Income Tax Assessment

Faceless ITAT- Whether Denial of Oral Hearing is in Violation of Principles of Natural Justice

Income Tax - Decision to deny oral hearing at the income tax appellate stage needs to be reconsidered as otherwise the same shall not only be in violation of the principles of natural justice but the same shall also suffer from the vice of unfairness....

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Reduction of time limit for completing Income Tax assessment

Income Tax - Budget 2021- Section 153 of the Act contains provisions in respect of time-limit for completion of assessment, reassessment and re-computation under the Act. The sub-section (1) of the said section provides that the time-limit for passing an assessment order under section 143 or 144 of the Act shall be 21 months from the end of […]...

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New Procedure for Income escaping & search assessments

Income Tax - Under the Act, the provisions related to income escaping assessment provide that if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may assess or reassess or re­compute the total income for such year under section 147 of the Act by issuing a […]...

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Income Tax Search & Seizure Assessments & Settlement Commission

Income Tax - Finance Bill 2021- Paradigm Shift In The Provisions Relating To Income Tax Search And Seizure Assessments And Income Tax Settlement Commission Introduction:- The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2021 of India on the 1st of February, 2021. Budget 2021 is aimed at reviving an economy that pl...

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Stay Applications under the Income Tax Act, 1961

Income Tax - Sections 220 to 232 of the Income-tax Act deals with collection and recovery of taxes. These provisions will become active every year in the months of February and March. Probably each officer or Commissioner may have to report to the higher authority the taxes outstanding, and total collection of taxes in their charge. As the scope of th...

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FAQs on Issues faced by field users in Assessment module of ITBA

Income Tax - While uploading Manual order for the A Y 2017-18 user is getting the following message: Manual Order cannot be uploaded for this PAN AY as processing of Assessment order u/s 147 is still pending on ITBA...

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IT Scrutiny and assessment to get fully online in next two year

Income Tax - Tax collections increased from Rs 6.38 Lakh Crore in year 2013-14 to almost Rs 12 Lakh Crore this year  80% growth in tax base; number of returns filed increased from 3.79 crore to 6.85 Crore Within the next 2 years, almost all verification and assessment of returns selected for scrutiny to be done electronically The […]...

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Extension of Scheme for E-assessment to 2 more cities

Income Tax - Paperless assessment/ e-mail based assessment on a pilot basis was commenced in the financial year 2015-16 in non-corporate charges of five cities i.e. Ahmedabad, Bangalore, Chennai, Delhi and Mumbai. The e-mail based assessment scheme has now been extended to two more cities, namely Hyderabad and Kolkata during the current financial year...

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Retrospective amendment to Sec. 9 not applicable where assessment order already passed

Income Tax - The retrospective clarificatory amendments now under consideration of Parliament will not be used to reopen any cases where assessment orders have already been finalized. I have asked the Central Board of Direct taxes to issue a policy circular to clearly state this position after the passage of the Finance Bill....

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Enquiry into IPL Controversy

Income Tax - Indian Premier League (IPL) involves city teams managed by private entities. Ministry of Youth Affairs & Sports does not deal with IPL because the national team does not participate in the IPL tournaments. However, Ministry of Finance ( Deptt. Of Revenue has informed that Income Tax Department is conducting investigations to ascertain the...

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Addition by CIT(A) without Opportunity to Assessee is invalid

Shri Vinodbhai Naranbhai Vaghani Vs ITO (ITAT Ahmedabad) - Section 251(2) provides that the Commissioner (Appeal) shall not embark on enhancement of an assessment unless the assessee has been granted a reasonable opportunity of showing cause against such We find no reference to the issuance of enhancement notice in the appellate order of the CIT(A). ...

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Non-issue of s. 143(2) notice renders s. 147 assessment order invalid

UKT Software Technologies Vs. ITO (ITAT Delhi) - It is mandatory for the AO to issue notice u/s 143 (2). The issuance and service of notice u/s 143 (2) is mandatory and not procedural. If the notice is not served within the prescribed period, the assessment order is invalid...

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Reassessment beyond four years on the basis of retrospective amendment not justified

Sadbhav Engineering Ltd. Vs. DCIT (OSD) (Gujarat High Court) - Reopening of tax assessment beyond four years on the basis of a retrospective amendment is not justified, if the assessee has fully and truly disclosed all the material facts necessary during the original assessment proceedings...

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S. 263 Commissioner cannot revise a order when AO took a possible view

Grasim Industries Ltd. Vs Commissioner Of Income Tax (Bombay High Court) - CIT revised the order u/s 263 to include the sum of Rs.1,75,32,600/- in the total income of the assessee under Sec.41(1) of the Income Tax Act on the ground that there had been a complete cessation of liability in regard to this amount in the previous year relevant to the assessment year 1982-83 –...

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Burden to prove identity, creditworthiness and genuineness of cash credits under section 68 of IT Act

Kalyan Memorial & Charitable Trust Vs ACIT (ITAT Agra) - According to section 68 where any sum is found credited in the books of assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so c...

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ITBA Appeal Module for pending appeals to be allocated to Faceless Appeal Units

ITBA-Faceless Appeals Instruction No –1 - (19/10/2020) - Faceless Appeal Scheme has been implemented in ITBA and the allocation of cases to Faceless Appeal units is under progress. A number of requests have been received from the field formation for opening of the Appeal module in ITBA to enable the CIT (Appeals ) to upload the physical records and submis...

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CBDT notifies Prescribed Authority under Section 133C

Notification No. 66/2020-Income Tax [S.O. 2758(E)] - (13/08/2020) - CBDT notifies Prescribed Authority under Section 133C with effect from 13th August, 2020 vide Notification No. 66/2020, Dated: August 13, 2020. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Notification No. 66/2020, Dated: August 13, 2020 S.O. ...

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CBDT notifies 4195 Income Tax Authorities for Faceless Assessment

Notification No. 65/2020-Income Tax [S.O. 2757(E)] - (13/08/2020) - CBDT notifies 4195 Income-tax Authorities of Regional e-Assessment Centres to exercise the powers and functions of Assessing Officers concurrently, to facilitate the conduct of Faceless Assessment proceedings in respect of notified territorial areas  vide Notification No. 65/2020, Dated: August 13,...

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CBDT notifies 34 Authorities for Faceless Assessment

Notification No. 64/2020-Income Tax [S.O. 2756(E)] - (13/08/2020) - CBDT notifies 34 Authorities for Faceless Assessment vide Notification No. 64/2020, Dated: August 13, 2020. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Notification No. 64/2020, Dated: August 13, 2020 S.O. 2756(E).-In pursuance of the powers ...

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CBDT notifies Headquarter & Jurisdiction of 128 PCIT/CIT

Notification No. 63/2020-Income Tax [S.O. 2755(E)] - (13/08/2020) - CBDT notifies Headquarter & Jurisdiction of 128 Principal Commissioner/ Commissioner of Income-tax (PCIT/CIT) vide Notification No. 63/2020, Dated: August 13, 2020 and it also notified PCIT/CIT who will excercise Jurisdiction Union Territory of Jammu & Kashmir and the Union Territory of Lada...

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Recent Posts in "Income Tax Assessment"

Faceless ITAT- Whether Denial of Oral Hearing is in Violation of Principles of Natural Justice

Decision to deny oral hearing at the income tax appellate stage needs to be reconsidered as otherwise the same shall not only be in violation of the principles of natural justice but the same shall also suffer from the vice of unfairness....

Read More
Posted Under: Income Tax | ,

Reduction of time limit for completing Income Tax assessment

Budget 2021- Section 153 of the Act contains provisions in respect of time-limit for completion of assessment, reassessment and re-computation under the Act. The sub-section (1) of the said section provides that the time-limit for passing an assessment order under section 143 or 144 of the Act shall be 21 months from the end of […]...

Read More
Posted Under: Income Tax |

New Procedure for Income escaping & search assessments

Under the Act, the provisions related to income escaping assessment provide that if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may assess or reassess or re­compute the total income for such year under section 147 of the Act by issuing a […]...

Read More
Posted Under: Income Tax |

Income Tax Search & Seizure Assessments & Settlement Commission

Finance Bill 2021- Paradigm Shift In The Provisions Relating To Income Tax Search And Seizure Assessments And Income Tax Settlement Commission Introduction:- The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2021 of India on the 1st of February, 2021. Budget 2021 is aimed at reviving an economy that pl...

Read More
Posted Under: Income Tax |

Stay Applications under the Income Tax Act, 1961

Sections 220 to 232 of the Income-tax Act deals with collection and recovery of taxes. These provisions will become active every year in the months of February and March. Probably each officer or Commissioner may have to report to the higher authority the taxes outstanding, and total collection of taxes in their charge. As the scope of th...

Read More
Posted Under: Income Tax |

Submission of Income Tax Return & Procedure for Assessment

Return of income is a special type of form to be used by the assesse to furnish necessary information – name, address, PAN/GIR No., Bank Account, income under each head, total income, tax liability, etc. before the income tax authority. Different types of forms are prescribed in Rule 12 of the Income Tax Rules, 1962 […]...

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Posted Under: Income Tax |

Set-off & carry-forward of losses under Income-Tax Act, 1961

The Income-Tax Act, 1961, allows set-off and carry-forward of the loss incurred by any assessee subject to some restrictions Apart from other information, the new income-tax forms, ITR-1 to ITR-8, notified by the Central government seeks details on set-off of losses. Now almost every assessee has to give this information. Therefore, one h...

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Posted Under: Income Tax |

Interpretation of double tax avoidance agreements

The Central Government has signed with several countries, including the U.S. "Agreements for the Avoidance of Double Taxation". By this, I am given to understand that in the case of an Indian who is a perm anent resident in the U.S. (green card holder) but who may have taxable income in India, as also in the U.S., double taxation is sough...

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Posted Under: Income Tax |

Income Tax Assessment of Private Trusts (Section 161 to 164)

Trusts have not been defined under the Income-tax Act 1961. The Dictionary meaning of ‘Trust’, in so far as it relates to the realm of law,  is ‘an arrangement’ by which property is handed over to or vested in a person, to use and dispose it off for the benefit of another person.’ Trust can […]...

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Posted Under: Income Tax |

Income Tax Exemptions versus deductions

A provision does not become an exemption provision merely because the marginal notes to the section or the heading of the section call it so.Tax law contains chapters dealing with incomes which do not form part of total income. There are chapters dealing with deductions and allowances. Chapter III refers to various incomes which are exemp...

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Posted Under: Income Tax |

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