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Amit Kumar Gupta

Latest Posts by Amit Kumar Gupta

Another Reassessment Notice Cannot be Issued by AO for Same AY

March 25, 2023 7206 Views 0 comment Print

As per Section 147 of the Income Tax Act, 1961, the Income Tax Department has the power to reassess an individual’s previously filed income tax returns. The Assessing Officer can pick income tax return for reassessment subject to some pre-defined criteria by sending a notice under section 148 for income Escaping Assessment.

Absolute power corrupts absolutely

March 16, 2023 1539 Views 0 comment Print

Discover the implications of sections of the Income Tax Act, 1961, and articles of the Constitution of India in tax assessments and recoveries. Learn from a recent judgment how timely appeals and payments can protect taxpayers’ rights.

Whether Judges & Advocates can only be appointed as Judicial Member of Tribunal?

February 28, 2023 1464 Views 0 comment Print

Separation of Power is a doctrine of constitutional law under which the state is divided into three different branches i.e. legislative, executive and judiciary each having different independent power and responsibility so that one branch may not interfere with working of others two branches.

Reasons to Believe is foundation stone of reassessment proceedings u/s 147/148

February 15, 2023 8214 Views 0 comment Print

Learn how section 147/148 of the Income Tax Act gives plenary powers to reopen concluded assessments. Find out why ‘Reasons to Believe’ is the foundation stone of proceedings u/s 147/148 and what makes it different from ‘Reason to Suspect’

Specification of Charge of penalty is an important factor while deciding the matters in litigation

January 25, 2023 2085 Views 0 comment Print

Specification of Charge of penalty under section 271(1)(c) is an important factor while deciding the matters in litigation- Ganga Iron and Steel Trading Co. v Commissioner of Income Tax dated 22.12.2021 , 447 ITR 743 (Bom.)

Provisions for Jewellery found under Search

December 25, 2021 17862 Views 0 comment Print

Generally, addition of jewellery found during the course of search has been a litigated issue in India from a very long time. The jewellery found during search generally presumed to belongs to searched assessee and his family. The Assessee is required to explain the source of Acquisition of Jewellery.

Section 119(2)(b) Application- CBDT expected to go deep into niceties of law?

December 19, 2021 240168 Views 14 comments Print

Whether CBDT is expected to go deep into the niceties of law before considering application u/s 119(2)(b) of the Income Tax Act 1961? Introduction In India, every assessee required to file his Income tax return within time prescribed under section 139 of the Income Tax Act. However, sometimes the assessee is not able to file […]

Doctrine of Natural Justice

July 28, 2021 65412 Views 1 comment Print

INTRODUCTION The Phrase ‘Natural Justice’ means that justice should be impartial, fair, equal for all and ensuring protection of individual rights against arbitrary procedures and miscarriage of justice by the authorities. In other words, it is the soul of the body of justice and foundation on which delivery of justice is based. The rules of […]

Section 292B: Return of income, etc., not to be invalid on certain grounds

July 12, 2021 16845 Views 0 comment Print

Section 292B is considered as a protection to the Income tax authorities for most of short comings in proceedings due to technical aspects.’Substance over form theory’ is the underlining philosophy of section 292B of the Act.

Overview of Revenue and Capital Expenditure

January 16, 2020 46893 Views 1 comment Print

In actual practice there is a good deal of difference of opinion as to whether a particular payment is capital or revenue expenditure. Sometimes, the distinction between capital and revenue creates a considerable litigation. In many cases borderline between the two is very thin. However it is essential to distinguish revenue expenditure and capital expenditure […]

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