Section 147 has been Amended vide Finance Act 2021. Information is required by AO for reopening not “Reasons to believe” If any income chargeable to tax, in the case of an assesses, has escaped assessment for any assessment year. The assessing office may, subject to the provisions of Section 148 to 153, assess or re-assess […]
On commencement of regular assessment proceedings u/s 143(2) of Act , there is no need for intimation u/s 143(1)(a)(i) Where the summary procedure under section 143(1)(a)(i) has been adopted, there is scope available for the revenue to make assessment u/s 143(3) of the Act. But the converse is not available. A regular assessment proceeding having […]
Substantial question of Law (SQL). On interpretation of section 260A of the Income Tax Act , 1961 and section 100 of the code of civil procedure, The Hon’ble Supreme Court reiterated that it is essential that the High Court must formulate substantial question of law (SQL) and only such SQL can be and need to […]
Applicability of Section 147 read with explanation 2(b) on the basis of AIR information regarding cash deposit with the Bank. Written Submission before the Hon’bleCIT(A), Faceless in respect of Sh. XXXXXXXXXXXXXX for the A.Y. 2012-13 [XXXXXXXXXXXXX] Appeal filed against the order of assessment u/s 144 made by ITO, Ward No. 2 (5), XXXXXXXXXXX dated 30.11.2019 […]
Notice U/S 143(2) Not Valid if Return Filed in Response to Notice U/S 148 Not Recognized by AO. Draft Written Submissions Written submission before the Hon’ble CIT(Appeals), XXXX bad in the case of Sh. XXXXXXXXXXX, XXXXXXX for the A.Yr. 2011-12. The assesse is an individual. He is doing business of trading of building material during […]
Improvement of owner’s title to asset is different from improving asset itself | Section 48, 49, and 55 of the Income Tax Act, 1961 Cost of improvement which is liable to be deducted , should be an improvement to the asset itself , not an improvement of the owner’s title to the asset . Meaning […]
Summary of the judgement About the assessee The assessee is a limited liability company engaged in the business of manufacture and sale of paints. It contended before the authorities that it had been its consistent practice to value the goods in process and finished products exclusively at cost of raw materials and totally excluding overhead […]
Addition to income cannot be made merely based on Valuation Report if no defect found in books of assessee If books of accounts are realistic , reliable and without any fault, then and not rejected by the AO then there comes no requirement to call for valuation report from registered Valuer in the case when […]
No transfer of the capital asset within the meaning of section 2(47) of the Income Tax Act , 1961 when a transfer is made by book entries only without a registered sale deed executed in favour of the transferee. as held in CIT vs Kedarnath Poddar & Co., in the Calcutta High Court (1993) 201 […]
The entries in the account books of the vendor and the vendee are not relevant for the purpose of determining whether a sale of immovable property had taken place. Its was too well settled that the litle to lands and buildings could not pass till a conveyance deed was executed and duly registered. The assessee […]
