Income Tax : Kerala HC rules no separate challenge needed for Sec 263 remand order before appealing revised assessment; restores Malabar Instit...
Income Tax : Understanding the exclusion of time limits during Court stays in assessment proceedings under Finance Bill 2025 for Income Tax ass...
Income Tax : Explore Section 263 of ITA, 1961, and its implications for revising assessment orders with no discussion on certain issues. Judici...
Income Tax : Explore landmark judgments on capital gain tax exemptions under Sections 54 and 54F of the Income Tax Act. Key highlights from ITA...
Income Tax : Understand the differences between appellate powers u/s 251, revisional powers u/s 263, and 264 of the Income Tax Act, and how the...
Income Tax : National Chamber of Industries & Commerce, U.P has made a representation against Indiscriminate notices by the Income Tax Depa...
Income Tax : KSCAA has made a Representation on Challenges in Income Tax Related to Rectification Proceedings, Order Giving Effect, Delay in P...
Income Tax : One of the key sources of dispute is the existing arrangement for follow up on audit objections by Internal Audit Party and the Re...
Corporate Law : Mumbai ITAT sets aside CIT order, ruling original assessment valid despite unproven allegations of unexplained cash for flat purch...
Income Tax : Laxmi Road Lines withdraws tax appeal at ITAT Panaji after opting for Vivad Se Vishwas Scheme to settle dispute over PCIT's Sectio...
Income Tax : Delhi High Court held that no addition on account of sale of fly ash since the entire sale proceeds of fly ash were deposited in a...
Income Tax : By way of this appeal, the assessee has challenged the correctness of the order of the Learned Principal Commissioner of Income Ta...
Income Tax : ITAT Ahmedabad held that revisionary order passed under section 263 of the Income Tax Act in the name of non-existent entity (amal...
Mumbai ITAT sets aside CIT order, ruling original assessment valid despite unproven allegations of unexplained cash for flat purchase.
Laxmi Road Lines withdraws tax appeal at ITAT Panaji after opting for Vivad Se Vishwas Scheme to settle dispute over PCIT’s Section 263 order.
Delhi High Court held that no addition on account of sale of fly ash since the entire sale proceeds of fly ash were deposited in a fly ash utilization fund and the said funds were to be spent only in accordance with directions issued by Government.
By way of this appeal, the assessee has challenged the correctness of the order of the Learned Principal Commissioner of Income Tax-1, Rajkot passed u/s.263 of the Income Tax Act, 1961 dated 31/03/2024 for Assessment Year (AY) 2017-18.
ITAT Ahmedabad held that revisionary order passed under section 263 of the Income Tax Act in the name of non-existent entity (amalgamated company) is liable to be quashed. Accordingly, the appeal of the assessee is allowed.
ITAT Ahmedabad partly sets aside PCIT order, rules PCIT cannot issue mandatory direction to add income for accommodation entries under Section 263.
ITAT upholds PCIT’s revision of an assessment order. The AO failed to probe cash payment for a second property purchase, rendering the initial order erroneous and prejudicial.
ITAT Ahmedabad held that section 275(1A) of the Act empowers AO to impose or enhance or reduce or cancel penalty pursuant to the quantum appeal before higher appellate authority or court by giving effect to the quantum order.
ITAT Ahmedabad upholds PCIT’s revision order, citing AO’s failure to properly examine Rs. 1.27 Cr deposits in a co-operative society account.
ITAT Mumbai held that PCIT is empowered to issue a show- cause notice and pass a revision order u/s. 263 of the Act when reassessment order passed by AO was quite cryptic. Accordingly, order of PCIT upheld and appeal of assessee dismissed.
