Inadvertence on the part of assessee to claim credit for advance tax while filing return of income or filing revised return of income in this regard does not absolve AO from its statutory duty u/s 219 to grant credit in regular assessment, particularly when the said amount was duly reflected in Form 26AS which formed part of record of revenue.
Damco India (P.) Ltd. v. CIT(A) – [2023] 153 taxmann.com 636 (Mumbai – Trib.).
CBDT releases instructions for Assessing Officers to implement Supreme Court ruling in Abhisar Buildwell delivered on the scope of section 153A/153C.
Instruction 1 of 2023, dated 23-8-2023.
CBDT releases ‘Handbook on Advance Rulings’ to guide/assist taxpayers seeking Advance Rulings.
Press Release, dated 19-8-2023.
AO cannot pass rectification order based on a ruling given by Supreme Court in subsequent year in favour of the Revenue.
Sanjay Kumar v. ITO – [2023] 152 taxmann.com 594 (Delhi – Trib.).
CBDT revises Rule 3 to lower rates of rent-free accommodation valuation and introduces an inflation linked cap.
Notification No. 65/2023, dated 18-8-2023.
Sec. 263 – Revision of orders prejudicial to the interest of Revenue – Where Commissioner invoked revision proceedings with respect to issue which were not covered in reassessment proceedings, issue before Commissioner while exercising power u/s 263 relates back to original assessment order, relevant date for the purpose of determination of the period of limitation for exercising powers u/s 263 would be the date of original assessment order.
CIT v. Industrial Development Bank of India – [2023] 152 taxmann.com 591 (SC).