Tag Archives: Section 154

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

By | March 4, 2017

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

By | October 10, 2016

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

By | July 25, 2016

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 »

Omission to Produce auditor’s certificate is mistake u/s 154

By | February 8, 2016

Issue The return of income filed by the assessee for the assessment year 1997-98 was processed under Section 143(1)(a) on 27.3.1998 and it was found at that time that the appellant had not produced the auditor’s certificate. Therefore, the claim of the appellant under Section 80HHC of the Act was disallowed by the Assessing Officer.… 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

By | October 11, 2015

  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 »

No Rectification under section 154 by AO if issue if debatable

By | October 11, 2015

Where Assessing Officer by rectification order, withdrew interest granted to assessee-company on refund by holding that no interest was payable to assessee , It was observed in certain judicial decisions of High Court that assessee was entitled to interest on refund under section 244A in respect of self assessment tax paid , as said issue was… Read More »

Expedite disposal of pending rectification under section154 CBDT

By | August 15, 2015

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 »

Carry forward of loss due to Assessment

By | August 1, 2015

Question: when the Assessee filed the income tax return after the Prescribed period u.s 139 (1) and declared the income but in the Assessment proceedings loss has been determined by the Assessing Officer , Whether the Assesse can carry forward the Loss in view of the provision that as per Section 80 of the Act, the benefit… Read More »