Income Tax - There is an utmost importance of Revisional authorities under Tax laws (both under Income Tax Law and GST Law) to safeguard and protect the interest of revenue as they act as a reviewer of the orders passed by the lower authorities which fall under their respective jurisdictions. Under Income Tax Act, 1961 there exists a […]...
Read MoreIncome Tax - Amendment in the provisions of section 263 of the Act Section 263 of the Act contains the provision for revision of order which is erroneous in so far as it is prejudicial to the interests of revenue. An order under section 263 of the Act can be passed within two years from the end of […]...
Read MoreIncome Tax - Objective Author, in this article, analyses the nuances of exercising revisionary power of CIT / PCIT u/s 263 when the assessee has preferred an appeal before CIT(A) and the matter is pending for adjudication. Text reproduced from judgement/Act is in small font and in Italics. Structure-: This article is based on a judicial pronouncement ...
Read MoreIncome Tax - Whether foreign exchange gain will be considered as Capital gain in case business of company has not commenced. Section involved – Charging Section 4, Section 28(i) and Section 263 of the Income Tax Act, 1961 QUESTION:- Assessee-company was constituted as a special purpose vehicle to carry out foundational tasks for setting up a coal ba...
Read MoreIncome Tax - Today we are going to consider problem based on provisions of Sections Sections 154, 264 & 263 of the Income Tax Act, 1961. PROBLEM :- Assessment of X Ltd., is completed under Section 143(3) with an addition of Rs. 15.00 Lakhs to the returned income. The assesses-company goes in an appeal before CIT (Appeals). Which […]...
Read MoreIncome Tax - National Chamber of Industries & Commerce, U.P has made a representation against Indiscriminate notices by the Income Tax Department without allowing reasonable time. They submitted that in the last few days large number of taxpayers in whose cases the Assessment/Re-assessment, proceedings were pending at the Income Tax Department hav...
Read MoreIncome Tax - 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. Da...
Read MoreIncome Tax - One of the key sources of dispute is the existing arrangement for follow up on audit objections by Internal Audit Party and the Revenue Audit Party. In terms of the existing arrangement, the Assessing Officer is required to take corrective steps following audit objections. The corrective measures take the form of rectification or reassess...
Read MoreShri Ramanbhai Bholidas Patel Vs PCIT (ITAT Ahmedabad) - ITAT Ahmedabad held that invocation of provisions of section 263 of the Income Tax Act justified as AO allowed deduction u/s 54B without necessary inquiry about applicability of the same....
Read MoreH K Suresh Vs PCIT ( ITAT Bangalore) - Order passed u/s.263 is invalid and shall be deemed to have never been issued if it does not contain the DIN...
Read MoreSurjit Singh S/o Mehtab Singh Proprietor M/s Beli Ram Surjit Singh Vs PCIT (ITAT Chandigarh) - Any action on part of the Assessing officer to verify utilization of amount deposited in capital gains account scheme needs to be undertaken or examined in the year when the period of three years from the date of transfer of original asset expires and not in year of transfer of original asset....
Read MoreRavindrakumar Hiralal Shah Vs PCIT (ITAT Ahmedabad) - ITAT Ahmedabad held that adoption of one of the courses permissible in law which resulted in to loss of revenue cannot be treated as erroneous order and accordingly invocation of revision proceedings u/s 263 unjustifiable....
Read MoreSmt. Shila Dutta Vs ACIT (ITAT Kolkata) - PCIT wrongly proceeded to set aside assessment order due to mismatch of truck number in two invoices, which was visibly a clerical mistake....
Read MoreShri Ramanbhai Bholidas Patel Vs PCIT (ITAT Ahmedabad) -
H K Suresh Vs PCIT ( ITAT Bangalore) -
Surjit Singh S/o Mehtab Singh Proprietor M/s Beli Ram Surjit Singh Vs PCIT (ITAT Chandigarh) -
Ravindrakumar Hiralal Shah Vs PCIT (ITAT Ahmedabad) -
Smt. Shila Dutta Vs ACIT (ITAT Kolkata) -
Gurdeep Singh Vs PCIT (ITAT Chandigarh) -
Prerak Goel Vs PCIT (ITAT Mumbai) -
PCIT Vs Eversafe Securities (Calcutta High Court) -
PCIT Vs Britannia Industries Limited (Calcutta High Court) -
Rajbir Singh Vs PCIT (ITAT Chandigarh) -