Revised computation v/s revised return of income- Rectified ...

Tribunal Upholds Authority u/s 254, Validates Taxpayer's Claim on Expenditure as Non-New Claim in Assessment.

October 6, 2021

Case Laws Income Tax HC

Revised computation v/s revised return of income- Rectified computation of income submitted during the course of assessment proceedings - CBDT Circular states that department should freely advise the assessee, when approached by them as to their rights and liabilities and as to the procedure to be adopted for claiming refunds and reliefs. Tribunal was convinced that the claim made by the assessee towards expenditure was not a fresh claim. Therefore, the Tribunal had exercised its powers conferred under Section 254 of the Act, which cannot be found fault with. - HC

View Source

← Previous Next →

Revised computation v/s revised return of income- Rectified ...

Tribunal Upholds Authority u/s 254, Validates Taxpayer's Claim on Expenditure as Non-New Claim in Assessment.

October 6, 2021

Case Laws Income Tax HC

You may also like:

Rectification u/s 254 - The High Court acknowledges that the Tribunal is the final authority to ascertain facts. However, it must rectify any apparent mistakes in its...

Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...

Rectification u/s 254 - non consideration of the Judgment of the Hon'ble Bombay High Court - When the Tribunal has no jurisdiction to review the order passed by them,...

Rectification u/s 254 - Addition u/s 68 - non-consideration of certain facts in Order of the Tribunal - ignoring the material already on record on the part of the...

The taxpayer, an IT/support services provider, received reimbursements from its associated enterprises (AEs) for the cost of providing such services. The tax authorities...

ITAT affirmed CIT(A)'s directive to grant TDS credit per Form 26AS despite taxpayer's initial failure to claim full credit in tax return due to software technical issues....

Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

Revision u/s 254 - NP estimation on turnover - Bogus bills for purchase of diamonds - it is nothing, but a bogus claim of expenditure recorded in the books of accounts...

Rectification u/s 254 - non consideration of Tribunal decision in order which was referred and provided in paper book - an apparent error requiring necessary...

The Appellate Tribunal addressed the issue of alleged bogus long-term capital gain u/s 10(38) concerning a transaction involving shares of a company flagged as a penny...

The HC held that the Tribunal erred in exercising jurisdiction u/s 254(2) to set aside the additions made by the AO regarding delayed payment of statutory dues like PF...

Disallowance of commission paid to foreign agents - The Tribunal upheld the disallowance of commission expenses to both domestic and non-resident companies due to the...

Power of Tribunal u/s 254 to dismiss the appeal in limine - non prosecution - the Tribunal erred in dismissing the appeal only on the ground of non prosecution without...

The assessee, a company engaged in development/construction and sale of flats and plots, had classified its properties into four categories: flats open for sale, let-out...

CESTAT allowed appeal concerning refund of CVD and ACD. Original authority's rejection was based on contradictory findings - accepting CA certificate showing non-passing...

Quick Updates: