section 254

Third Proviso to Section 254(2A) of Income Tax Act is Arbitrary & Unconstitutional

Income Tax - The three-judge bench of Supreme Court of India in the case of Deputy Commissioner of Income Tax v. M/S Pepsi Foods Ltd struck down the third proviso of Section 254(2A) of Income Tax Act (Act) as unconstitutional and violative of Article 14 of the Constitution of India on account of being arbitrary and discriminatory in nature....

Prosecution – made more simpler for revenue

Income Tax - A perusal of this order reveals that the Tribunal has recorded a finding that it is empowered by Section 254 of the Act to stay prosecution. The said finding is the bone of contention between the parties. Pr. Commissioner of Income Tax Vs. Income Tax Appellate Tribunal, Delhi Bench (Punjab & Haryana HIgh Court at Chandigarh),...

Provide Shorter Time For Rectification Of Mistake by Tribunal

Income Tax - The existing provisions of Section 254(2) provide for a time-limit of four years from the date of the order of the Appellate Tribunal for rectification of mistakes apparent from the record. In practice this long time-limit has given rise to difficulties arising on account of non-availability of the Members who passed the order due to tran...

Goodwill Depreciation Allowed under Income Tax Act: ITAT Ruling  

S&P Capital IQ (India) Private Limited Vs ACIT (ITAT Hyderabad) - ITAT Hyderabad rules in favor of S&P Capital IQ, allowing depreciation on goodwill as deductible under Section 32(1) of the Income Tax Act, 1961....

Addition for Unexplained Cash Investment Without Proper application of mind Unjustified

Shiv Kumar Nayyar Vs DCIT (ITAT Delhi) - In the case of Shiv Kumar Nayyar vs. DCIT, the Delhi ITAT nullified an addition of cash investment, citing lack of proper application of mind in proceedings....

ITAT upholds denial of LTCG exemption on shares of Kappac Pharma Limited

Atmiben Alipitkumar Doshi Vs ITO (ITAT Ahmedabad) - Income Tax Appellate Tribunal upholds denial of LTCG exemption on shares of Kappac Pharma Limited. Read the full analysis of this remarkable decision & its implications on taxpayers....

LTCG on Bogus Scrips Not Eligible For Section 10(38) Exemption: Ahmedabad ITAT

Atmiben Aliptkumar Doshi Vs ITO (ITAT Ahmedabad) - Ahmedabad ITAT dismisses appeal, denying LTCG exemption under Section 10(38) for bogus scrips. Read the full text of the order....

Assessment order without DIN is void ab initio

Gajendra Singh Vs DCIT (ITAT Delhi) - ITAT Delhi held that simultaneous issue of the DIN number is insignificant and superfluous exercise, in the absence of mentioning the DIN number on the body of AO’s order. Thus, Assessment order without DIN is void ab initio....

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Recent Posts in "section 254"

Goodwill Depreciation Allowed under Income Tax Act: ITAT Ruling  

S&P Capital IQ (India) Private Limited Vs ACIT (ITAT Hyderabad)

ITAT Hyderabad rules in favor of S&P Capital IQ, allowing depreciation on goodwill as deductible under Section 32(1) of the Income Tax Act, 1961....

Addition for Unexplained Cash Investment Without Proper application of mind Unjustified

Shiv Kumar Nayyar Vs DCIT (ITAT Delhi)

In the case of Shiv Kumar Nayyar vs. DCIT, the Delhi ITAT nullified an addition of cash investment, citing lack of proper application of mind in proceedings....

ITAT upholds denial of LTCG exemption on shares of Kappac Pharma Limited

Atmiben Alipitkumar Doshi Vs ITO (ITAT Ahmedabad)

Income Tax Appellate Tribunal upholds denial of LTCG exemption on shares of Kappac Pharma Limited. Read the full analysis of this remarkable decision & its implications on taxpayers....

LTCG on Bogus Scrips Not Eligible For Section 10(38) Exemption: Ahmedabad ITAT

Atmiben Aliptkumar Doshi Vs ITO (ITAT Ahmedabad)

Ahmedabad ITAT dismisses appeal, denying LTCG exemption under Section 10(38) for bogus scrips. Read the full text of the order....

Assessment order without DIN is void ab initio

Gajendra Singh Vs DCIT (ITAT Delhi)

ITAT Delhi held that simultaneous issue of the DIN number is insignificant and superfluous exercise, in the absence of mentioning the DIN number on the body of AO’s order. Thus, Assessment order without DIN is void ab initio....

Initiation of prosecution proceedings u/s 276CC in absence of any demand is unsustainable-in-law

Gunwant Singh Saluja Vs State of Jharkhand (Jharkhand High Court)

Jharkhand High Court held that initiation of prosecution proceedings under section 276CC of the Income Tax Act in absence of any demand, as demand adjusted against refund, is bad-in-law and liable to be set aside....

Orders passed beyond period of limitation prescribed u/s 153 (2A) was quashed

TNS India Private Limited Vs Union of India  (Telangana High Court)

The proceedings drawn, admittedly being beyond a period that was prescribed under sub-section (2A) of Section 153 and the consequential orders passed were all beyond the period of limitation prescribed under sub-section (2A) of Section 153 hence, the same being not sustainable, deserved to be and was accordingly set aside/quashed....

ITAT Confirms Section 68 Addition due to Unproven Creditor Creditworthiness

Prestigious Enterprises Pvt. Ltd Vs ACIT (ITAT Delhi)

ITAT Delhi confirms addition u/s 68 of Income Tax Act due to the failure to prove creditor creditworthiness & transaction genuineness in Prestigious Enterprises Pvt. Ltd vs. ACIT....

Section 40(a)(ia) Inapplicable to TDS Non-Deduction on Pre-AY 2015-16 Salary

(Erstwhile) Sumaitri Bima Distributors Pvt. Ltd Vs ITO (ITAT Delhi)

ITAT Delhi's decision in the case of Sumaitri Bima Distributors Pvt. Ltd vs. ITO regarding non-applicability of S.40(a)(ia) for TDS on salary before AY 2015-16....

Delhi HC: Exclusion of OTL Comparable – ITAT to Decide

UOP India Private Limited Vs PCIT 9 (Delhi High Court)

The Delhi High Court directs the ITAT to reconsider the exclusion of Onward Technologies Limited (OTL) as a comparable in the transfer pricing study. Detailed analysis and conclusion....

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