Rectification of mistake - Rebate claim u/s 88E - as per AO ...

Case Laws Income Tax

August 31, 2018

Rectification of mistake - Rebate claim u/s 88E - as per AO assessee has also earned income by way of short term capital gains on which the assessee has paid STT and therefore, while computing the rebate, income from such short term capital gains should have to be reduced - The issue has two plausible views and once, it is doubtful issue, the AO cannot resort to section 154 of the Act i.e. rectification of mistake apparent from record.

View Source

← Previous Next →

Rectification of mistake - Rebate claim u/s 88E - as per AO ...

Case Laws Income Tax

August 31, 2018

You may also like:

Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

During a search operation, the assessee surrendered a lump sum amount as alleged long-term capital gains from the sale of shares as additional income u/s 132(4). The...

Interest income earned from funds received from Government for setting up a company is a capital receipt, not revenue receipt, as the funds and income must be utilized...

In the present case, the Assessing Officer (AO) disallowed the expenditure claimed u/s 57(iii) of the Income Tax Act on an ad-hoc basis. The AO did not challenge the...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

Rectification of mistake u/s 154 - Though there is a remedy to revise the return but if the assessee could not revised its return of income within the period prescribed,...

Correct head of income - rental income - except for creating the infrastructure as per the requirement of the lessee, the assessee is not providing any other service...

Rebate of claim u/s 88E - in case of arbitrage loss assessee had admittedly not paid any income tax. Therefore, if assessee’s plea is accepted then it would lead to...

Rebate u/s 88E - Rebate in respect of STT payment - rebate is admissible to the assessee only in respect of the income of an assessee in a previous year, chargeable...

The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154...

Correct head of income - transactions of dealing in shares - The Appellate Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision regarding two key issues....

Additions u/s 68 - income from un-disclosed sources - Agriculture Income or not - exemption of income u/s 10(1) read with Section 2(1A) denied - onus to prove - The...

Rectification of mistake - Since no claim of deduction of exempt income has been made in the return of income and A.O. accepted the return of income filed by assessee as...

Quick Updates: