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/...
Madras High Court held that in terms of section 245I, the Settlement Commission cannot re-open its concluded proceedings by invoking section 154 of the Act so as to levy interest under section 234B of the Income Tax Act.
The assessee filed his return of Income on 27.08.2019. After filing the return, assessee received intimation u/s 143(1) of the Act dated 23.03.2021 and found that relief under section 90 of the Act had not been allowed amounting to Rs 73,658/-.
ITAT Bangalore held that delay of 1809 days in filing of an appeal condoned since reasonable cause shown for the delay. Accordingly, appeal allowed and AO directed to allow Foreign Tax Credit after due verification of Form 67.
ITAT dismisses Revenue’s tax appeal due to jurisdiction issues, allowing the revenue to approach the appropriate bench for further action.
The recent rejection of a rectification request under Section 154 of the Income Tax Act, 1961, by the Income Tax Department without providing any explanation has drawn criticism. This lack of transparency poses significant challenges for taxpayers. When errors occur in tax returns, Section 154 provides a mechanism for rectification. However, the arbitrary rejection of […]
Thus all the provisions relied upon by the Ld. AO would apply only in a case where an “asset” is “transferred” in the course of “amalgamation” by “transferor company” to the “transferee company” and would not apply when a particular “asset” is a “result” of amalgamation.
ITAT Surat held that rejection of application for regular approval of fund under section 80G(5) of the Income Tax Act as time barred not justified in terms of relaxation of time period as per CBDT Circular no. 7/2024 dated 25.04.2024
The appellants had filed a refund claim with Assistant Commissioner of Customs (CRS), Visakhapatnam for Rs.5,03,984/- on 10.08.2023. The said refund claim was that the appellant had paid the Duty twice due to ‘ICEGATE error’.
ITAT Delhi held that grant-in-aid incurred wholly and exclusively for the purpose of business is allowable as deduction. Accordingly, appeal is allowed and addition of the same by AO is liable to be deleted.
Orissa High Court rules against revenue for denying rectification due to alleged time bar, emphasizing lack of primary evidence of service on the petitioner.
