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The Income Tax Appellate Tribunal ( ITAT ) has held that the assessing officer cannot skip the examination of the source of funds just because of the error in the income tax return (ITR) due to technical issues. Relief was provided by the tribunal to a woman who sold her property for Rs 94 lakh […]
The Assessing Officer’s ( AO ) decision has been set aside by the Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) classifying the Indian subsidiary as a Dependent Agent Permanent Establishment ( PE ) in software sales and remanded the case for fresh examination. The taxpayer-appellant QlikTech International AB is a foreign company […]
The Income Tax Appellate Tribunal ( ITAT ) Rajkot Bench sent a case back to the Assessing Officer (AO) for fresh adjudication, expressing that the authorities losses to perform inquiry for unsecured loans amounting to Rs.1.82 crore and Rs.1 crore. The tribunal marked that the additions under section 68 of the Income Tax Act, 1961, […]
The Kerala High Court stated that the Commissioner of Income Tax has the authority to review and make changes to tax decisions under Section 263 of the Income Tax Act, 1961. The Division Bench of Justices A.K. Jayasankaran Nambiar and Easwaran S. noted that “The role of the assessing officer under the Income Tax Act, […]
The Punjab & Haryana High Court upheld the revisional order passed by the Principal Commissioner Income Tax (PCIT) under Section 263 of the Income Tax Act. as the assessment was wrongly passed by the Assessing Officer ( AO ) under Section 44ADA of the Act. The taxpayer Harjot Singh, is an individual who filed his […]
The Punjab & Haryana High Court while indicating that the scheme of faceless assessment is applicable from the phase of SCN under section 148 as well as 148A, held that notice under section 148 could not be issued via the jurisdictional assessing officer post introduction of the faceless assessment scheme. As SCN has been issued […]
The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav noted that clause (a) of Explanation 2 of Section 263 of the Act introduces a deeming fiction to the effect that the order passed via the AO will be acknowledged wrong and prejudicial to the interests of the revenue if the order is passed […]
The Income Tax Appellate Tribunal (ITAT), the Chennai bench instructed to adjudicate on the basis of non-verification of further evidence by the Assessing Officer (AO). The assessee filed ITR (Income Tax Return) for the AY 2015-16 on 30/11/2015 showing NIL income and the loss of ₹.7,87,45,865/- in the current year. The AO observed that the […]
The taxpayer has filed the appeal towards the Income Tax Appellate Tribunal ( ITAT ), Visakhapatnam Bench, which ruled that the satisfaction is to be recorded by the Assessing Officer (AO), prior to the issue of a notice under section 153C of the Income Tax Act, 1961. The aforesaid observation was made by the tribunal […]
