Rectification petition u/s 154 - Merely because assessee has ...

Case Laws Income Tax

May 29, 2020

Rectification petition u/s 154 - Merely because assessee has inserted some figures, which are not in coherence with the other figures in the income tax return, there is a mistake apparent from the record, which needs to be rectified. Thus, the lower authorities are not justified in rejecting the application under section 154.

View Source

← Previous Next →

Rectification petition u/s 154 - Merely because assessee has ...

Case Laws Income Tax

May 29, 2020

You may also like:

Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

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 -...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

Additions towards Bogus purchases - When the figures of purchase shown by the assessee in the profit and loss account are matching with the figures certified by the...

Excess stock found during survey in assessee's business premises led to surrendered income. Assessing Officer accepted return figures but applied higher tax rate u/s...

Duty of AO to Guide the Assessee - Considering the specific facts on record that the assessee is non resident the amount which the ld. AO has taxed is earned and sourced...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Exclusion of Sales inflation figure from the assessee’s income - Special Auditor’s Report relied upon - Merely because the assessee’s income was audited by the chartered...

Revision u/s 264 - It is settled law that an assessee is liable to pay income tax only on the income that is chargeable under the Act. Merely because an assessee has...

Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

The Income Tax Appellate Tribunal (ITAT) held that the assessee is entitled to the concessional tax rate of 10% on royalty income u/s 115BBF, as the assessee had...

The assessee failed to file the original return of income, and the Assessing Officer initiated penalty proceedings for underreporting income. The assessee's authorized...

Higher rate of tax @60% u/s 115BBE - though the alleged surrendered income is a business income but since assessee being individual having no limitation of earning...

The case pertains to the levy of interest u/s 234C for failure on the part of the payer to deduct tax deducted at source (TDS) u/ss 196D and 194LD. The key points are:...

Accrual of income in current AY - duty drawback and service tax refund - the income would be receivable only when the income accrues to the assessee and income would...

Quick Updates: