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“Section 245(2)”

Section References (mined)Section 245Section 245(2)3 judgments

The decision most relied on for Section 245(2) is Gujarat Gas Company Ltd. v. JCIT (245 ITR 84), cited in 99 judgments on BharatTax.

Leading authorities on Section 245(2)

Gujarat Gas Company Ltd. v. JCIT
245 ITR 84 · 2000 · High Court
99
citing judgments

The assessed income can be lower than the returned income. Authorities are required to assist assessees in correcting over-assessments, even if it means reducing the income below the returned figure.

Karnal Improvement Trust v. ACIT
245 ITR 400 · 2000 · High Court
20
citing judgments

The purpose for which income is accumulated under section 11(2) must be specific and not general or routine. A failure to specify a clear purpose will result in the denial of exemption under sections 11 and 12.

Turner Morrison And Co. Ltd. v. CIT
245 ITR 724 · 2000 · High Court
11
citing judgments

Deductions under section 36(1)(vii) read with section 36(2) are allowable even if the company is not in the money lending business, provided the interest income from inter-corporate deposits is assessed as business income.

Judgments citing Section 245(2)

Derewala Industries Limited, Jaipur vs. ACIT/DCIT Cir-6, Jaipur

Appeal is partly allowed; while

ITA 170/JPR/2025[2017-18]Status: DisposedITAT Jaipur08 Apr 2025AY 2017-18

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

For Appellant: Shri Vinod Kumar Gupta, CAFor Respondent: Shri Anup Singh, Addl. CIT-DR
Section 14ASection 195(1)Section 250Section 37(1)Section 40Section 40A

आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” Bench” JAIPUR Jhxxu xks;y

Construction Engineers, Srinagar vs. The Assessing Officer, Srinagar

In the result, the appeals of both the parties bearing ITA Nos

ITA 495/ASR/2010[2007-08]Status: DisposedITAT Amritsar31 Jan 2023AY 2007-08

Bench: Dr. M. L. Meenaandsh. Anikesh Banerjee

Section 250(6)

which is less than the net profit rate of 9% directed by the Hon’ble High Court and needs to be rectified under section 245(2) of the Act, in this case being mistake apparent from records. It is therefore requested that the Hon’ble ITAT may be pleased

Deputy Commissioner of Income Tax, Srinagar vs. M/S. Construction Engineers, Srinagar

In the result, the appeals of both the parties bearing ITA Nos

ITA 382/ASR/2010[2007-08]Status: DisposedITAT Amritsar31 Jan 2023AY 2007-08

Bench: Dr. M. L. Meenaandsh. Anikesh Banerjee

Section 250(6)

which is less than the net profit rate of 9% directed by the Hon’ble High Court and needs to be rectified under section 245(2) of the Act, in this case being mistake apparent from records. It is therefore requested that the Hon’ble ITAT may be pleased