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 : ITAT held an assessment passed after the taxpayer's death was invalid in law, quashed the order, and treated all remaining issues ...
Income Tax : ITAT deleted additions after finding the AO relied only on ACB information without independent inquiry or supporting evidence. ITA...
Income Tax : ITAT Kolkata held that a loan received by a company that was not a shareholder of the lender could not be taxed as deemed dividend...
Income Tax : The Court held that Section 263 could not be invoked where the AO had made inquiries and accepted the assessee's explanation....
Income Tax : The Court held that Section 263 could not be invoked where the AO had raised queries, examined replies and completed the assessmen...
ITAT Kolkata remands unexplained income case involving a mother-son transaction back to CIT(A) for fresh adjudication, citing incomplete compliance and evidentiary gaps.
ITAT Ahmedabad rules that cost of improvement to make a house livable qualifies for capital gains deduction. Penalty on disallowed expenses also canceled.
ITAT Delhi held that revisionary proceedings under section 263 of the Income Tax Act would not survive since the assessment order is held to be non-est. Thus, appeal dismissed as having become infructuous.
Explore Section 263 of ITA, 1961, and its implications for revising assessment orders with no discussion on certain issues. Judicial precedents explained.
Explore landmark judgments on capital gain tax exemptions under Sections 54 and 54F of the Income Tax Act. Key highlights from ITAT and High Court cases explained.
ITAT considered two issues on this aspect. Firstly, whether PCIT rightly exercised its revisional jurisdiction and secondly whether order u/s 263 was passed on merits regarding to the net foreign exchange gain.
During the pendency of assessment proceedings assessee died and notice u/s. 142(1) dated 12.03.2022 has been issued to legal heir/representative of the assessee as per provisions u/s. 159.
In response to the notice under Section 263, assessee argued that the issue had already been examined during reassessment proceedings and that the AO had taken a plausible legal view.
ITAT Ahmedabad held that revisionary proceeding under section 263 of the Income Tax Act quashed since enquiry already conducted by AO during the course of assessment proceedings. Accordingly, appeal allowed.
ITAT Ahmedabad held that the interest earned on the investment made with the Coopearitve Society which was carried out the banking business is eligible for deduction under section 80P(2)(d) of the Income Tax Act.
