Reassessment

How to opt for Online Assessment and Submit Online response

Income Tax - Presently, notice u/s 143(2) is generated by CASS in ITBA. Also, AO issues the statutory notice including notice u/s 142(1) with Questionnaire of the IT Act 1961 from the ITBA assessment module to the assessee’s designated email ID. Similarly, there are many proceedings of the Income Tax Act which require notice or correspondence betwee...

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Types of Assessment under Income Tax Act, 1961

Income Tax - Article Discusses Assessment under Section 143(1)-Scrutiny Assessment, Section 144- Best Judgement Assessment and Section 147- Income Escaping Assessment of Income Tax Act, 1961....

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Rationalisation of time limit for assessment, reassessment & recomputation

Income Tax - digitisation of processes within the Department has enhanced its efficiency in handling workload. In order to simplify the provisions of existing section 153 by retaining only those provisions that are relevant to the current provisions of the Act, section 153 is proposed to be substituted with the following changes in time limit from the...

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Get ready for Email assessment

Income Tax - Impact on All- 1. It will bring transparency and speed in the assessment procedure. It will especially reduce the travelling time / meeting time / waiting time of both AOs and CAs increasing their efficiencies. 2. There will be permanent / reliable repository [ on cloud ] to store / retrieve the submissions. 3. The geographical location o...

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Validity of reopening of assessments

Income Tax - There has been prevailing in the Income-Tax Department a very erroneous impression that under the provisions of the amended section 147 of the Income-Tax Act, 1961 (the Act), with effect from 1st April, 1989, the Assessing Officer (AO) has got unbridled powers to assess or reassess income which has escaped assessment. This is so, particul...

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Return revised to change cash balance /Income may face Scrutiny

Income Tax - It is brought to the notice of tax payers that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty/prosecution ...

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No Reopening of Assessment to be made on Audit Objections: Committee Recommends

Income Tax - One of the key sources of dispute is the existing arrangement for follow up on audit objections by Internal Audit Party and the Revenue Audit Party. In terms of the existing arrangement, the Assessing Officer is required to take corrective steps following audit objections. The corrective measures take the form of rectification or reassess...

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SC issues notice to Amitabh Bachchan

Income Tax - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in NOTICE TO AB Sr. The Supreme Court has issued a notice to Mr. Amitabh Bachchan regarding his case for A.Y. 02-03 on a petition from the revenue. On 13th October, 2002, Mr. Bachchan filed his return for the year stating his […]...

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Government shouldn’t reopen old tax assessment cases -Assocham

Income Tax - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in ASSOCHAM wants correction as FM begins pre-budget consultations Showing a grave concern over the fact that notices for reopening of assessments by the tax authorities are being issued in thousands in recent times, ASSOCHAM today said returns s...

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No reopening of Cases Prior to 01.04.2012 & Circular to avoid multilevel TDS on software u/s 194J -FM

Income Tax - On the issue of retrospective amendment, Union Finance Minister, Shri Pranab Mukherjee has said that he had given a commitment in the Parliament with regard to retrospective amendments that CBDT will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April, 2012; such cases ...

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Validity of Re-Assessment Proceedings can be questioned at any Stage

Km. Teena Gupta Vs Commissioner Income Tax Bareilly (Allahabad High Court) - Issue of validity of reassessment proceedings is a jurisdictional issue. It goes to the root of the matter. The Tribunal ought to have examined the ground no.3 raised in the assessee's appeal on its merit without being prejudiced by the facts that the reassessment order has been passed on the expart...

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Understatement of income cannot be assumed merely for shockingly low income

Rajendra Goud Chepur Vs ITO (AP & T High Court) - Without any concrete facts, reopening cannot be ordered merely on the presumption that the returned income is very shockingly lower than the total gross receipts....

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Ground of lack of jurisdiction may be raised at a subsequent stage in Appeal

Teena Gupta Vs CIT (Allahabad High Court) - The present income tax appeal under Section 260 A of the Income Tax Act, 1961 (hereinafter referred to as the Act) has been filed by the assessee against the order dated 2.3.2009 of the Income Tax Appellate Tribunal, Delhi Bench, New Delhi for the assessment year 1997-98....

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Duty of AO in case of Reassessment after 4 Year of original assessment

ACIT Vs Shri Venkataraman S. Iyer (ITAT Ahmedabad) - AO bound to demonstrate that the assessee has failed to disclose material facts fully and truly which has resulted in escapement of income. If he fails to demonstrate this aspect, then, in the case where scrutiny assessment has been made and four years have expired, he cannot take action under secti...

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Leave encashment provision based on actuarial valuation is not unascertained liability

Torm Shipping India Pvt Ltd Vs ITO (ITAT Mumbai) - It is an admitted fact that provision for leave encashment has been made on the basis of actuarial valuation report. Relevant notes in this regard have also been given by the assessee in its annual financial statements....

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No Reopening for mere increase in Turnover due to demonetisation

Circular No. 40/2016-Income Tax - (09/12/2016) - Mere increase in turnover, because of use of digital means of payment or otherwise , in a particular year cannot be a sole reason to believe that income has escaped assessment in earlier years....

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Reassessment’s Popular Posts

Recent Posts in "Reassessment"

Validity of Re-Assessment Proceedings can be questioned at any Stage

Km. Teena Gupta Vs Commissioner Income Tax Bareilly (Allahabad High Court)

Issue of validity of reassessment proceedings is a jurisdictional issue. It goes to the root of the matter. The Tribunal ought to have examined the ground no.3 raised in the assessee's appeal on its merit without being prejudiced by the facts that the reassessment order has been passed on the exparte basis in which the proceedings the ass...

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Understatement of income cannot be assumed merely for shockingly low income

Rajendra Goud Chepur Vs ITO (AP & T High Court)

Without any concrete facts, reopening cannot be ordered merely on the presumption that the returned income is very shockingly lower than the total gross receipts....

Read More

Ground of lack of jurisdiction may be raised at a subsequent stage in Appeal

Teena Gupta Vs CIT (Allahabad High Court)

The present income tax appeal under Section 260 A of the Income Tax Act, 1961 (hereinafter referred to as the Act) has been filed by the assessee against the order dated 2.3.2009 of the Income Tax Appellate Tribunal, Delhi Bench, New Delhi for the assessment year 1997-98....

Read More

Duty of AO in case of Reassessment after 4 Year of original assessment

ACIT Vs Shri Venkataraman S. Iyer (ITAT Ahmedabad)

AO bound to demonstrate that the assessee has failed to disclose material facts fully and truly which has resulted in escapement of income. If he fails to demonstrate this aspect, then, in the case where scrutiny assessment has been made and four years have expired, he cannot take action under section 147 of the Income Tax Act....

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Leave encashment provision based on actuarial valuation is not unascertained liability

Torm Shipping India Pvt Ltd Vs ITO (ITAT Mumbai)

It is an admitted fact that provision for leave encashment has been made on the basis of actuarial valuation report. Relevant notes in this regard have also been given by the assessee in its annual financial statements....

Read More

How to opt for Online Assessment and Submit Online response

Presently, notice u/s 143(2) is generated by CASS in ITBA. Also, AO issues the statutory notice including notice u/s 142(1) with Questionnaire of the IT Act 1961 from the ITBA assessment module to the assessee’s designated email ID. Similarly, there are many proceedings of the Income Tax Act which require notice or correspondence betwee...

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Posted Under: Income Tax |

Section 147/148 Reassessment is for the benefit of Revenue benefit and not for the benefit of assessee

Hareram Koley Vs Income Tax Officer (ITAT Kolkata)

Provisions of section 147/148 even otherwise are for the benefit of the Revenue and not for the benefit of the assessee. If there was any mistake on the part of the assessee in filing his return of income, which was duly accepted by the Assessing Officer under section 143(1), the filing of appeal before the ld. CIT(Appeals) was not the pr...

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Section 148: Onus to prove Service & Proper Service of Notice is on AO

Chander Bhan Vs. ITO(ITAT Delhi)

he factum of issuance of notice within time is to be proved on query by the authority whose jurisdiction is challenged for want of The aggrieved party cannot be asked to lead negative evidence in support of its claim....

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Mere word approved not amount to record of satisfaction after application of mind

Pr. Commissioner of Income Tax Vs M/S N.C cables LTD. (Delhi High Court)

(a) Did the Tribunal fall into error in holding that the Commissioner of Income Tax (CIT) did not in fact record satisfaction under Section 151 of the Income Tax Act, 1961 for issuing notice under Section 147, in the circumstances of the case?...

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Non-supply of reasons to reopen assessment makes such notice bad in law

CIT (LTU) vs. IDBI Ltd. (Bombay High Court)

Bombay HC held that supplying of reasons for reopening assessment is a jurisdictional requirement and non-supplying of same when assessee specifically asked for same would made reassessment notice bad in law. ...

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