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Income Tax - Documentation can play a pivotal role in ensuring correct tax impact. It reduces great amount of time and energy of the company, advisors, auditors and most importantly the judiciary system....
Read MoreIncome Tax - CBDT directed that that except for search related assessments, proceedings in other pending scrutiny assessment cases shall be conducted only through the `E-Proceeding’ functionality. However, in cases where the concerned assessee objects to conduct of assessment proceedings electronically through the ‘E-Proceeding’ facility, such c...
Read MoreIncome Tax - Assessment means determining tax liability under the CGST Act, 2017 and includes the following types of assessment Self Assessment, Provisional Assessment, Reassessment on Scrutiny, Best judgement Assessment-non filers of return, Assessment of unregistered persons, Summary assessment on evidence...
Read MoreIncome Tax - In 2006, the Indian Government introduced electronic filing of Income-tax returns for the first time in case of corporates which subsequently made mandatory for all tax payers. Since then there is constant digitization of processing of tax returns....
Read MoreIncome Tax - Presently, notice u/s 143(2) is generated by CASS in ITBA. Also, AO issues the statutory notice including notice u/s 142(1) with Questionnaire of the IT Act 1961 from the ITBA assessment module to the assessee’s designated email ID. Similarly, there are many proceedings of the Income Tax Act which require notice or correspondence betwee...
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 MoreIncome Tax - On the issue of retrospective amendment, Union Finance Minister, Shri Pranab Mukherjee has said that he had given a commitment in the Parliament with regard to retrospective amendments that CBDT will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April, 2012; such cases ...
Read MoreNarain Dutt Sharma Vs ITO (ITAT Jaipur) - In ground No. 1 of the appeal, the assessee has challenged the initiation of proceedings u/s. 147 of the Act for deposition of cash of Rs. 1057000 in the saving bank account during the financial year 2006-07 based on AIR Information and not filing of return of income by the assessee....
Read MoreYum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT & Ors. (Delhi High Court) - Reopening of assessment of A.Y. 2005-06 after expiry of four years without obtaining approval of an officer of the rank of Joint Commissioner was bad in law and even if such approval had been granted, by the officer superior i.e., the DIT, it would not cure the defect....
Read MoreShri Ramesh Salecha HUF Vs. ITO (ITAT Mumbai) - Shri Ramesh Salecha HUF Vs. ITO (ITAT Mumbai) Revenue could not produce before us any evidence to show that notice under sections 143(2) has been issued or served to the assessee the re-assessment made under sections 143(3) read with section 147 is void ab-initio in view of the above decisions of ...
Read MoreM/s. Kotarki Constructions Pvt. Ltd. Vs. Asst. CIT (Karnataka High Court) - The powers of reassessment u/S.147/148 of the Act have to be invoked with great amount of circumspection and the relevant material on record, on the basis of which, a “reasonable opinion” can be framed in contrast with a mere change of opinion for initiating the reassessment proceedings....
Read MoreDeputy Commissioner of Income-tax Vs. M/s. ABCI Infrastructure Pvt. Ltd. (ITAT Kolkata) - Right or wrong, the decision taken by AO cannot be revisited or reviewed by AO invoking Sec. 147 of the Act because the AO does not have the power to review his own order....
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 MoreNarain Dutt Sharma Vs ITO (ITAT Jaipur) -
Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT & Ors. (Delhi High Court) -
Shri Ramesh Salecha HUF Vs. ITO (ITAT Mumbai) -
M/s. Kotarki Constructions Pvt. Ltd. Vs. Asst. CIT (Karnataka High Court) -
Deputy Commissioner of Income-tax Vs. M/s. ABCI Infrastructure Pvt. Ltd. (ITAT Kolkata) -
ACIT Vs. Neha Enterprises (ITAT Mumbai) -
Pr. CIT Vs. Paramount Biotech Industries Ltd. (Delhi High Court) -
Smt. Kalpana Shantilal Haria Vs. Assistant Commissioner of Income- Tax (Bombay High Court) -
