Reassessment

CASE LAW DETAILS Decided by: ITAT, SPECIAL BENCH `L’ MUMBAI In The case of: J. M. Baxi & Co. v. DDIT (Int’l Taxation) Appeal No.: ITA No. 2965 to 2968/M/06 Decided on: March 5, 2009 SUMMARY OF CASE LAW The option is with the Income-tax Authorities and not with the non-resident or his agent to [...] Full Article

Vodafone Essar South vs. UOI (Bombay High Court) Where despite the goods having been cleared on payment of customs duty as assessed under Heading 85.44 (which was supported by the order of the Commissioner (Appeals) the DRI searched the premises of the assessee and threatened that unless the differential duty payable under Heading 90.01 was [...] Full Article

Mayawati vs. CIT (Delhi High Court) SUMMARY OF THE CASE LAWS Where the AO issued a notice under section 147 of the Act and also tried to serve it on the assessee within the limitation period of six years but the assessee claimed that same was served only after the expiry of the limitation period [...] Full Article

Uttar Pradesh chief minister Mayawati’s income for the financial year 2001-02 will be reassessed by the income tax department as the Delhi HC has allowed it a relook, while hearing a plea that she had allegedly not declared full details. A bench of Justices Vikramajit Sen and Rajiv Shakdher dismissed the BSP chief ‘s plea [...] Full Article

The Income Tax Department, one of the investigating agencies probing  the Satyam fraud case, has asked the Hyderabad Police for documents related to purchases and investments by the firm’s former Chairman Ramalinga Raju. The department has asked the city police to furnish all the related documents that the police had seized and was currently scrutinising [...] Full Article

Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax (I-T) department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year. At this level, the demand [...] Full Article

Export Credit Guarantee Corp vs. ITO (ITAT Bombay) Where the AO reopened the assessment to rework the book profits u/s 115JA and in an appeal against such order the assessee raised other issues unconnected with the reassessment and the preliminary point arose as to whether in the light of the judgement of the Supreme Court [...] Full Article

ITAT, SPECIAL BENCH, NEW DELHI Kuber Tobacco Products (P.) Ltd.  v DCIT , Appeal No. : IT (SS) A. No. 261/Del/2001, Dated : January 14, 2009 Section 292BB is applicable to assessment year 2008-09 and subsequent years and the assessee is precluded from taking any objection regarding invalidity of assessment/re- assessment on the ground of [...] Full Article