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Search results for pcit

[Income Tax Act] Placing Funds In One Account Before Transferring It To Another Does Not Attract S. 69A: Allahabad High Court
2 weeks, 2 days ago

[Income Tax Act] Placing Funds In One Account Before Transferring It To Another Does Not Attract S. 69A: Allahabad High Court

Live Law  

The Allahabad High Court has upheld the finding of the Income Tax Appellate Tribunal and Commissioner of Income Tax that when an agreement between parties specifies a direct transfer of money, doing so indirectly by keeping the funds in a distinct account before sending them to the final account, does not place the money under the definition of 'unexplained money' …

Tax Court Income Tax Bank Income Agreement Tribunal
[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC
1 month, 1 week ago

[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC

Live Law  

The Delhi High Court has held that in order to invoke Section 263 of the Income Tax Act, 1961, the Principal Commissioner must satisfy “twin conditions”, i.e. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma observed, “Twin conditions have to be met for assuming jurisdiction under Section 263 of the Act, and the PCIT has to form …

Court Income Tax Case Interest Revenue Held Commissioner
Mistake In Calculation Of Tax As Per Sec 115BBE Can Be Rectified U/s 154 And Not U/s 263: Ahmedabad ITAT Quashes Revision Made By PCIT
4 months, 1 week ago

Mistake In Calculation Of Tax As Per Sec 115BBE Can Be Rectified U/s 154 And Not U/s 263: Ahmedabad ITAT Quashes Revision Made By PCIT

Live Law  

Finding that all the additions made by the Assessing Officer u/s 68 r/w/s 115BBE are in consonance with the Income Tax Statute, the Ahmedabad ITAT quashed the revisional exercise of power by the PCIT u/s 263. The power under section 263 of the Income tax Act can be exercised where the order of the Assessing Officer is erroneous and prejudicial …

Tax Income Tax Act Order Income Sec Bench Itat
Direct Tax Weekly Round-Up: 4 To 10 August 2024
4 months, 1 week ago

Direct Tax Weekly Round-Up: 4 To 10 August 2024

Live Law  

Delhi High Court Amendment In Section 153C Income Tax Act Can't Be Interpreted For Revival Of Already Time Barred Proceedings: Delhi High Court Case Title: PCIT Versus Karina Airlines International Ltd. Reopening Based On Entirely New Material Deprives Taxpayer's Right To Object To Re-Assessment: Delhi High Court Case Title: Banyan Real Estate Fund Mauritius Verses Assistant Commissioner Of Income Tax …

Tax Court Income Tax Title Income Held High
ITAT Declines To Stay Cancellation Of Exemption Notification To Legal Initiative For Forest And Environment Trust (LIFE)
4 months, 1 week ago

ITAT Declines To Stay Cancellation Of Exemption Notification To Legal Initiative For Forest And Environment Trust (LIFE)

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has dismissed the stay application filed by assessee-LIFE Trust against the withdrawal/cancellation of registration for exemption granted under section 12A/12AA/12AB from FY 2013-14 onwards. The bench, Kul Bharat and Brajesh Kumar Singh, observed that the LIFE Trust, in association with Earth Justice, which is a USA-based organization, was involved in obstructing and …

Environment Trust Justice Legal Life Indian Registration
Kerala High Court Weekly Round-Up: June 17- June 23, 2024
5 months, 4 weeks ago

Kerala High Court Weekly Round-Up: June 17- June 23, 2024

Live Law  

Nominal Index Sipahi Kumar v State of Kerala, Jaymangal Shah v State of Kerala, 2024 LiveLaw Ker 362 Lakeshore Hospital And Research Centre Limited Versus The Additional/Joint/Deputy/Assistant Commissioner Of Income Tax/ Income Tax Officer, National Faceless Assessment Centre, 2024 LiveLaw 363 Balan Panicker Ramesh Kumar Versus Union Of India, 2024 LiveLaw 364 Jitha Sanjay v State of Kerala, 2024 LiveLaw …

Kerala High Court Court Income Tax Title Kerala High Court Criminal Proceedings
Revisionary Power Can't Be Invoked On Allegation Of Improper Inquiry By AO: Delhi ITAT
6 months ago

Revisionary Power Can't Be Invoked On Allegation Of Improper Inquiry By AO: Delhi ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that the assessment order cannot be held to be erroneous and prejudicial to the interest of revenue merely on the allegation that the Assessing Officer has not made an inquiry and verification with regard to cash deposits as well as scrap sales.The bench of Saktijit Dey and Naveen Chandra. The …

Assessment Order Income Interest Officer Allegation Itat
ITAT Cases Weekly Round-Up: 31 March To 6 April 2024
8 months, 2 weeks ago

ITAT Cases Weekly Round-Up: 31 March To 6 April 2024

Live Law  

Case Title: Zila Parisad verses Addl. Case Title: Kishorkumar Bhalara verses The Principal Commissioner of Income Tax On finding that the PCIT has held the assessment order passed by AO as erroneous and prejudicial to the interest of the Revenue simply based on incorrect assumption of facts, the Rajkot ITAT directed to set aside the order passed u/s 263 of …

Tax Income Tax Title Order Income Act Finding
Direct Tax Cases Monthly Round Up: March 2024
8 months, 2 weeks ago

Direct Tax Cases Monthly Round Up: March 2024

Live Law  

Delhi High Court Case Title: PCIT Versus M/S Clix Finance India Pvt. Patna High Court Case Title: Purnendu Shekhar Sinha Versus The Union Of India LL Citation: 2024 LiveLaw 23 The Patna High Court has held that differentiation between government employees and other employees for leave encashment exemption is neither discriminatory nor violative of Article 14 of the Constitution of …

India Tax Court Title Income Held High
Assessment By AO Can't Be Termed As Prejudicial To Interest Of Revenue If It Doesn't Result In Any Loss To Revenue: Indore ITAT
8 months, 3 weeks ago

Assessment By AO Can't Be Termed As Prejudicial To Interest Of Revenue If It Doesn't Result In Any Loss To Revenue: Indore ITAT

Live Law  

On finding that the facts of the case do not warrant application of section 263 of the Income Tax Act, the Indore ITAT set aside the revision order passed by PCIT and restored the original assessment-order passed by the AO. In the light of those rulings, the AO has rightly assessed the income at normal rates of tax, hence there …

Order Income Revenue Bench Passed Itat Assessee
PCIT Cannot Enlarge Scope Of Limited Scrutiny By Invoking Sec 263: Chennai ITAT
9 months, 1 week ago

PCIT Cannot Enlarge Scope Of Limited Scrutiny By Invoking Sec 263: Chennai ITAT

Live Law  

Finding that the case of assessee was selected for limited scrutiny by the AO, the Chennai ITAT ruled that the PCIT cannot enlarge the scope of limited scrutiny u/s 263 of the Income tax Act. The Bench of V. Durga Rao and Manjunatha, G. observed that “it is not a fit case to invoke the provisions of section 263 of …

Income Case Limited Bench Itat Assessee Pcit
Direct Tax Cases Weekly Round-Up:3 March To 9 March 2024
9 months, 1 week ago

Direct Tax Cases Weekly Round-Up:3 March To 9 March 2024

Live Law  

Delhi High Court Case Title: PCIT Versus M/S Clix Finance India Pvt. Bombay High Court Case Title: Shell India Markets Private Limited Versus Union of India The Bombay High Court has held that business support services are not taxable as a fee for technical services, and no TDS is liable to be deducted. Patna High Court Case Title: Purnendu Shekhar …

India Court Title High Case Title
PCIT Can Grant Sanction U/s 151 For Issuing Reopening Notice U/s 148 Even After Expiry Of Four Years From End Of Relevant AY: Mumbai ITAT
10 months, 2 weeks ago

PCIT Can Grant Sanction U/s 151 For Issuing Reopening Notice U/s 148 Even After Expiry Of Four Years From End Of Relevant AY: Mumbai ITAT

Live Law  

The Mumbai ITAT recently reiterated that a notice can be issued u/s 148 of the Income Tax Act, 1961, even after the expiry of limitation period, if the sanction for same has been granted by the Principal Commissioner of Income Tax. Baskaran observed that “the sanction granted under section 151 of the Act was found to be improper as the …

Mumbai Income Tax Sanction Notice Act Bench Four Years
Tax Cases Weekly Round-Up: 17 To 23 December, 2023
11 months, 4 weeks ago

Tax Cases Weekly Round-Up: 17 To 23 December, 2023

Live Law  

Delhi High Court High-End KPO Services Provider Can't Be Compared With ITeS, Which Is BPO Services Provider: Delhi High Court Case Title: PCIT Versus Future First Info. Case Title: CIT Versus Hersh Washesher Chadha Citation: 2023 LiveLaw 1305 The Delhi High Court has held that Section 69A of the Income Tax Act can only be invoked where books of account …

High Court Customs Title Video Conference Held 2023 Commissioner
Section 54 Deduction Can't Be Disallowed Merely For Not Depositing LTCG In Capital Gain Account Scheme: ITAT
1 year ago

Section 54 Deduction Can't Be Disallowed Merely For Not Depositing LTCG In Capital Gain Account Scheme: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that deduction under Section 54 of the Income Tax Act cannot be disallowed merely for not depositing long-term capital gain that was not deposited in the capital gain account scheme.The bench of Saktijit Dey and M. Balaganesh has adopted a hyper-technical approach while dealing with. The Delhi Bench of Income …

Property Assessment Order Income Capital Scheme Gain
Reassessment Proceedings, Senior Officers Like ACIT, PCIT Expected To Apply Mind; Delhi High Court
1 year ago

Reassessment Proceedings, Senior Officers Like ACIT, PCIT Expected To Apply Mind; Delhi High Court

Live Law  

The Delhi High Court has held that senior officers like ACIT and PCIT are expected to apply their minds to such requests and, only after that, approve the initiation of reassessment proceedings.The bench of Justice Rajiv Shakdher and Justice Anish Dayal has observed that the reopening of the concluded scrutiny assessment is a serious business. The Delhi High Court has …

Court Assessment Delhi High Court Senior Officers Pcit Reassessment Proceedings Sipl
Delhi High Court Weekly Round-Up: October 23 To October 29, 2023
1 year, 1 month ago

Delhi High Court Weekly Round-Up: October 23 To October 29, 2023

Live Law  

Citations 2023 LiveLaw 1017 to 2023 LiveLaw 1032NOMINAL INDEXDr. 2023 LiveLaw 1032 Doctors Issue Medical Certificate Without Examination, Delhi High Court Says Removing Their Name From Medical Council’s Roll Not The Only Leviable Penalty Case Title: Dr. Neena Raizada v. Medical Council of India through its Secretary & Ors. Delhi High Court Restrains Flavoured Tea Brand From Making Fresh Manufacture …

India Singapore Justice Constitution Court Income Tax Delhi High Court
Allahabad High Court Imposes 10K Cost On Income Tax Authority For Violation Of Principles Of Natural Justice
1 year, 4 months ago

Allahabad High Court Imposes 10K Cost On Income Tax Authority For Violation Of Principles Of Natural Justice

Live Law  

The Allahabad High Court on Wednesday imposed a cost of Rs. 10,000 to be paid by an erring officer of the Income Tax Department for violating the principles of natural justice while cancelling the earlier Assessment Order and initiating fresh proceedings under Section 263 of the Income Tax Act, 1961. Counsel for Petitioner contended that the impugned order was passed …

Justice Tax Court Natural Justice Income Tax Order Income
Tax Cases Weekly Round-Up: 6 August To 12 August, 2023
1 year, 4 months ago

Tax Cases Weekly Round-Up: 6 August To 12 August, 2023

Live Law  

Delhi High Court Case Title: PCIT Versus M/S Eltek Sgs Pvt. Case Title: Anokhi Realty Private Limited vs. Income Tax Officer 2023 LiveLaw 132 Case Citation: 2023 LiveLaw 132 The Gujarat High Court has quashed the income tax reassessment notice against a non-existent entity. Case Title: Commissioner Of Income Tax Versus Star Rays The Gujarat High Court has held that …

Tax Court Customs Title Income Service Tribunal
ITAT Quashes Income Tax Addition In Respect Of Immovable Property Warranting Revision By The PCIT
1 year, 4 months ago

ITAT Quashes Income Tax Addition In Respect Of Immovable Property Warranting Revision By The PCIT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has quashed the income tax addition in respect of immovable property, warranting revision by the PCIT.The bench of Anubhav Sharma and M. Balaganesh has observed that AO, after making adequate inquiries, proceeded to make an addition for alleged money receipts on a protective basis in the hands of. The Delhi Bench …

Tax Settlement Order Income Revision Judicial Hands
Appearance Of AR Not Enough For Presuming Service On Assessee Under S. 292BB Of ITA: Orissa High Court
1 year, 10 months ago

Appearance Of AR Not Enough For Presuming Service On Assessee Under S. 292BB Of ITA: Orissa High Court

Live Law  

The Orissa High Court has deprecated the Income Tax Authority who, despite being informed that the assessee was in judicial custody, failed to serve a notice upon him through the Superintendent of the concerned jail, in the proceedings initiated against the assessee under Section 263 of the Income Tax Act, 1961. The Court further ruled that appearance of the authorized …

Tax Court Custody Income Service Judicial High
Reassessment Notice after 4 Years should have the Sanction Of PCIT: Bombay High Court
1 year, 11 months ago

Reassessment Notice after 4 Years should have the Sanction Of PCIT: Bombay High Court

Live Law  

The Bombay High Court ruled that issuing a reassessment notice after four years is subject to the approval of the Principal Chief Commissioner of Income-tax.The division bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has ruled that the approval for the issuance of a notice under Section 148 ought not to have been obtained from the Additional Commissioner …

Tax Bombay High Court Income Tax Income Notice Commissioner Approval
Tax Cases Weekly Round-Up: 08 January To 14 January 2023
1 year, 11 months ago

Tax Cases Weekly Round-Up: 08 January To 14 January 2023

Live Law  

Supreme Court Case Title: Red Chilli International Sales Versus ITO Citation: 2023 LiveLaw 16 The Supreme Court recently set aside an order of the Punjab and Haryana High Court which dismissed a writ petition filed by an assessee against a notice issued under Section 148A of the Income Tax Act 1961 for reopening assessment. Case Title: PCIT Versus M/s.Neotech Education …

Court Services Customs Title Held High Bench
Tribunal Being Fact-Finding Body, Unless Perversity Shown, High Court Can’t Interfere: Calcutta High Court
1 year, 11 months ago

Tribunal Being Fact-Finding Body, Unless Perversity Shown, High Court Can’t Interfere: Calcutta High Court

Live Law  

The Calcutta High Court has held that unless and until the order passed by the Tribunal suffers from any perversity or ignores any vital fact in an appeal under Section 260A of the Income Tax Act, the Court is not expected to interfere with the order.The division bench of Justice T.S. The Calcutta High Court has held that unless and …

High Court Court Order Tribunal Assessee Calcutta High Court Pcit