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...
ITAT Kolkata held that AO failed to make required enquiries to go into the question of valuation of shares given by the accountant for the purpose of assessment of income as per provisions of section 56(2)(viib). Accordingly, revisionary power under section 263 rightly invoked.
A deep dive into the Kute Sons Dairys Ltd Vs PCIT case, highlighting implications of an assessment completed without proper inquiry and legal justifications for invoking revision u/s 263.
ITAT Chandigarh held that invocation of revisionary powers under section 263 post due enquiry carried out by AO and assessment order passed with due application of mind is unjustified and untenable in law
ITAT Delhi held that as the original return was only processed u/s 143(1), AO can duly initiate re-opening of proceedings under section 147 of the Income Tax Act so as to bring the escaped income into tax.
ITAT Chennai Held that the provisions of section 43A of the Act specifically provides that the amount of increase or decrease in the liability due to fluctuation in exchange rate should be adjusted against the actual cost of the capital expenditure or the cost of acquisition of capital asset.
ITAT Rajkot held that the capital contribution made by the partner of the firm cannot be subject to the addition in the hands of the partnership firm.
Explore the ITAT Delhi verdict on BLP Vayu’s share premium issue. Assessment under Section 263 challenged. Learn about the intricacies of Section 56(2)(viib) and its applicability.
Arvi Lights challenged a revision under section 263 of the IT Act regarding cash deposits during demonetization. ITAT Delhi found AO’s inquiries sufficient, supporting the original assessment.
ITAT Delhi held that for invoking revisional jurisdiction u/s 263 it is necessary to satisfy twin conditions i.e. one being that order should be erroneous and second, such order should be prejudicial to the interests of the Revenue. Non-satisfaction of the conditions renders the proceedings unsustainable.
Delve into the intricacies of the case Smt. Sekar Jayalakshmi Vs ITO (ITAT Chennai), analyzing the discrepancy between Section 68 and Section 69A of the Income Tax Act.
