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 issue under consideration is whether surcharge and education cess should be levied only in the cases where the non-resident vendors are residents of countries with which the DTAA allows withholding rate of more than 11.33%?
Lakshmi Card Clothing Mfg. Co. (P.) Ltd. Vs DCIT (Madras High Court) Facts of the case clearly show that the assessee did not make any claim for deduction under Section 80-I of the Act, for the relevant assessment year. Secondly, as pointed out by us in the preceding paragraph, while discussing about the applicability of […]
High Court faulted the Tribunal’s decision of reducing the penalty as a ‘way to bypass the minimum limit’ and the Tribunal was in error in granting the relief, the same does not constitute a mistake apparent from the record so as to enable the Tribunal to revisit its decision
Conclusion: Since assessee- AOP was a trust formed for the benefit of a sole beneficiary, therefore, applying individual tax rates to assessee-AOP was not a mistake apparent on the face of the record and therefore, it could not be rectified through Section 154.
ACIT Vs Shri Punit J. Patel (ITAT Mumbai) In application u/s.154 of the Act, the assessee has asked for rectifying the addition made of long term capital gains on sale of shares of Tripex overseas as undisclosed income. It is the assessee’s claim that the AO has made addition of Rs.3,86,192/- alleged to be bogus […]
Where an assessment order not in tuned with the law laid down by a binding precedent, it would amount to an error apparent on the record for the purpose of invoking rectification under section 154.
Ajay Kumar Gupta (HUF) Vs ACIT (ITAT Delhi) In our considered opinion, the Assessing Officer has rightly invoked section 154 because the assessee wanted to take benefit of the notification issued by the CBDT. In the present case, as per judicial precedents, the HUF itself cannot become a partner in the partnership firm and as […]
Sri Sachin Sharma Vs ACIT (ITAT Ranchi) A perusal of provisions of section 194C of the Act shows that a person is liable to deduct TDS when a contract for work is of an amount more than Rs.30,000/- or where payment for work is made to a person more than Rs.75,000/- during the financial year. […]
Income Tax Return filing season for certain class of assessees including individuals not falling under tax audit provisions has just been over and by now the Income Tax Department (the Department) has already started processing of these returns. In fact, return filing and processing thereof are an ongoing process for different class of assessees.
Vijay Sachdev Vs JCIT (ITAT Delhi) It is well settled law that non-consideration of decision of Jurisdictional High Court is mistake apparent from record. Ld. Counsel for the assessee, therefore, rightly contended that Ld.CIT(A) did not follow the judgement of the Jurisdictional High Court and shall have to rectify the mistake in his order in […]
