The facts of the case would have to be studied. Where proceedings under section 263 of the Act were quashed because the Ld. AO has taken a view which is a possible view, merely because it is prejudicial to the interest of the revenue would not result in revisionary proceedings. Since the Ld. Ao has… (read more)

Scrutiny proceedings and proceedings under sections 269SS and 269T of the Income-tax Act, 1961(Act) are independent of each other. The penalty is levied on the basis of the statement recorded and circumstantial evidence. The assessee has the right to request for cross-examination as not granting the same would be in violation of the principles of… (read more)

We would need to understand the facts of the case to comment on your question. If you want to know whether penalty is attracted under section 270A of the Income-tax Act, 1961 on excess declaration of income over and above the income declared in the original return, the answer is yes. (read more)

The Hon'ble ITAT in the case of Krish Homes Private Limited v. ITO (ITA No. 237/JP/2019, CO: 16/JP/ 2019 23/12/2019) (Jaipur)(Trib). held that if the Assessing Officer has incorrectly or erroneously applied law and income chargeable to tax has escaped assessment, the Revenue should resort to section 263 of the Act and revise the assessment… (read more)

Non-consideration of a decision of the Hon'ble Supreme Court and Jurisdictional High Court is an apparent mistake as per the decision of the Hon'ble Supreme Court in the case of ACIT v. SaurashtraKutch Stock Exchange Ltd.[2008] 305 ITR 227 (SC). Further, the Hon'ble Supreme Court in the case of JCIT v. Chambal Fertilisers & Chemicals… (read more)

The nature of declaration and the facts of the case would have to be understood to understand the implications of 115BBE of the Income-tax Act, 1961. In Bajaj Sons Ltd. v. (2021) 190 ITD 128/ 91 ITR 498 (Chd) (Trib.) The Tribunal held that surrender of income cannot be taxed at higher rate of tax.… (read more)

1. There is no limit on sending money to a daughter living abroad under the Income-tax Act, 1961. As per the Liberalized Remittance Scheme of the RBI, $ 2,50,000/- per year can be sent without the prior approval of the RBI. 2. As per the facts mentioned, it appears that the person need not file… (read more)

As we understand, ITA 2376/Mum/2022 is passed after considering the decision in the case of Checkmate Services Private Limited. The scope of an MA is restricted to only apparent mistakes in the order of the Tribunal. Where an appeal is allowed after considering the case of the Hon'ble Supreme Court, an MA stands at a… (read more)

As we understand, there is no cash or stock or capital asset given to the retiring partner by the firm. Therefore, there will be no implication under section 9B and section 45(4) of the Income-tax Act, 1961 (Act). However, there is an extinguishment of Partner B's rights in the firm and consideration for the same… (read more)

The PCIT can cancel the registration retrospectively if they come to a conclusion that the trust was not running for charitable purposes. PCIT is empowered to cancel the registration of the trust retrospectively subject to the provisions of section 12AA(3) of the Income-tax Act, 1961 (read more)