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Considering application of section 132(3) read with section 132(8A), search in actual practice is kept open for a period of 60 days in case no incriminating evidence is found against the assessee or the assessee has not surrendered any unaccounted/concealed income.
a. One will appreciate that entire scheme of Income tax is based on Real income theory. b. Tax on accreted income is payable even if entity is merged with other entity which is registered u/s 12AA but whose objects are not similar. c. Further, the term similar object is subjective and prone to litigation.
As per the provision prior to Finance (No. 2) Act, 2014 contained in section 142A, the Assessing Officer may, for the purpose of making an assessment or reassessment require the Valuation Officer to make an estimate of the value of any investment, any bullion, jewellery or fair market value of any property.
The Finance Act 2017 amended section 139(5) to provide that the time for furnishing of revised return shall be available up to the end of the relevant assessment year or before the completion of assessment, whichever is earlier.
Prior to amendment made by the Finance Act, 2016:Section 139(4) provided that a person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142
Section 133C is inserted vide Finance (No. 2) Act, 2014 to enable the prescribed Income tax authority to verify the information in its possession relating to any person. The said authority
The whole process of assessment and appeals needs to be looked at afresh, with a view to revamp and improve the current circuitous procedure. The following may be considered from this perspective
Details of percentage of candidates passed in the Intermediate (IPC) Examination Held In November – 2017 and details of top three rank holders on the all India basis for the INTERMEDIATE (IPC) Examination held in November 2017 with the marks secured by them are also given herewith.
Recently, the Hon’ ble Delhi HC in its Judgement dated 8.11.2017 in the case of Chamber of Tax Consultants v. Union of India has struck down certain paras of the ICDSs to the extent as noted in the said Judgement as ultra vires the Income-tax Act, 1961.
Section 155(14A) provide that where the payment of foreign tax is under dispute, credit of such taxes will be available in India in the year in which the dispute is settled, on satisfaction of certain conditions.
