Income Tax : Explore the necessity of issuing notices under Section 263 post the Faceless Assessment Scheme introduction. Analyze the schemes e...
Income Tax : Explore remedies for taxpayers under the Income Tax Act, 1961, comparing appeals & revisions. Understand procedures, limitations &...
Income Tax : Explore Sections 207 to 219 of the Income Tax Act, 1961, covering Advance Tax provisions, due dates, and in-depth analysis. Unders...
Income Tax : Explore the intricacies of Section 263 of the Income Tax Act, 1961. Learn how it rectifies erroneous orders and safeguards revenue...
Income Tax : Whether payment to shareholders out of sale proceeds of a property belonging to the company, to end dispute amongst the shareholde...
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 : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : Punjab & Haryana HC upholds Principal Commissioner’s revision under Section 263. Assessing Officer’s wrong Section 44ADA asses...
Income Tax : ITAT Ahmedabad held that passing of revisionary order by PCIT u/s. 263 of the Income Tax Act without giving proper and adequate op...
Income Tax : Patna High Court held that for migrating PAN to new AO, due to change in address, a written request to existing AO must be made. S...
Income Tax : ITAT Ahmedabad held that order of PCIT invoking section 263 of the Income Tax Act set aside as conditions necessary for invoking S...
Co-operative society received/earned interest on deposits with the co-operative bank was eligible for claim of deduction under section 80(2)(d).
Delhi High Court accepts returned income for 12 years as limitation period for fresh assessment order expires. Details of Indian Renewable Energy Development Agency Ltd vs PCIT case.
Karnataka High Court held that reassessment proceedings cannot be in the nature of review and accordingly, the material as has come to light in the assessment proceedings for the Assessment Year 2008- 2009 cannot be a sufficient ground to resort to reassessment proceedings.
ITAT Kolkata held that revisionary proceedings u/s. 263 initiated in the name of non-existent entity, despite the fact that private limited company was converted into LLP and the conversion was brought to the knowledge of AO, is void ab initio and invalid.
While granting relief to NTPC, the proceeding under Section 263 could not be initiated on account of income received from the fly ash and cenosphere as in view of the notification of the Government the fly ash fund transferred to NTPC Ltd.
ITAT Delhi while quashing the revisionary order passed by the Ld. Pr.CIT held that, mere non-deposit in the capital gains scheme account cannot be the basis to deny deduction u/s 54/54F when the LTCG amount had duly been reinvested within the time allowed under 54(1) and that a hyper-technical/perfectionists point of view cannot the basis to assume revisionary jurisdiction.
Explore the Kerala High Court judgment upholding Revision Proceedings to correct the wrong Rate of Tax, impacting the appellant’s appeal under the Income Tax Act
Delhi High Court held that revisionary power under section 263 of the Income Tax Act can be invoked only in case of no enquiry. The revisionary power cannot be invoked in case of inadequate enquiry.
In a recent case, ITAT Guwahati ruled on ‘Income other than business/profession mismatch,’ setting aside the assessment order. Detailed analysis of the decision.
ITAT Chandigarh held that initiation of reassessment proceeding merely on the fact that AO has not carried out independent enquiries of confirmations from the creditors, without pointing out any deficiency or inaccuracy, cannot be a base to hold that order was erroneous in so far as prejudicial to the interest of revenue. Accordingly, reassessment unsustainable.
