Section 154

  • Aug
  • 20

Claim of deduction u/s 80IB cannot be withdrawn in proceedings u/s 154

In the case Vinod Kumar Surana Vs. ITO the Hon’ble Kolkata ITAT held that the fact of withdrawal of deduction u/ 80IB of the Act in the subsequent years when the same were duly granted by the ld. AO in the initial assessment years per se becomes a debatable issue and hence same cannot be dealt in the proceedings u/s 154 of the Act as the same cannot be construed as a patent, glaring, obvious mistake apparent from record.

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  • Aug
  • 13

Decision on a debatable point of law is not a apparent mistake & cannot be rectified u/s 154

Assessee claimed deductions on account of excise duty paid and interest thereon which was originally allowed by AO but subsequently rectified u/s 154 by making addition of the same. ITAT examined the facts and circumstances of the case and held that decision on a debatable point of law is not a mistake apparent from record and cannot rectified u/s 154.

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  • Jul
  • 29

Section 154 can not be applied if a debatable point involved

Mistake apparent on the record u/s 154 must be an obvious and patent mistake and not something which can be established by a long drawn process of reasoning on points on which there may be conceivably two opinions. A decision on a debatable point of law is not a mistake apparent from the record.

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  • Jul
  • 13

Loss in pension fund has to excluded from insurance business income

Tribunal in this above case decided two debatable issues. Firstly that the mistake can be rectified after assessment attained finality and assessee had accepted the assessment order. The same is decided by the tribunal in the light of decision of apex court. Second issue relates to computation of income when there is loss of pension fund related to insurance business and the same is decided in the light of decision of jurisdictional high court.

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  • Jun
  • 23

Inadvertent Claims in ITR – Whether a Hard Nut To Crack

Income Tax law provides an exhaustive, encyclopedic and compendious machinery to deal with the issues of what can be conceived and what can be believed with regard to the jurisprudence of taxing the subject as a whole. In this profitable and solvent venture of taxing the subject through the route of his due filings with the respective authorities and agencies designated and deputed by the government

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  • Jun
  • 06

Expeditious disposal of applications for rectification under section 154

Expeditious disposal of applications for rectification under section 154 of the Income-tax Act, 1961 (Act) during the Financial Year 2015-16 – reg.- Union Finance Minister in his key-note address has also exhorted the Income-tax Department to be prompt in redressing the grievances of taxpayers. It has been a matter of concern that the rectification applications as 154 filed by the taxpayers before the field officers are not being dealt with promptly.

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  • Jan
  • 12

Rectification Under Section 154 of Income Tax Act,1961

Hello readers, we all understand rectification just as correction in any order passed by Income tax authority concerned so let’s review every clause of section 154 in detail with relevant judgement and my significant findings to it.

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  • Jan
  • 05

How to file Online Income Tax Rectification application u/s 154

Article explains Procedure for Filing Online Request for Rectification of Mistake U/s. 154 of the Income Tax, Prerequisites for Filing Such Application, Common mistakes while filing Rectification, Important Notes before e-Filing Rectification, Tips on filling Income Tax Return to avoid mistakes.

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  • Aug
  • 29

Demand U/s 143(1) by Income Tax Dept. & Rectification U/s 154

However, The Income Tax Department may deny credit of TDS in cases where TDS is available in Form 16/Form 16A/TDS Certificates but not available in Form 26AS. Also in some cases employer/deductor may not have deposited the said TDS or deposited in wrong PAN number. In such cases, following provision of the Act shall be helpful to the taxpayer/professional; Section 205 of the Act in clear terms, provides that the assessee shall not be called upon to pay the tax himself to the extent to which tax has been deducted from that income.

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  • Mar
  • 26

Sec 154 cannot be resorted for applying sec 115JB of Income Tax Act,1961

In the case of Cardinal Drugs Pvt Ltd.Hon’ble ITAT has observed that there was no scope for the A.O. to have resorted to the provision of Section 154 of the Act for the purpose of enhancing the income of the assessee.by stating as under:- The A.O. on long drawn process of reasoning should not have passed the order under Section154 of the Act. The issue raised by the A.O. in proceeding under Section 154 of the Act is highly debatable which requires the issue to be reconsidered by the A.O.about applicability of the provision of Section 115JB of the Act which was notraised by the A.O. in assessment or appellate proceedings.

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