Section 149 is modified by Finance Act 2021 and now any case can be reopened within three years from the end of relevant assessment year as per clause (a) of Section 149(1) if Assessing Officer has information which suggests that income chargeable to tax has escaped assessment as prescribed in Explanation 1 to Section 148 […]
Honourable Calcutta High Court too stayed the reassessment proceedings under section 148 read with section 148A , notices issued post 31/03/2021 and the notifications of extension of notices , following the ratio of the other HC judgements on similar issues . Interim order of STAY PASSED
Armada D1 Pte. Ltd. Vs DCIT (Bombay High Court) Notice under Section 148 stayed by Bombay High Court in view of conflict between new Income Tax Provisions for reopening of Assessment with Old Provisions On 3rd June Bombay High Court has stayed the operation of Notice under Section 148 dated 7th April 2021 for Assessment […]
CHUHARMAL V. CIT, 2 May, 1988 1988 AIR 1384, 1988 SCR (3) 788 and 172 ITR 250 Section 110 of the Evidence Act provides that where a person was found in possession of anything the onus of proving that he was not the owner was on the person who affirms that he was not the […]
Understanding the validity of Section 148 notices issued after April 1, 2021. Learn about the impact of the new provision and its implications.
The powers given to Commissioner of Income Tax under section 264 are very wide and he can revise any order including intimation under section 143(1) Aafreen Fatima Fazal Abbas Sayed v. ACIT AND PCIT (Bombay High Court) WRIT PETITION (L) NO. 6096 OF 2021 Revision application under section 264 cannot be rejected without deciding the […]
K.P. Varghese Vs. ITO (Supreme Court of India); 1981 AIR 1922, 1982 SCR (1) 629; 04/09/1981 Relevant portion of the judgment of Honorable Supreme Court of India is reproduced below : Now it is true that the speeches made by the Members of the Legislature on the floor of the House when a Bill for […]
Sesa Sterlite Ltd. Vs ACIT (Bombay High Court at Goa) Section 147 : Reassessment-After the expiry of four years-Shah Commission’s report- Cash credit -Under-invoicing -Merely on basis of Shah Commission’s Report opining that there was under-invoicing of export price by iron-ore miners and exporters, reassessment could not be initiated when there was nothing to indicate […]
What Is Substantive Law ? What Is Procedural Law ? And Which Of The Two Is Superior Law ? Substantive law refers to how facts of each case are handled and how to penalize or ascertain damages in each case. Whereas, Procedural law refers to the different processes through which a case proceeds. Substantive laws […]
Understanding the differences between section 147 and section 143(2) proceedings. Learn about the nuances of these tax-related legal processes.
