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...
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.
ITAT Ahmedabad held that initiation of revisionary proceedings by issuing show cause notice u/s 263 of the Income Tax Act without Document Identification Number (DIN) makes the entire proceedings invalid-in-law.
ITAT Kolkata held that revision of assessment order passed u/s. 143(3) unsustainable as levy of interest u/s. 115P of the Income Tax Act for short payment of Dividend Distribution Tax (DDT) u/s. 115-O of the Income Tax Act, which comes under a separate Chapter, was not part of assessment order.
ITAT Mumbai held that unsold flats which are in stock in trade should be assessed under the head “business income” and there is no justification in estimating the rental value from those flats and notionally computing annual letting value under section 263 of the Act.
ITAT Pune held that initiation of revisionary proceedings under section 263, based only on the proposal sent by AO for making revision, lacked jurisdiction and hence revisionary proceedings liable to be set aside.
ITAT Delhi held that disallowance of expenditure owing to suspension of business unsustainable as there is nothing on record to show that assessee has completely abandoned or closed the business forever by disposing of its assets and going into liquidation.
The proceedings drawn, admittedly being beyond a period that was prescribed under sub-section (2A) of Section 153 and the consequential orders passed were all beyond the period of limitation prescribed under sub-section (2A) of Section 153 hence, the same being not sustainable, deserved to be and was accordingly set aside/quashed.
ITAT Chennai held that revision order u/s. 263 unjustified and liable to be quashed as no findings which proves that there is a violation of the proviso to provision of section 2(15) of the Income Tax Act, 1961. Accordingly, exemption u/s. 11 rightly claimed.
ITAT Delhi validates PCIT’s revision order under Section 263, emphasizing the importance of adequate enquiry by AO for unsecured loans, advances, and income in AY 2015-16.
