section 143(3)

Rectification of Mistake Under Section 154: A Comprehensive Guide

Income Tax - Article discusses about Order which can be rectified under section 154 of Income Tax Act, 1961, Rectification of Income Tax order which is subject to appeal or revision, Initiation of rectification by whom, Time-limit for rectification, The procedure to be followed for making an application for rectification, etc....

Section 115BBE needs Relook: Know Misuse, Consequences & Judicial Precedents

Income Tax - Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates, and relevant judicial precedents....

FAQs on Assessments under Income-tax Law

Income Tax - Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer...

Sufficient time to comply with section 143(2) notice & valid notice u/s 142(1)(ii) is mandatory

Income Tax - Ensure sufficient time for compliance with Section 143(2) notice and the mandatory issuance of valid notices under Section 142(1)(ii). Understand the legal implications and the possibility of nullifying the assessment if proper procedures are not followed. Stay informed to protect your rights in tax assessments....

Internal Finance Control Under Companies Act 2013 From 01/04/2023 Onwards

Income Tax - Discover the essentials of Internal Financial Controls (IFC) under the Companies Act 2013 effective from 01/04/2023 onwards. Get insights on limits and thresholds for applicability....

Allow making of fresh claim during assessment proceedings

Income Tax - It has been observed that in many cases an assessee may wish to make a claim which was not made in the return of income filed under section 139. Where the assessee makes a claim of any expenditure or a deduction during the assessment proceedings which had not been made in the return of income […]...

Format of details to submitted during Income Tax Assessment

Income Tax - We have attached a file in excel format. The file contains the format of various details which normally assessing officer asks Assessee to furnish during Scrutiny Assessment U/s. 143(3) of the Income Tax Act, 1961. We have attached the format of following details :-...

Interest on Loans to invest in Subsidiary Company Shares is Deductible: Bombay HC

PCIT Vs Videocon Industries Ltd. & Anr (Bombay High Court) - Bombay High Court rules that interest paid on loans taken to invest in shares of a subsidiary in normal business activities is allowable expenditure under the Income Tax Act....

Income Tax Assessing Authority Can Issue Multiple Notices: Kerala HC

Synthite Industries Private Limited Vs ACIT (Kerala High Court) - Kerala High Court rules that there's no bar for Assessing Authority to issue more than one notice under the Income Tax Act. Detailed judgment analysis here....

ITAT Quashes Penalty for Vague Notice Lacking Specific Grounds

Suryshree Blocks Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) - Suryshree Blocks Pvt. Ltd. vs DCIT: ITAT Ahmedabad overturns penalty under Sec 271(1)(c) of Income Tax Act due to failure to find any particulars inaccurate. Analysis provided....

Kerala HC Orders IT Dept to Review Stay Petition on Sec 271A Penalty Proceedings

Wexco Homes Private Ltd. Vs ACIT (Kerala High Court) - Kerala High Court directs Income Tax Department to consider stay petition in penalty proceedings initiated under Section 271A against Wexco Homes Pvt Ltd....

Taxation should be based on real income & not hypothetical income: ITAT Delhi

GSR Industries Vs DDIT (ITAT Delhi) - ITAT held that taxation should be based on real income. It found that the AO's attempt to tax hypothetical income was unjustified. Furthermore, it was established that the credit note adjustments made for benchmarking purposes were legitimate and in accordance with the tax provisions....

No processing of returns for I-T refund if selected for Scrutiny

Instruction No.1/2015 - (13/01/2015) - Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012, section 143(1D) was introduced in income tax act which prohibited processing of income tax returns in case notice u/s 143(2) has been issued (i.e. scrutiny cases). Ambi...

Recent Posts in "section 143(3)"

Interest on Loans to invest in Subsidiary Company Shares is Deductible: Bombay HC

PCIT Vs Videocon Industries Ltd. & Anr (Bombay High Court)

Bombay High Court rules that interest paid on loans taken to invest in shares of a subsidiary in normal business activities is allowable expenditure under the Income Tax Act....

Income Tax Assessing Authority Can Issue Multiple Notices: Kerala HC

Synthite Industries Private Limited Vs ACIT (Kerala High Court)

Kerala High Court rules that there's no bar for Assessing Authority to issue more than one notice under the Income Tax Act. Detailed judgment analysis here....

ITAT Quashes Penalty for Vague Notice Lacking Specific Grounds

Suryshree Blocks Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)

Suryshree Blocks Pvt. Ltd. vs DCIT: ITAT Ahmedabad overturns penalty under Sec 271(1)(c) of Income Tax Act due to failure to find any particulars inaccurate. Analysis provided....

Kerala HC Orders IT Dept to Review Stay Petition on Sec 271A Penalty Proceedings

Wexco Homes Private Ltd. Vs ACIT (Kerala High Court)

Kerala High Court directs Income Tax Department to consider stay petition in penalty proceedings initiated under Section 271A against Wexco Homes Pvt Ltd....

Taxation should be based on real income & not hypothetical income: ITAT Delhi

GSR Industries Vs DDIT (ITAT Delhi)

ITAT held that taxation should be based on real income. It found that the AO's attempt to tax hypothetical income was unjustified. Furthermore, it was established that the credit note adjustments made for benchmarking purposes were legitimate and in accordance with the tax provisions....

PCIT’s exercise of Section 263 jurisdiction while issue is pending before CIT(A) is invalid

Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai)

Once an appeal is lodged with CIT(A), the PCIT's authority to revise assessment under Section 263 is circumscribed - Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai)...

Source for making or earning income of payer of FTS outside India is not taxable in India

HCL Singapore PTE. Ltd Vs ACIT (ITAT Delhi)

ITAT Delhi held that as conditions prescribed in exception to section 9(1)(vii)(b) stand fulfilled, it cannot be taxed as FTS. Further, the source for making or earning any income of the payer of fee for technical services, in the present case, is outside India, and therefore not taxable in India....

No Section 194J TDS if Consultancy Charges not exceeds Rs. 30,000: ITAT

Sunil Ghorawat Vs ACIT (ITAT Delhi)

Read the full text of ITAT Delhi's order in Sunil Ghorawat vs ACIT case. Analysis of no TDS on consultancy charges under Sec 194J and short term capital loss disallowance....

ITAT deletes Section 69A and 69C addition due to insufficient evidence

ACIT Vs Prakash Ferrous Industries Private Limited (ITAT Chennai)

Read the full text of the ITAT Chennai order in ACIT vs. Prakash Ferrous Industries Pvt. Ltd. where the assessment order is rejected due to oversight and typographical error under section 143(3)....

Violation of Section 269SS by Excess Capital Withdrawal in cash from Partnership

Kalpana Sunil Vaid Vs. JCIT (ITAT Ahmedabad)

Kalpana Sunil Vaid's appeal against a penalty under Section 271D of the Income Tax Act for loans taken from partnership firms is dismissed by ITAT Ahmedabad....

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