 Applicability of Explanation 2 to Section 132B of the IT Act, 1961. This circular is regarding the prospective application of Explanation 2 to section 132B regarding adjustment of seized cash against advance tax liability. click here
28 Circular No. 21/2017 dated 12.06.2017 Non applicability of the provisions of Section 194-I of IT Act, 1961 on remittance of Passenger Service Fees (PSF) by an Airline to an Airport Operator-reg. This circular is regarding non-applicability of provisions of section 194I on Passenger Service Fees paid by an airline to Airport operator. click here