Income Tax : The Tribunal held that CIT(A) cannot enhance income under Section 251 on matters not considered by the Assessing Officer during as...
Income Tax : The ITAT held that revisional powers under Section 263 cannot be exercised when the Assessing Officer has already examined the iss...
Income Tax : ITAT quashed PCIT’s Section 263 order, holding AO’s treatment of survey income as business income valid and not erroneous or p...
Income Tax : Ahmedabad ITAT quashes reassessments based on ACB report, ruling the AO lacked independent "reason to believe" and only used borro...
Income Tax : ITAT Pune upholds PCIT's order u/s 263, setting aside an assessment for failure to verify ₹82.64 crore in advances for property...
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...
Income Tax : The Jaipur ITAT held that reopening of assessment cannot be based solely on information received from the Investigation Wing witho...
Income Tax : The Tribunal held that the amendment to Section 55A effective from 01.07.2012 was prospective and applicable from Assessment Year ...
Income Tax : The dispute concerned whether deduction under Section 80IB should be reduced by the amount already allowed under Section 80HHC. IT...
Income Tax : ITAT Delhi held that the PCIT exceeded jurisdiction by introducing issues not mentioned in the Section 263 show-cause notice. The ...
Income Tax : For deduction on carbon credits, Section 80-IA deduction on the sale of CERs must be allowed; gains from the prepayment of deferre...
The Jaipur ITAT held that reopening of assessment cannot be based solely on information received from the Investigation Wing without independent application of mind. The reassessment proceedings were quashed as the Assessing Officer failed to form his own satisfaction.
The Tribunal held that the amendment to Section 55A effective from 01.07.2012 was prospective and applicable from Assessment Year 2013-14. As a result, the DVO reference made for AY 2012-13 was held invalid and the addition was deleted.
The dispute concerned whether deduction under Section 80IB should be reduced by the amount already allowed under Section 80HHC. ITAT held that deductions can be computed independently, provided the aggregate deduction does not exceed eligible profits.
ITAT Delhi held that the PCIT exceeded jurisdiction by introducing issues not mentioned in the Section 263 show-cause notice. The revision order was quashed for travelling beyond the scope of the proceedings.
For deduction on carbon credits, Section 80-IA deduction on the sale of CERs must be allowed; gains from the prepayment of deferred sales tax constituted capital receipts, meaning Commissioner’s relief required no interference.
The Supreme Court ruled that limitation under Section 263 must be calculated from the original assessment order where the issue revised was not part of reassessment proceedings. The Court held that reassessment does not reopen the entire assessment for all purposes.
The Supreme Court ruled that limitation for revisional proceedings under Section 263 must be counted from the original assessment order where the issues are unrelated to reassessment proceedings. The Court dismissed the Revenue’s appeal as the revision order was held time-barred.
Eempt income, which were disallowed under Section 14A could not be automatically added back to compute the book profit for Minimum Alternate Tax (MAT) under Section 115JB without pinpointing real, actual expenditures recorded in the books of accounts by tax authorities that possess a direct nexus with the tax-free earnings.
The ITAT Ahmedabad held that co-operative banks qualify as co-operative societies for purposes of Section 80P(2)(d). The Tribunal allowed deduction on interest income earned from deposits with co-operative banks following Gujarat High Court rulings.
Delhi ITAT held that revision under Section 263 was invalid because the Assessing Officer had already made additions on the exact issue for which reassessment was reopened. The Tribunal ruled that the reassessment order was not erroneous or prejudicial to Revenue.
