Tag Archives: Section 154

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 »