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/...
Netra Software Technologies P Ltd. Vs ACIT (CPC) (ITAT Bangalore) In the present case, the assessee has not enclosed any evidence along with the return suggesting completion of construction of commercial building and its readiness to let out, as such the ACIT(CPC) denied the interest claimed by the assessee by way of intimation sent to the […]
Allied Agencies Vs ITO (ITAT Delhi) Hon’ble Apex Court in the case of TS Balaram Vs. Volkart Brothers 82 ITR 50 (SC) clearly held that a mistake apparent on the record must be an obvious and patent mistake and not something which has to be established by a long drawn process of reasoning on points […]
Bansal Propbuild Private Limited Vs CIT (ITAT Jaipur) The Bench observed that the assessee is engaged in agriculture produce and the same was sold during the year under consideration. However the AO has not treated as agriculture income. The assessee has filed application under Section 154 of the Act on 10.01.2019 mentioning therein that the […]
ADM Agro Industries Latur & Vizag Pvt. Ltd Vs DCIT (ITAT Delhi) The grievance of the assessee is that impugned order passed by the A.O is illegal and barred by time. Section 154(7) of the Act prescribes the limitations for the passing order u/s 154 of the Act. For the sake of clarity, same is […]
What cannot be done u/s. 154 of the Act on the ground of debatability ,cannot be done u/s. 143(1) of the Act to the assessee’s claim on which two views are possible A debatable issue cannot be a subject matter of adjustment u/s. 143(1) of the Act.
ITAT Held that sales tax subsidy is capital receipt mistakenly offered by the assessee as income is mistake apparent on record. Accordingly, appropriate relief/ refund available to assessee.
KSCAA has made a Representation on Challenges in Income Tax Related to Rectification Proceedings, Order Giving Effect, Delay in Processing Of Refund, Delay In Processing Lower Deduction Certificates and Delay in Tax Residency Certificates (TRC) with possible solutions to Principal Chief Commissioner of Income Tax, Karnataka & Goa. Date: 10th March, 2022 To, The Principal Chief […]
. In the present writ petition, it has been averred that though the Petitioner had opted to be taxed under Section 115BAA of the Act, wherein tax rate of 22% has been prescribed, yet the Respondents by the impugned order has applied the tax rate of 25% as mandated under Section 115BA of the Act.
Nortel Networks India International INC. Vs Assistant Director of Income Tax CPC (Delhi High Court) 1. By way of the present writ petition, Petitioner seeks directions to the Respondent No. 2 to dispose of within four weeks, Petitioner’s Rectification Application dated 14th May, 2020 granting the consequential TDS credit of Rs.5,51,15,908 due to the petitioner […]
Nokia India Private Limited Vs ACIT (Delhi High Court) Court finds that CBDT instruction No. 2/2013 [F. No. 225/76/2013/ITA.II] dated 5th July, 2013 and Letter [F. No.225/148/2015-ITA-II], dated 5th July, 2015 stipulates that the Assessing Officers must strictly follow the time limit of six months provided under Section 154(8) of the Act in disposing of […]
