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/...
ITAT Lucknow held that rectification under Section 154 cannot be invoked when a trust deed does not specify beneficiaries’ shares. Since the shares were indeterminate, taxation at the maximum marginal rate under Section 164 was rightly applied.
The ITAT ruled that receipts from the sale of power generated during the pre-commencement trial run of a plant are capital receipts, not taxable revenue income. This is because, under the matching principle, corresponding pre-operative expenses were capitalized to the fixed asset cost, justifying the deletion of the Rs. 42.56 crore tax addition.
Understand the three core processes of Indian Income Tax: Rectification of mistakes (Sec 154), the four types of Assessment (Summary, Scrutiny, Best Judgment, and Reassessment), and the Appeal mechanism to CIT(A)/ITAT against adverse orders.
ITAT Delhi ruled AO cannot use Section 154 to disallow ESI/PF deduction based on the later Supreme Court Checkmate judgment, as the issue was previously debatable.
The ITAT Delhi heard an appeal from Kamal Kant, whose set-off of non-speculative business losses from Futures & Options (F&O) against Capital Gains income was disallowed by the tax authorities. Citing Section 71(2) of the Income-tax Act and judicial precedent, the ITAT found the set-off permissible.
The ITAT Chandigarh ruled in Arun Dhir vs DCIT that a lump sum in lieu of pension is exempt under Section 10(10A), rejecting the necessity of receiving it strictly upon superannuation.
CESTAT Delhi held that proceedings to recover the drawback under Rules 16/16A of the Drawback Rules are in the nature of execution proceedings hence they cannot be used to modify the value in the Shipping Bills.
This ruling addresses a massive tax demand raised by CPC under Section 143(1) based solely on a clerical error in the original Form 3CD. The ITAT set aside the orders, holding that natural justice mandates the assessee be heard and the correct audit report considered before imposing such a significant liability.
ITAT Delhi held that mere presence of blank cheque without there being any other evidence, proving earning of any income or making of any capital transaction, the same cannot be treated as income. Accordingly, ground raised by revenue dismissed.
Interest under Section 234B cannot be levied on Section 115BBE-assessed income for resident senior citizens exempt from advance tax, as per ITAT and CBDT guidance.
