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The Ahmedabad ITAT set aside a partially passed order under section 263 of the IT Act, 1961, where the Principal Commissioner of Income Tax improperly mandated the inclusion of accommodation entries without adequate verification. Sunil Poonamchand Saraf, applicant, furnished an appeal against the order passed by the PCIT, Ahmedabad-1, for the AY 2013-14. Originally, the […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) quashed the revisionary order passed by the Principal Commissioner of Income Tax (PCIT), ruling that the assessment order was not incorrect. Chandrakant Vallabhbhai Koladia has submitted his income tax return for the AY 2018-19, declaring a total income of Rs 1,23,69,720. Based on the survey, the taxpayer revealed […]
The Chandigarh bench of the Income Tax Appellate Tribunal (ITAT), Section 263 of the Income Tax Act, 1961, which authorizes the Principal Commissioner of Income Tax (PCIT) to modify assessments, cannot be invoked based on an audit objection. The taxpayer Vaneet Gupta, in March 2018, was provided an income tax notice under section 148 asking […]
In a ruling, the Income Tax Appellate Tribunal (ITAT) Jaipur has ruled in the appellant’s favour, setting aside the order of the Principal Commissioner of Income Tax (PCIT) u/s 263 of the Income Tax Act, 1961. It was discovered by the tribunal that PCIT has overlooked various submissions incurred by the taxpayer breaking the norms […]
Section 14A of the Income Tax Act, 1961 was a Non-Obstante clause that can be applied prospectively from 01.04.2022 and quashed the order of PCIT, the Surat Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled. The taxpayer Meri Life Sciences Private Limited is a company that furnishes an income tax return for […]
The Income Tax Appellate Tribunal (ITAT) of Delhi in a decision, quashed a reassessment notice issued u/s 148 of the Income Tax Act, 1961 (ITA) to the assessee/ appellant, Natraj Products Pvt. Ltd. for the AY 2010-11, mentioning mechanical approval granted by the Principal Commissioner of Income Tax (PCIT). The reassessment was on the grounds […]
The Surat bench of the Income Tax Appellate Tribunal (ITAT) ruled that the revision order, raised by the Principal Commissioner of Income Tax (PCIT) on matters beyond the limited scrutiny, couldn’t be justified. Consequently, the tribunal invalidated the revision order. Preetiben Chhatrasingh Chauhan, the taxpayer, generated income from various sources, including house property, business, agriculture, […]
It was determined that the Principal Commissioner of Income Tax (PCIT) did not have the authority to gather the revisionary requirements of Section 263 of the Income Tax Act, 1961, as determined by the Delhi Bench of the Income Tax Appellate Tribunal (ITAT). Therefore, the order for reassessment for the Assessment Year 2016-17 was overturned. […]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, Shri Mahavir Prasad, JM & Shri Waseem Ahmed, AM held that the AO can convert the Limited to Comprehensive scrutiny on some needs exclusively with the approval of PCIT in writing. The petitioner is a doctor who runs a hospital in Ahmedabad. The taxpayer has brought an […]
