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« From the Courts »
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 Inordinate delay in income tax appeal hearings
 Income Tax leviable on Tuition Fee in the Year of Rendering of Services: ITAT
 Supreme Court invoked its power under Article 142 of Constitution to validate notices issued under section 148 as notices issued under section 148A. However the same shall be subject to amended provisions of section 149.
 ITAT refuses to stay tax demand on former owner of Raw Pressery brand
 Bombay HC sets aside rejection of refund claims by GST authorities
 [Income Tax Act] Faceless Assessment Scheme does not take away right to personal hearing: Delhi High Court
 Rajasthan High Court directs GST Authority to Unblock Input Tax Credit availed in Electronic Credit Ledger
 Sebi-taxman fight over service tax dues reaches Supreme Court
 Delhi High Court Seeks Status Report from Centre for Appointments of Chairperson & Members in Adjudicating Authority Under PMLA
 Delhi High Court allows Income Tax Exemption to Charitable Society running Printing Press and uses Profit so generated for Charitable Purposes
 ITAT accepts Lease Income as Business Income as Business Investments were mostly in nature of Properties

SC: Tax tribunal must rectify mistake if it causes harm to assessee
December, 03rd 2007
The Supreme Court has asserted that if the income tax tribunal realises that it had made a mistake causing harm to an assessee or the revenue department, it has a duty to rectify it exercising its power under Section 254(2) of the Income Tax Act.
 
It thus overruled the Delhi High Court in the case of Honda Siel Power Products which manufactures portable generators in collaboration with Honda Motor Company, Japan.
 
The company had claimed depreciation on account of fluctuation of the foreign exchange rate by enhancing the written down value of the assets. The tribunal did not allow it initially, but on pointing out an omission, it rectified the mistake. This was not permitted by the high court. The Supreme Court set aside the high court judgment observing that the tribunal was justified in rectifying the manifest error which caused prejudice to the company.
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