If the notice under section 148 of the Income-tax Act is sustainable on any of the reasons taken by the Assessing Officer, the initiation of reassessment cannot be declared as invalid; there cannot be any initiation of reassessment proceedings on the basis of an item of income or disallowance which has been made in another proceedings of the same assessee for the same year.
16. On the perusal of the return of income, the statement of total income alongwith notes thereto and form no. 30 claiming refund, filed alongwith the return of income, it is clear that though the assessee had shown total income at Rs. 5,11,68,95,840, the assessee claimed its total tax liability to be Rs. Nil for the reasons given in the notes, and claimed the refund of tax that was deducted at source
19. First we will marshal the facts of the present case. The assessee had availed terms loans from three banks, viz. ICICI Bank Ltd., Standard Chartered Bank Ltd. and Sumitomo Mitsui Banking Corporation (SMBC), Hong Kong. These terms loans were availed by the assessee company for the purpose of acquiring capital assets necessarily to be deployed in the manufacturing system
For the current year, there have been a few changes which have been introduced and need to be kept in mind while filing the returns.The tax department has taken steps to make income tax returns filing easier and simple. In the past few years, there have been many improvements and use of technology by the Income Tax […]
Due date of July 31 fast approaching, it is that time of the year again when the nation’s tax payers scramble to file I-T returns. After all, filing of tax return is compulsory for everyone whose gross total income exceeds the basic exemption limit. For financial year 2007-08, for instance, the basic exemption limit was […]
Learn what Permanent Account Number (PAN) is and why it is compulsory to obtain and quote PAN. Understand its significance in income tax, business, and more.
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Board hereby makes the following amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 68/2009-CUSTOMS (N.T.) dated the 26th June, 2009 [ S. O. 1570 (E)], namely
for the purposes of adjudicating the matters relating to show cause notice pertaining to M/s Clarrity Intermediates and Pesticides, Surat and others, issued vide Directorate of Revenue Intelligence (i) F.No. DRI/SRU/INV-2/2004, dated the 18th July, 2005 (ii) F.No. DRI/SRU/INV-2/2004, dated the 23rd August, 2004, by the Additional director General, Ahmedabad Zonal Unit, Rupen Bungalow, Near Jain Merchant Society, Paldi, Ahmedabad
for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s. Sundram Overseas, 1216, Rani Bagh, Pitampura, New Delhi and others, issued vide, F.No. DRI/23/70/2006/DZU dated 26th February, 2009, by the Additional Director General, Directorate of Revenue Intelligence, Delhi Zonal Unit, New Delhi.
for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to Shri Manoj Garg, R/o A-3/22, Janakpuri, New Delhi and others issued vide, DRI F.No. 23/61/2005-DZU, dated the 5th November, 2008, by the Additional Director General, Directorate of Revenue Intelligence, Delhi Zonal Unit, New Delhi.
