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The Income Tax Appellate Tribunal ( ITAT ), Bangalore in a case carried that no addition may be made by an Assessing Officer ( AO ) u/s 28(iv) of the Income Tax Act, 1961 in the case that imported assets were furnished to the taxpayer free of cost, exclusively for testing which was either returned […]
It was asked by the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) that the Jurisdictional Assessing Officer (JAO) correct the intimation by the Central Processing Centre because of the rejection of Section 80JJAA of the Income Tax Act, 1961 claim as of the technical default. The taxpayer Vimalachal Print & Pack […]
The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) remitted the case to the Assessing Officer ( AO ) for reassessment discovering that the Commissioner of Income Tax (Appeals) had sent notices to an inaccurate email address. The appellant-assessee, Venkataraju Chandra Shekar, had filed an appeal contesting the order for the Assessment Year […]
U/s 69A of Income Tax Act,1961 the Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) deleted a Rs. 14 lakh addition made by the Assessing Officer (AO). The addition was based on wrong information concerning a property transaction, where the AO incorrectly recorded the purchase price as Rs. 45 lakhs instead of the […]
The Punjab & Haryana High Court has set aside the hefty penalty of Rs.128 Crores levied on the Land Acquisition Officer (LAO) for failing to deduct Tax Deduction At Source (TDS) on the interest on the surged compensation disbursed under the Land Acquisition Act. It was remarked by the court that the officer followed the […]
Observing that the scheme shown by the Central Government does not envisage exclusion of provision of section 148A since the process shown within the mentioned provisions is inextricably associated with Section 148, the Bombay High Court has quashed the whole exercise that the jurisdiction AO has performed under section 148A outside the faceless procedure. Section […]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the AO failed to specify whether the penalty was for concealment or inaccurate particulars in the notice issued under Section 274 and Section 271(1)(c) of the Income Tax Act. The bench of Suchitra Kamble (Judicial Member) and Makarand V. Mahadeokar (Accountant Member) has […]
The Bombay High Court has determined that Assessing Officers (AOs) must verify information before initiating reassessment proceedings based on faceless data. This ruling comes from a bench of Justices G.S. Kulkarni and Somasekhar Sundaresan, who underscored the importance of verification when AOs intend to act under Section 148 of the Income Tax Act, particularly when […]
The Delhi High Court permitted the writ petition in favour of Mitsubishi Corporation and quashed the assessment order since the tribunal losses to regard the entire powers granted to it u/s 254 of the Income Tax Act of 1961, and the order was quashed to the extent that they denied consideration of the additional reasons […]
