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In the case abovementioned ITAT Ahmedabad remanded the matter to CIT (A) after considering that assessee could not file evidence before CIT (A) in lack of service of notices.
Return for AY 2002-03 was filed on 30.10.2002 and an intimation under Section 143(1) was issued on 19.12.2003. A Revised return was filed on 23.03.2004 for which notice u/s 143 (2) can be issued up to 31.03.2005. AO issued notice u/s 148 on 09.07.2004.
ITAT Ahmedabad held that section 275(1A) of the Income Tax Act empowers AO to pass penalty order by enhancing or reducing penalty on the basis of assessment as revised by giving effect to orders passed by appellate authority or courts.
ITAT Ahmedabad held that the income of beneficiaries of trust cannot be treated as income in the hands of the trust. Accordingly, disallowance under section 143(1) of the Income Tax Act not justified.
The assessee had adopted Transactional Net Margin Method (TNMM) as the most appropriate method and Operating Profit/ Operating Cost [OP/OC] as the Profit Level Indicator for benchmarking the international transactions.
Understand the rules for disclosing foreign assets and income by resident Indians. Learn eligibility, required ITR schedules, due dates, and consequences of non-compliance.
Delhi High Court held that AO has erroneously added value of transaction while calculating income that could possibly have escaped assessment. Accordingly, order set aside and matter remanded back to AO for fresh consideration.
The present appeal is filed by the assessee against the denial of registration under section 12AB of the Income Tax Act vide the order passed by the Commissioner of Income Tax (Exemption), Ahmedabad.
The assessee herein is a part of Allana Group, which is engaged in the business of export of food products and agro commodities including frozen meat processed/frozen food, edible products, agro products etc.
Delhi High Court held that non-issuance of notice under section 143(2) of the Income Tax Act is in grave contradiction to section 292BB of the Income Tax Act. Accordingly, revenue appeal dismissed.
