proceedings

Survey in a wider sense means to scrutinize or to inspect. The power of survey under the Income tax Act has been provided U/S 133A and 133B. The provisions contained in section 133A are independent and to the exclusion of the other provisions of the act since the wording of the section starts with ‘Notwithstanding anything contained in any other provisions of the act . Full Article

Chapter XIX-A is a complete Code in itself as regards settlement of cases for having provided a complete mechanism other than procedure provided under the IT Act. Legislature conferred all powers upon Settlement Commission being vested in IT authority under the Act as provided U/s 245-F and what is being decided by settlement commission is conclusive providing no remedy of revision/review or appeal to the assessee or revenue, envisaged in S.245-I of the Act. Full Article

When AO, who is both an adjudicator as well as an investigator, is acting in a quasi judicial capacity, it is his perception which counts and not that of CIT sitting in revisionary proceedings. It is not an error on the part of the AO not to conduct any inquiry into the accounts the way CIT wants it in exercise of his power under section 263. Full Article

In CIT vs. Kelvinator of India Ltd. 256 ITR 1 the Full Bench of the Delhi High Court was considering a case of reopening u/s 147 within 4 years from the end of the assessment year. The Court held that when a regular order of assessment is passed in terms of section 143 (3) of the Act, a presumption can be raised that such an order has been passed on application of mind. Full Article

On careful consideration of relevant facts, I am of the view that important fact stated by the assessee in his reply to penalty notice has not been considered in accordance with law. The revenue authority and the Tribunal in the quantum proceedings proceeded mainly on a presumption that the payment was made through account payee cheque, decided the issue against the assessee and the expenditure claimed was disallowed and added to the income of the assessee. In the penalt.. Full Article

If there is default on the part of the assessee to comply with the original demand notice, the provisions of the Taxation Laws (Continuation & Validation of Recovery Proceedings) Act, 1964 shall apply. Full Article

In the case of CIT Vs. Manga Ram & Sons 107 ITR 307 (All.) and in CIT Vs. Sarankhan Siri Sugar Works 246 ITR 216 (All) proposition of the law laid down by the Hon'ble High Court are that if the income is surrendered with the condition that no penalty be imposed on the assessee. The Assessing Officer is not justified in imposing the penalty. Full Article

We have considered the rival submissions and also perused the relevant material on record. It is observed that the amount of liability in question in respect of TISCO written back by the assessee company in its accounts was treated by the authorities below as its income by applying the provisions of section 41(1). There is no dispute that the such liability represented the trading liability of the assessee and as declared by the assessee itself in the return of income, t.. Full Article