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Assessing Officer that the actual investment made in the new residential house is Rs. 20 lakh, but, he has also filed a revised computation of income on 20th November 2012, offering taxable long term capital gain at a higher figure of Rs. 24,98,488. It is also a fact on record that the Assessing Officer has accepted the income shown in the revised computation of income. Therefore, considering the peculiar facts of the present case, we are of the view that the explanation of the assessee to the effect that investment shown in new house at Rs. 25 lakh was due to a bonafide mistake is acceptable.
The Kolkata ITAT recently held that the circulars issued by the Central Board of Direct Taxes (CBDT) is binding on the department and it cannot take a plea that such a circular is not valid or is against the provisions of law.
In continuation to this Department’s Order No. 137 of 2017 dated 16.08.2017 and Order No. 181 of 2017 dated 24.10.2017, the President is pleased to grant Proforma Promotion to the following Commissioners of Income Tax
Where AO passed order of reassessment under section 147, even when Revenue processed return of assessee under section 143(1)(i) by intimation, the impugned assessment order deserved to be quashed, as the AO could not proceed with extraordinary power under section 147, when normal procedure of assessment of income under section 143(3) was available.
There is no dispute that the search was conducted in the previous year relevant to the assessment year under consideration therefore the provisions of Section 153C are not applicable for the assessment year under consideration however, the mention of this Section in the order is only a mistake which is covered under the provisions of Section 292BB of the Act.
The power under Section 145 (2) of the Act cannot permit changing the basic principles of accounting that have been recognized in various provisions of the Act unless of course corresponding amendments are carried out to the Act itself.
Section 44BB of the Act is a special provision for computing profits and gains in connection with the business of exploration of mineral oils. Its purpose was explained by the Department vide its Circular No. 495 dated September 22, 1987, namely,
The contract of guarantee does not give any rise to principal – agent relationship between the assessee and the bank and, therefore, the consideration received by the bank on account of guarantee commission cannot be reckoned as commission as contemplated under section 194H and accordingly, there was no requirement to deduct TDS on this payment.
Explore the ITAT Delhi’s decision on Anant Concrete Products Pvt. Ltd. vs ITO, highlighting jurisdictional issues in the reassessment process. Learn how the lack of proper jurisdiction impacts the validity of re-assessment.
Lack of opportunity at the revisional stage under Section 263 does not vitiate the entire order, or the proceedings; rather it is a curable defect. Court is of the opinion that the ruling in Commissioner of Income tax v Amitabh Bacchan 2016 SCC Online SC 484 is decisive; it upholds the power of the Commissioner to consider all aspects which were the subject matter of the AO’s order, if in his opinion, they are erroneous, despite the assessee’s appeal on that or some other aspect.
