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 ITAT Amritsar held that a valuation report by itself cannot justify addition under Section 69 without evidence of extra paymen...
Income Tax : ITAT Mumbai held that amortization of BOT road project expenditure must be computed based on the actual concession period and not ...
Income Tax : The Tribunal held that the reassessment order could not be revised under Section 263 since the conditions for treating jewellery e...
Income Tax : ITAT Hyderabad held that assessment orders passed pursuant to earlier remand directions were barred by limitation under Section 15...
Income Tax : Delhi ITAT held that an Assessing Officer cannot make additions beyond the specific issues remanded by the Principal Commissioner ...
ITAT Surat held that if the order passed in the original proceeding itself is illegal, then that cannot give rise to valid revision proceedings. Thus, revision order u/s. 263 quashed as order passed u/s. 147 r.w.s. 144 & 144B is invalid.
ITAT Jaipur addresses tax rate dispute in Sadhwani Wood Products Pvt Ltd case, involving unaccounted cash sales and Section 115BBE of Income Tax Act.
Gujarat High Court held that once indexed renovation expense of co-owner accepted, the assessee is not required to produce any documents to prove his share of indexed renovation expense. Accordingly, allowance should be granted even without proof.
ITAT Cuttack held that AO wrongly allowed the set off of brought forward loss and accordingly order of AO is erroneous and prejudicial to the interest of revenue. Accordingly, revisionary jurisdiction u/s. 263 of the Income Tax Act rightly invoked.
Delhi High Court held that CIT has rightly held that assessment order was passed without making necessary inquiries and verification hence in terms of clause (a) of Explanation 2 to Section 263, the assessment order is deemed to be erroneous in so far as it is prejudicial to the interests of the revenue.
As per AO, Shri Birat Chandra Dagara was one of the partner of the assessee firm and had owned the mining lease and submitted the details as per which the assessee was found indulged in the illegal production of iron ore.
Revision order was remanded back for re-examination of assessee qualification as venture capital as where the amount had been received from the Venture Capitalists, the provisions of section 56(2)(viib) were not applicable.
ITAT Rajkot reviews the PCIT’s revision under Section 263 regarding income classification in Jayshree Sarees case.
Delhi High Court held that reopening of assessment u/s. 148 of the Income Tax Act unsustainable as PCIT already decided the matter in favour of the assessee while invoking revisionary powers u/s. 263 of the Income Tax Act. According, reassessment action quashed.
ITAT Cuttack held that difference between the sales declared in the profit and loss account and as per the cash book entire added by PCIT without providing sufficient opportunity to reconcile the same. Thus, AO directed to examine the issue.
