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In the instant situation, the revenue is taxing the profit on percentage completion method but suggesting to grant deduction only on completion of the project. If the stand of the revenue is accepted then only on completion of project an assessee would be entitled for deduction under section 80-IB(10), then undisputedly an anomaly shall arise as to how and when the tax should be charged.
As we all know last date for Income Tax Return Filing for For Corporate & non corporate assessees (i.e. Partnership Firm ,LLP, Proprietorship Firm, HUF) whose accounts are required to be audited under Income tax act or any other act for the time being in force is 30.09.2012. As 30th September is a holiday i.e. Sunday so there arise a question whether last date of return filing will remain 30th September or it will get extended to 01.10.2012 (Monday).
Kind reference is invited to the letter no. DIT(S)/DMFortnight/2012-13 dated 3rd September, 2012 by Member (Revenue) to all CCsIT/DGsIT for organizing a Demand Management Fortnight from 3rd September to 14th September, 2012 to settle Arrear Demand Grievance pertaining to uploading and rectification of Demand on the CPC portal.
In the instant case also, the assessee furnished all the details relating to its claim for deduction u/s 80IB of the Act and the Assessing Officer thoroughly examined the claim while framing the assessment u/s 143(3) and on being satisfied the claim was allowed. Therefore, in the present case, reopening of the assessment by issuing notice u/s 148 of the Act is definitely a change of opinion which is not maintainable and therefore, the re-assessment framed by the Assessing Officer u/s 147 of by issuing notice u/s 148 of the Act after completing the assessment u/s 143(3) of the Act by taking a view which was in consonance with the judgment of the Hon’ble jurisdictional High Court was not valid.
CIRCULAR NO. 7/2012 Interest Income of a Non-Resident Investor to be taxed at the reduced rate of 5 per cent instead of the existing rate of 20 per cent and withhold Tax on such Income to be also at the Reduced Rate of 5 per cent
In the instant case, the assessee has made several transactions of purchase of shares during the relevant year. If there high volume, frequency and regularly of the activity carried on by the assessee is in a systematic manner, it would partake the character of business activities carried on by the assessee in shares, and it cannot be said that the assessee has merely made investment in shares.
In the instant case, the GPA holder of the assessee received the notice which is evident from the acknowledgement furnished before us. The assessee was having transactions in India and when the notice was serviced through the process server of the department, the notice is deemed to have been served as it can ordinarily be expected that the process server knew the person on whom the service was effected.
Following are the due dates for filing of Quarterly TDS and TCS Returns in Form 24Q, Form 26Q, Form 27Q and Form 27EQ. Please file your returns on time to avoind penalty for late filing of Tds returns.
A reasonable opportunity should be given to the assessee wherever it is possible to do so. The opportunity referred to is a reasonable opportunity of being heard. There is no other opportunity referred to in the section. The observation in paragraph 3 that the opportunity cannot be said to be obligatory, refers to those cases where it is not possible to give such an opportunity to the assessee.
Thus, in the case before us, in the absence of existence of “any tangible material” to come to the conclusion that there was escapement of income from assessment, the Assessing Officer exceeded his authority to reopen the assessment merely on the basis of a “change of opinion” and accordingly, it is a fit case of quashing the notice.
