Separate speaking orders on reopening objections are mandatory; deciding them within reassessment invalidates jurisdiction and precludes revival of st...
Compulsorily convertible debentures remain debt before conversion, preventing transfer-pricing and interest-deduction disallowances on the stated fact...
Stock-in-trade transfer taxability follows possession and consideration, not later conveyance registration, limiting deemed-value provisions to the ac...
Revision of an income-tax intimation requires consideration of...
Reasoned rectification orders require consideration of expenditure disclosed in income-tax returns, preventing revision based on incomplete income computation.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Revision of an income-tax intimation requires consideration of expenditure disclosed in the return when computing income; overlooking that material indicates non-application of mind. The revision order was quashed because it proceeded on an incomplete computation. Rejection of a rectification application must be reasoned and address the taxpayer's claim. As the rejection communication and original intimation neither considered disclosed expenditure nor gave reasons, both were quashed. Fresh rectification was directed to be reconsidered after examining the return.
Revision of an income-tax intimation requires consideration of expenditure disclosed in the return when computing income; overlooking that material indicates non-application of mind. The revision order was quashed because it proceeded on an incomplete computation. Rejection of a rectification application must be reasoned and address the taxpayer's claim. As the rejection communication and original intimation neither considered disclosed expenditure nor gave reasons, both were quashed. Fresh rectification was directed to be reconsidered after examining the return.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
