Income Tax : Judicial rulings clarify that Section 54 focuses on timely investment of capital gains, not rigid legal ownership milestones. The ...
Income Tax : The ITAT held that an assessment completed before receiving the DVO report under section 50C(2) is invalid. All additions and disa...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
Income Tax : Learn the scope, time limits, and procedure for correcting mistakes apparent from records under Section 154, including appeal rest...
Income Tax : Faceless Income-tax proceedings and e-assessments under Section 144B simplify taxpayer compliance. Use the e-filing portal for ele...
Income Tax : KSCAA has made a Representation on Challenges in Income Tax Related to Rectification Proceedings, Order Giving Effect, Delay in P...
Income Tax : Even after due efforts taken by the Government to ensure compliance relating to filing of TDS returns by the deductors, the defaul...
Income Tax : Taxpayers who are not satisfied with the outcome of processing of their Income Tax Return by the Centralized Processing Centre, Be...
Income Tax : Department introduces new facility for online submission of rectification request in cases where processing was completed by CPC B...
Income Tax : ITAT Hyderabad held that addition of Rs. 13 lakh under Section 69A through rectification proceedings exceeded the scope of Section...
Income Tax : Tribunal held that deduction for bad debts is allowable in the year in which the debts are actually written off in the books of ac...
Income Tax : The ITAT Delhi held that the Assessing Officer could not alter book profit under Section 115JB by disallowing losses from alleged ...
Income Tax : ITAT Mumbai held that Form 3CL issued by DSIR could not be treated as additional evidence during rectification proceedings since i...
Income Tax : ITAT Delhi held that lawful TDS credit cannot be denied merely because the Assessing Officer overlooked an earlier rectification o...
Income Tax : Taxpayers who are not satisfied with the outcome of processing of their Income Tax Return by the Centralized Processing Centre, Be...
Income Tax : Instruction No. 02/2016 Section 154 of the Act mandates that rectification order shall be passed in writing by the Income Tax auth...
Income Tax : Instruction No. 01/2016 section 154 stipulates that where application for amendment is made by assessee/deductor/collector with a...
Income Tax : 225/148/2015-ITA-II Expeditious disposal of applications for rectification under section 154 of the Income-tax Act, 1961 (Act) dur...
Income Tax : INSTRUCTION NO. 3/2013 Hon'ble Delhi High Court vide Judgment in case of Court On its Own Motion v. UOI and Ors. in W.P. (C) 2659/...
The ITAT Bangalore confirmed that an initial order’s failure to consider a binding High Court ruling on bad debt deductibility constitutes a mistake apparent from record. This allowed the bank to claim a deduction under Section 36(1)(vii) for non-rural bad debts via rectification, dismissing the Revenue’s appeal. The key takeaway is that disregarding settled jurisdictional law is a rectifiable error, not a debatable issue.
ITAT Delhi held that cash seized during search operations can be adjusted against self-assessment tax. The order distinguishes between advance tax and self-assessment tax, directing deletion of demand raised by CPC.
CESTAT Delhi held that refund claim of excess CVD paid after completion of one year from date of payment of duty as well as the date of relevant judgement is barred by limitation. Accordingly, appeal of assessee dismissed.
ITAT Indore deleted a Rs.1.46 crore addition made under Section 69C via rectification, ruling that the AO wrongly invoked the section. The commission payments reported in the audit form were a pass-through on behalf of clients, not the assessee’s claimed business expenditure, meaning the deduction of TDS didn’t imply an unrecorded expense.
Chhattisgarh High Court held that order passed without affording opportunity of personal hearing is against the principle of natural justice. Further, the said order was also not served. Thus, order is set aside and matter restored back.
The ITAT Delhi quashed a rectification order under Section 154, holding that a debatable issue regarding provision for construction expenses is not a “mistake apparent from record.” The ruling reinforces that Section 154 cannot be used to make additions that require a long-drawn process of reasoning or legal interpretation.
The Tribunal found that additions made purely on estimated profit percentages cannot attract concealment penalty. Since no specific inaccuracy or suppression was proven, ITAT deleted the penalty in full. The ruling aligns with precedents from Delhi, Rajasthan, Punjab & Haryana, and Gujarat High Courts.
Tribunal held that where Form 67 is submitted before the completion of assessment, foreign tax credit must be allowed even if the filing was delayed. It observed that neither the Act nor Rule 128(9) imposes disallowance for delay.
ITAT Delhi held that as per the MAT provisions of section 115JB of the Income Tax Act the lower of book losses or unabsorbed depreciation can be set off against book profits. Accordingly, order of CIT(A) upheld and appeal of assessee dismissed.
Dismissing the AO’s view that interest should be restricted to months of operation, Tribunal allowed full claim, reaffirming that partner interest accrues on financial year-end.
