Important Judgement regarding reopening of assessment u/s 147 of the Income Tax Act, 1961 and redeposit of the same cash withdrawn from the bank earlier in sample written Submission before the Hon’ble CIT (A), Faceless
Objection to be filed by the assessee in case notice u/s 148 is issued to the assessee . Below is the complete procedure laid down by the Hon’ble SC In the case of GKN Driveshafts (India) Limited v. ITO (2003) 259 ITR19(sc), The Hon’ble Supreme Court has laid down an elaborate procedure as to the […]
Reopening of assessment u/s 147 of the IT Act , 1961 on the basis of information from Investigation Wing of the department On the basis of information received from the investigation wing of the department, the Assessing officer cannot issue notice u/s 148 of the act mechanically, without using his own mind. He has to […]
Nishi Kapoor Vs ITO (ITAT Delhi) The Assessing Officer who has valid jurisdiction over the case of the assessee shall record reasons u/s 148(2) for reassessment proceedings, otherwise issue of notice u/s 148 is not valid. Reopening notice invalid If the officer who had issued the notice under section 148 of the Act, was different […]
Section 151- Income Tax Act, 1961 The Assessing Officer has to take approval from higher authorities before issue of notice u/s 148 of the Act. How important is application of mind by the Assessing Officer to record the reasons and more important is grant of approval u/s 151(1)&(2), of the Act with full application of […]
Section 147 of the Income tax Act , 1961 and explanation of the text ‘Reason to Believe’ Reason to believe does not mean a purely subjective satisfaction on the part of the ITO The expression ‘reason to believe’ in section 147 does not mean purely subjective satisfaction on the part of the Assessing Officer. The […]
Issue and service of notice u/s 148 within the time limit of section 149 and other important factors has to be kept in mind while doing so , otherwise , the Income tax Act , 1961 is so scientific that the entire exercise of the revenue is washed in the hands of the asseesee and […]
[Section 148(2)]: The Assessing Officer shall before issuing notice u/s 148 of the Income tax Act , 1961 , record the reasons for doing so . Recording of reasons carefully is very important and other various factors to be taken care of from the side of the revenue. From the side of the assesse it […]
Understand section 244A of the Income Tax Act, 1961. Learn about the changes since 1.4.1989 and how to claim interest on late refunds.
Section 54F of the Income Tax Act 1. Assessee is an Individual or HUF. 2. Capital Gain arises from the Sale of any capital asset other than Residential House. 3. This asset is called original asset. 4. Assessee has purchased a Residential House within a year before the date of transfer or constructed a residential […]
