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Income Tax - Reopening of an assessment is one of the weapons in the armoury of the Income tax Department, it empowers assessing officer to reassess or recompute the income of an assessee which has escaped assessment. Section 147 to 153 of the Income tax Act, 1961 [ Act] deals with the provisions of reassessment proceedings. The said […]...
Read MoreIncome Tax - This blog covers an extensive analysis on the reassessment provisions in light of landmarks judgement which will help professional to face dispose the litigations hastily. I am not inserting bare sections here to increase the size of blog, it is written keeping in mind to provide less, solid and crux content about the matter. It includes ...
Read MoreIncome Tax - Q1. Whether fresh tangible material is required for reopening the case u/s 148 even when the case is earlier processed u/s 143(1) simply and reopening is done within four years of the end of the assessment year? Ans. There are more than two views. One set of view from Bombay, Gujarat high court is that […]...
Read MoreIncome Tax - Each aspect of Section 147 has been a subject matter of careful scrutiny by the court of law. One such main issue is with respect to the validity of the assumption of jurisdiction by the AO to reopen the assessment beyond four years, merely by making a Bald Assertion in the reasons as to the failure of the Assessee to disclose fully and t...
Read MoreIncome Tax - Assessee Can Claim Reasons For Issue Of Notice under section 148 Before Filing Of Return under section 148 of Income Tax Act, 1961. We all are aware that notice under section 148 for reassessment can be issued by income tax department upto sixteen years from the end of the relevant assessment years, if there is […]...
Read MoreIncome Tax - Under the provisions of Income-tax Act, 1961, notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year can be issued only in the following exceptional situations: i. Under clause (c) of sub-section (1) of section 149 of the Act, in cases where income in […]...
Read MoreIncome Tax - It is brought to the notice of tax payers that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty/prosecution ...
Read MoreIncome Tax - One of the key sources of dispute is the existing arrangement for follow up on audit objections by Internal Audit Party and the Revenue Audit Party. In terms of the existing arrangement, the Assessing Officer is required to take corrective steps following audit objections. The corrective measures take the form of rectification or reassess...
Read MoreIncome Tax - NOTICE TO AB Sr. The Supreme Court has issued a notice to Mr. Amitabh Bachchan regarding his case for A.Y. 02-03 on a petition from the revenue. On 13th October, 2002, Mr. Bachchan filed his return for the year stating his income to be Rs. 14.99 crore, later on 31st March, 2003, he filed a […]...
Read MoreIncome Tax - ASSOCHAM wants correction as FM begins pre-budget consultations Showing a grave concern over the fact that notices for reopening of assessments by the tax authorities are being issued in thousands in recent times, ASSOCHAM today said returns should not be re-opened beyond three years. As Finance Minister P Chidambaram has started his pre-...
Read MoreGateway Leasing Pvt. Ltd. Vs ACIT (Bombay High Court) - ...
Read MoreRaj Bala Vs ITO (ITAT Delhi) - AO recording reasons on same returned income considering escaped assessment but making various other additions of other than accepted returned income declared invalid and deleted in light of Explanation 3 and held issuance of fresh notice u/s 148 on other issues is mandatory....
Read MoreKuldip Kumar Goel Vs ACIT & Anr. (Delhi High Court) - he Supreme Court in GKN Driveshafts (India Ltd.) v. Income Tax Officer 259 ITR 19 (SC) has clarified that when a notice under Section 148 of the Income Tax Act is issued, the proper course of action for the notice is to file a return and if he so desire, to seek reasons for issuing notices....
Read MoreAmrabathi Investra (P) Ltd. Vs ITO (ITAT Kolkata) - Amrabathi Investra (P) Ltd. Vs ITO (ITAT Kolkata) In the assessee`s case in the reasons supplied to the assesseee, as noted in above para, there is no whisper, what to speak of any allegation, that the assessee had failed to disclose fully and truly all material facts necessary for assessment and th...
Read MoreLionbridge Technologies P. Ltd. Vs ACIT (ITAT Mumbai) - Whether the re-opening of assessment u/s 147 initiated by AO is justified in law? Re-opening of assessment on basis of Internal Audit Objection Not Justified....
Read MoreNotification No. 62/2019- Income Tax [S.O. 3265(E)] - (12/09/2019) - [Notification No. 62/2019 For giving effect to the E-assessment Scheme, 2019 the Central Government hereby makes the following directions ...
Read MoreNotification No. 61/2019- Income Tax [S.O. 3264(E)] - (12/09/2019) - The assessment under E-assessment Scheme, 2019 shall be made as per the following procedure, namely (i) the National e-Assessment Centre shall serve a notice on the assessee under sub-section (2) of section 143, specifying the issues for selection of his case for assessment;...
Read MoreCircular No. 40/2016-Income Tax - (09/12/2016) - Mere increase in turnover, because of use of digital means of payment or otherwise , in a particular year cannot be a sole reason to believe that income has escaped assessment in earlier years....
Read MoreGateway Leasing Pvt. Ltd. Vs ACIT (Bombay High Court) -
Raj Bala Vs ITO (ITAT Delhi) -
Kuldip Kumar Goel Vs ACIT & Anr. (Delhi High Court) -
Amrabathi Investra (P) Ltd. Vs ITO (ITAT Kolkata) -
Lionbridge Technologies P. Ltd. Vs ACIT (ITAT Mumbai) -
Shri Hitesh Kumar Gupta Vs ITO (ITAT Jaipur) -
Gateway Leaisng Pvt Ltd Vs ACIT (Bombay High Court) -
