Tag Archives: Section 154

Foreign Tax Credit Dispute settlement – Clarify rectification time limit & documents – Budget 2017-18 Suggestions

Suggestion on Clause 62 of Finance Bill 2017– Claim of Foreign Tax Credit (FTC) pertaining to taxes which are under dispute in the foreign country – Clarification required on certain issues relating to period of limitation and documents which shall constitute evidence of settlement Section 155(14A) proposes to provide that where the payment of foreign… Read More »

Rectification of Mistakes u/s 154 of Income Tax : Analysis

RECTIFICATION OF MISTAKES [SECTION 154 of Income Tax Act ] What mistakes can be rectified Any mistake apparent from the record Who can rectify mistakes The following income-tax authorities can rectify mistakes: (a)          the CBDT              (b)             Principal Directors-General/Principal Chief Commissioners/Directors- General/Chief Commissioners (c)        … Read More »

Interest u/s 234B from first day of AY to give effect to order of Settlement Commission

IN THE ITAT JAIPUR BENCH Anil Hastakala (P.) Ltd. v. Assistant Commissioner of Income-tax, Central Circle, Alwar T.R. MEENA, ACCOUNTANT MEMBER AND LALIET KUMAR, JUDICIAL MEMBER IT APPEAL NOS.605 AND 606 (JP.) OF 2015 [ASSESSMENT YEARS 2003-04 & 2004-05] APRIL  28, 2016 P.C. Parwal, CA for the Appellant. Kailash Mangal, JCIT for the Respondent. ORDER… Read More »

judgment based had been reversed or modified by subsequent decision of a superior Court could not be a ground for exercise of power under section 154

  Facts  of the Case :- Assessing Officer allowed interest on interest on refund to assessee . Subsequently he recalled his order granting interest by resorting to proceedings under section 154, on basis of subsequent decision of Supreme Court . Whether fact that decision on a question of law on which judgment was based had… Read More »

Expedite disposal of pending rectification under section154 CBDT

CBDT asks Pr. CIT and Chief CIT to expedite disposal of pending rectification applications F. No. DGIT (s)-3/AST/Pending Rectifications/92/2015-16/135 Dated 10.08.2015 To All the Principal Chief Commissioners of Income-Tax / Chief Commissioners of Income-Tax Sir/ Madam, List of pending Rectifications u/s 154 of I.T. Act in demand cases as on 22.07.2015 – reg. Kindly refer… Read More »