section 142

Types of Notices under Income Tax Act, 1961

Income Tax - Notice under Section 142(1) is usually served to call upon documents and details from the tax payers, and to take a particular case under assessment. The basic purpose is to inquire the details of the assessee before making assessment under the Act. It can be related to ‘Preliminary Investigation’ before starting the assessment....

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Budget 2014 gives Power to AO to get a valuation report of any asset

Income Tax - Estimate of value of assets by Valuation Officer Power given to AO to get a valuation report of any asset, property or investment. Earlier powers of AO were restricted to bullion, jewelry or any other valuable article or thing. Under the existing provisions contained in section 142A, the Assessing Officer may, for the purpose of […...

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How to prevent Income Tax Raids, Searches & Seizures

Income Tax - What leads to income tax raids, searches and seizures? The main reasons are non-compliance with summons under Section 131(1) of the Income Tax Act, 1961, (hereinafter referred to as the Act) or a notice under Section 142(1) of the Act (described in Chapter VII, infra), likely non-compliance with such summons or notice, or the possession o...

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Legal provisions and procedures for recovery of arrears/demands of Excise Duty

Income Tax - n respect of duty and any other sums of any kind payable to the Central Government under any of the provisions of this Act or of the rules made there under including the amount required to be paid to the credit of the Central Government under Section...

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Oracle India challenge special audit direction by income tax department in Delhi high court

Income Tax - Oracle India has approached Delhi High Court challenging the order of the government which had asked it to undertake a special audit of the tax returns filed by the IT firm. In its petition, Oracle India, a subsidiary of global IT firm Oracle Inc, requested the court to stay the direction passed by the Income Tax Department which had on D...

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Granting of power to the assessing officer to extend the time for completion of special audit under sub-section (2A) of section 142

Income Tax - Sub-sections (2A) to (2D) of section 142 deal with power of Assessing Officer to order a special audit. Such power is required to be exercised by the Assessing Officer having regard to the nature and complexity of the accounts of the Assessee and the interest of the revenue. Sub-section (2C) of the said section specifies […]...

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Reference u/s 142A is exclusive prerogative of AO

Dr. G. Premalatha Vs The Joint CIT (ITAT Hyderabad) - Hon'ble Hyderabad ITAT has in the case of Dr. G. Premalatha v/s DCIT has categorically held that the CIT(A) had no jurisdiction in appeal proceedings to call for a valuation report, which is the exclusive prerogative of the AO....

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AO not authorized to make any estimate U/s. 142(2A) of Income tax Act, 1961

CIT Vs Rachna Agarwal (Delhi High Court) - In the present case, there was no basis for the AO to determine that the true value of the property was Rs. 1.25 crores, by adopting the return on capital method. The AO was under a duty first to ascertain what was according to him the true cost of the property....

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Reference to DVO u/s. 142A without rejecting books of account not justified

Prahalad Kumar Jindal Vs Assistant Commissioner of Income-tax (ITAT Agra) - If we consider the facts of the case under consideration, we noticed that the A.O. did not reject the books of account regularly maintained by the assessee by invoking section 145(3) of the Act. The assessee raised the ground before the CIT(A) that reference under section 142A to the D.V.O. is witho...

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Directing special audit without opportunity of being heard to the assessee is merely an irregularity and not an illegality

Asstt. Commissioner of Income-tax Vs M/s. Sushila Milk Specialities Pvt. Ltd. (ITAT Delhi) - An order under section 142(2A) of the Income Tax Act, 1961, directing the assessee to get the accounts audited by an accountant nominated in this behalf by the Chief Commissioner or the Commissioner and to furnish a report of such audit, does entail civil consequences. The special audit under sectio...

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Power of AO to extend period for completion of special audit u/s 142(2A) of IT Act, 1961

Bishan Saroop Ram Kishan Agro Pvt. Ltd. Vs. DCIT (ITAT Delhi) - , A perusal of the provisions pf Section 142(2A) shows that at any stage of the proceedings before the A.O. if the A.O. is of the view that there is complexity in the accounts of the assessee, then, in the interest of justice, he may with the prior approval of the Chief Commission ^or the Commission...

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Instruction regarding utilization of info. in AIRs

7/2007 - (16/08/2006) - It has also been brought to notice of the Board that in some cases, the address of transacting parties given in AIRs is not complete. Sub-para (f) of para 10 of above-mentioned instruction outlines the procedure to be followed in case the assessee is not traceable. It may be because of incomplete ad...

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Recent Posts in "section 142"

Types of Notices under Income Tax Act, 1961

Notice under Section 142(1) is usually served to call upon documents and details from the tax payers, and to take a particular case under assessment. The basic purpose is to inquire the details of the assessee before making assessment under the Act. It can be related to ‘Preliminary Investigation’ before starting the assessment....

Read More
Posted Under: Income Tax |

Reference u/s 142A is exclusive prerogative of AO

Dr. G. Premalatha Vs The Joint CIT (ITAT Hyderabad)

Hon'ble Hyderabad ITAT has in the case of Dr. G. Premalatha v/s DCIT has categorically held that the CIT(A) had no jurisdiction in appeal proceedings to call for a valuation report, which is the exclusive prerogative of the AO....

Read More

AO not authorized to make any estimate U/s. 142(2A) of Income tax Act, 1961

CIT Vs Rachna Agarwal (Delhi High Court)

In the present case, there was no basis for the AO to determine that the true value of the property was Rs. 1.25 crores, by adopting the return on capital method. The AO was under a duty first to ascertain what was according to him the true cost of the property....

Read More

Budget 2014 gives Power to AO to get a valuation report of any asset

Estimate of value of assets by Valuation Officer Power given to AO to get a valuation report of any asset, property or investment. Earlier powers of AO were restricted to bullion, jewelry or any other valuable article or thing. Under the existing provisions contained in section 142A, the Assessing Officer may, for the purpose of […...

Read More
Posted Under: Income Tax |

How to prevent Income Tax Raids, Searches & Seizures

What leads to income tax raids, searches and seizures? The main reasons are non-compliance with summons under Section 131(1) of the Income Tax Act, 1961, (hereinafter referred to as the Act) or a notice under Section 142(1) of the Act (described in Chapter VII, infra), likely non-compliance with such summons or notice, or the possession o...

Read More
Posted Under: Income Tax | ,

Reference to DVO u/s. 142A without rejecting books of account not justified

Prahalad Kumar Jindal Vs Assistant Commissioner of Income-tax (ITAT Agra)

If we consider the facts of the case under consideration, we noticed that the A.O. did not reject the books of account regularly maintained by the assessee by invoking section 145(3) of the Act. The assessee raised the ground before the CIT(A) that reference under section 142A to the D.V.O. is without jurisdiction as the A.O. did not reje...

Read More

Legal provisions and procedures for recovery of arrears/demands of Excise Duty

n respect of duty and any other sums of any kind payable to the Central Government under any of the provisions of this Act or of the rules made there under including the amount required to be paid to the credit of the Central Government under Section...

Read More
Posted Under: Income Tax |

Oracle India challenge special audit direction by income tax department in Delhi high court

Oracle India has approached Delhi High Court challenging the order of the government which had asked it to undertake a special audit of the tax returns filed by the IT firm. In its petition, Oracle India, a subsidiary of global IT firm Oracle Inc, requested the court to stay the direction passed by the Income Tax Department which had on D...

Read More
Posted Under: Income Tax |

Directing special audit without opportunity of being heard to the assessee is merely an irregularity and not an illegality

Asstt. Commissioner of Income-tax Vs M/s. Sushila Milk Specialities Pvt. Ltd. (ITAT Delhi)

An order under section 142(2A) of the Income Tax Act, 1961, directing the assessee to get the accounts audited by an accountant nominated in this behalf by the Chief Commissioner or the Commissioner and to furnish a report of such audit, does entail civil consequences. The special audit under section 142(2A) is not limited to the mere pro...

Read More

Power of AO to extend period for completion of special audit u/s 142(2A) of IT Act, 1961

Bishan Saroop Ram Kishan Agro Pvt. Ltd. Vs. DCIT (ITAT Delhi)

, A perusal of the provisions pf Section 142(2A) shows that at any stage of the proceedings before the A.O. if the A.O. is of the view that there is complexity in the accounts of the assessee, then, in the interest of justice, he may with the prior approval of the Chief Commission ^or the Commissioner...

Read More
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