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 Mumbai held that once assessee’s claim of deduction u/s. 80IA of the Income Tax Act on Supa Wind Power Project 17 MW Unit has been accepted in the initial Assessment Year, the same cannot be denied in the subsequent Assessment Years.
Premier Exports vs ACIT: Kerala HC quashes order for failing to dispose rectification application on time under Section 154 of the Income Tax Act and considering CBDT Circular.
Bisharpara Kodalia Cooperative Credit Society Ltd vs ITO: Kolkata ITAT rules that CPC’s adjustment of Sec 80P deduction pre-April 2021 is beyond its jurisdiction.
Read how Delhi High Court reaffirmed taxpayer rights, urging the tax department to refrain from exploiting lack of taxpayer knowledge. Case details and analysis here.
Delve into the case of Asha Modern Educational Society challenging the denial of income application for charitable purpose under Sections 11 & 12 of the IT Act. Detailed analysis and conclusions provided.
ITAT Kolkata held that for determining fair and true profit for the purpose of application of Transactional Net Margin Method (TNMM), it is appropriate that the effect of depreciation must be excluded.
Anjana Foundation Vadodara vs A.O.: Ahmedabad ITAT clarifies that advance filing of Form 10B isn’t mandatory for claiming exemption under Sections 11 & 12.
ITAT Kolkata held that TPO should follow the direction of Hon’ble Dispute Resolution Panel (DRP). Accordingly, matter to the file of ld. TPO/AO for further calculation of TP adjustment by considering the direction of the Hon’ble DRP.
ITAT Bangalore held that if the duration of software license is less than two years, then it should be treated as revenue expenditure and if the duration is more than two years, then it should be treated as capital expenditure.
ITAT Mumbai concluded that the enhancement of the value of sales without corresponding adjustments to purchases was erroneous.
