Adjustment cannot be made in the intimation issued u/s 143(1) without giving an opportunity of being heard to the assessee.
Whether the addition under section 50C(1) can fall within the ambit of adjustments provided under section 143(1)(a) of the Act?
AIFTP apt representation for timely appeal disposal, expedite hearings, and issue clear guidelines to resolve pendency
Satisfaction of Twin condition (i) an error prejudicial to the interests of the Revenue and (ii) lack of proper inquiry by the Assessing Officer must for invoking revisionary power under section 263
Provision, if commercially prudent and contractually required, is not merely permissible but necessary and cannot be equated with uncertain or notional liabilities: Delhi HC
If shares are held for over 12 months and consistently treated as investments, the resulting income should be treated as capital gains & not as Business Income
Where regular assessment proceedings have been commenced U/s 143(2), there is no need for summary proceedings under Section 143(1)(a)
Reopening on one ground and addition on different Ground – ITAT Confirmed CIT(A)’s Decision to Cancel Reassessment
Nagpur ITAT deleted addition under section 69A in respect of cash loans as Assessee acted as a finance broker
