Judgment Search Results Home > Cases Phrase: patents amendment act 2005 section 57 amendment of section 107a Court: income tax appellate tribunal itat pune Year: 2007

U.B. Engineering Ltd. Vs. Jt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)1113ITD577(Pune.)

..... not been applied or the binding decisions of the apex ax court or jurisdictional high court have been ignored.however, there are two exceptions namely, retrospective amendment by the legislature and the declaration of the law by supreme court after the impugned order passed by the taxing authority. reason behind these exceptions is that ..... the assessment (as clarified in the query no.3 issued by cbdt).the above statement of the assessee clearly shows that though there was no obvious or patent mistake in the order of assessment, yet the application was being made under section 154 to avoid possible controversy and to avail kvs scheme. there was ..... comes forward to offer as income something more than what has been assessed, the administration should, not spurn the opportunity to collect more taxes, because such an act would-be against the spirit of kvss. therefore, if an assessee makes an application for rectification, he has the legitimate expectation that the application would be accepted .....

Bhagwandas Associates, Trade Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

..... for a.y. 1988-89 vide order dt. 29.4.2003, the issue was discussed at length and it was held that in the light of the un-amended provision of section 41(1) the amount in question could not be considered as a revenue receipt and partake the character of capital receipt in the hands of the ..... r. mr. puranik was that the right re-course left to the a.o for rectification of a patent mistake was to invoke provisions of section 154 of it. act or alternatively the administrative commissioner has powers prescribed under section 263 of it. act to rectify the mistake within the time prescribed under the statute. he has mentioned that for rectification of ..... mistake under section 154, the limitation prescribed is four years from the end of the financial year in which the order sought to be amended was passed. since the assessment order was .....