Reassessment

Paperless assessments – A welcome move

Income 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 More

How to opt for Online Assessment and Submit Online response

Income 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 More

Types of Assessment under Income Tax Act, 1961

Income Tax - Article Discusses Assessment under Section 143(1)-Scrutiny Assessment, Section 144- Best Judgement Assessment and Section 147- Income Escaping Assessment of Income Tax Act, 1961....

Read More

Rationalisation of time limit for assessment, reassessment & recomputation

Income Tax - digitisation of processes within the Department has enhanced its efficiency in handling workload. In order to simplify the provisions of existing section 153 by retaining only those provisions that are relevant to the current provisions of the Act, section 153 is proposed to be substituted with the following changes in time limit from the...

Read More

Get ready for Email assessment

Income Tax - Impact on All- 1. It will bring transparency and speed in the assessment procedure. It will especially reduce the travelling time / meeting time / waiting time of both AOs and CAs increasing their efficiencies. 2. There will be permanent / reliable repository [ on cloud ] to store / retrieve the submissions. 3. The geographical location o...

Read More

Return revised to change cash balance /Income may face Scrutiny

Income 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 More

No Reopening of Assessment to be made on Audit Objections: Committee Recommends

Income 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 More

SC issues notice to Amitabh Bachchan

Income 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 More

Government shouldn’t reopen old tax assessment cases -Assocham

Income 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 More

No reopening of Cases Prior to 01.04.2012 & Circular to avoid multilevel TDS on software u/s 194J -FM

Income 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 More

HC Quashes I-T Order Against P. Chidambaram & Family & Held Reopening discriminatory

Karti P. Chidambaram Vs. The Assistant Commissioner of Income Tax (Madras High Court) - The Madras High Court has quashed the Income Tax Assessment Orders passed against P. Chidambaram, Senior Advocate & Former Union Finance Minister, his wife Nalini Chidambaram, Senior Advocate, and his son Karthi Chidambaram. The High Court quashed the order terming it as illegal, arbitrary, and issu...

Read More

Reassessment notice U/s. 147/148 is invalid when period to issue notice U/s. 143(2) has not expired

Smt. Suman Vs. ITO (Bombay High Court) - Where AO passed order of reassessment under section 147, even when Revenue processed return of assessee under section 143(1)(i) by intimation, the impugned assessment order deserved to be quashed, as the AO could not proceed with extraordinary power under section 147, when normal procedure of assess...

Read More

Reassessment based on satisfaction of AO not having Jurisdiction over Assessee is invalid

Anant Concrete Products Pvt. Ltd. Vs ITO (ITAT Delhi) - Anant Concrete Products Pvt. Ltd. Vs ITO (ITAT Delhi) ITAT held that Considering the facts of the case in the light of decision in the case of Shri S.N. Bhargava (supra), it is clear that ITO at Ghaziabad was not having jurisdiction over the assessee. Therefore, he should not have recorded the reaso...

Read More

Validity of Reassessment to verify genuineness of gift based on Assessment of relatives

Shri Ashok Mahindru Vs. ITO (ITAT Delhi) - While deleting an addition made in respect of undisclosed income, the Delhi bench of the ITAT held that the gift received by the assessee cannot be treated as non-genuine merely for the reason that the family members of the assessee had received bogus gifts during the same year....

Read More

Reassessment for mere cash deposit info received through AIR is invalid

Shri Mahavir Parsad Vs I.T.O (ITAT Delhi) - Revised grounds of appeal were filed by the assessee, which are placed on record. Amongst various grounds of appeal taken by the assessee, main grievance and issue raised by the assessee-appellant before this Tribunal relates to validity of the proceedings under section 148 of the Income-tax Act, 19...

Read More

No Reopening for mere increase in Turnover due to demonetisation

Circular 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 More

Reassessment’s Popular Posts

Recent Posts in "Reassessment"

HC Quashes I-T Order Against P. Chidambaram & Family & Held Reopening discriminatory

Karti P. Chidambaram Vs. The Assistant Commissioner of Income Tax (Madras High Court)

The Madras High Court has quashed the Income Tax Assessment Orders passed against P. Chidambaram, Senior Advocate & Former Union Finance Minister, his wife Nalini Chidambaram, Senior Advocate, and his son Karthi Chidambaram. The High Court quashed the order terming it as illegal, arbitrary, and issued without following principles of natur...

Read More

Reassessment notice U/s. 147/148 is invalid when period to issue notice U/s. 143(2) has not expired

Smt. Suman Vs. ITO (Bombay High Court)

Where AO passed order of reassessment under section 147, even when Revenue processed return of assessee under section 143(1)(i) by intimation, the impugned assessment order deserved to be quashed, as the AO could not proceed with extraordinary power under section 147, when normal procedure of assessment of income under section 143(3) was ...

Read More

Reassessment based on satisfaction of AO not having Jurisdiction over Assessee is invalid

Anant Concrete Products Pvt. Ltd. Vs ITO (ITAT Delhi)

Anant Concrete Products Pvt. Ltd. Vs ITO (ITAT Delhi) ITAT held that Considering the facts of the case in the light of decision in the case of Shri S.N. Bhargava (supra), it is clear that ITO at Ghaziabad was not having jurisdiction over the assessee. Therefore, he should not have recorded the reasons for reopening […]...

Read More

Validity of Reassessment to verify genuineness of gift based on Assessment of relatives

Shri Ashok Mahindru Vs. ITO (ITAT Delhi)

While deleting an addition made in respect of undisclosed income, the Delhi bench of the ITAT held that the gift received by the assessee cannot be treated as non-genuine merely for the reason that the family members of the assessee had received bogus gifts during the same year....

Read More

Reassessment for mere cash deposit info received through AIR is invalid

Shri Mahavir Parsad Vs I.T.O (ITAT Delhi)

Revised grounds of appeal were filed by the assessee, which are placed on record. Amongst various grounds of appeal taken by the assessee, main grievance and issue raised by the assessee-appellant before this Tribunal relates to validity of the proceedings under section 148 of the Income-tax Act, 1961...

Read More

Delhi HC issues guidelines in matters of reopening of assessments

Sabh Infrastructure Ltd. Vs. Asst. Commissioner Of Income Tax (Delhi High Court)

The Petitioner seeks the quashing of a notice dated 20th March, 2015 issued under Section 148 of the Income Tax Act (Act) by the Assistant Commissioner of Income Tax (hereinafter Assessing Officer AO) and the order dated 1st February, 2016 passed by the AO disposing of the objections filed by the Petitioner to the said notice....

Read More

Approval to Reopening by officer superior to Addl. DIT U/s. 151(2) is invalid

Yum Restaurants Asia Pte. Ltd Vs Deputy Director Of Income Tax And Ors (Delhi High Court)

This writ petition by Yum! Restaurants Asia PTE Ltd. under Articles 226 and 227 of the Constitution, seeks the quashing of a notice dated 28th March 2012 issued by the Deputy Director of Income Tax (hereinafter the Assessing Officer or AO) under Section 148 of the Income Tax Act, 1961 (hereinafter the Act) seeking to reopen the assessment...

Read More

Search, Re-Assessment etc. of Non-Existent Entity is Invalid

BDR Builders & Developers Pvt. Ltd Vs ACIT (Delhi High Court)

Proceedings under Section 148 of the Act which commenced with the notice dated 3rd April, 2012 issued to VBPPL were itself void ab initio for the simple reason that on that day VBPPL was not in existence as a result of the order dated 20th February, 2013 of the High Court approving its amalgamation with the Petitioner with effect from 1st...

Read More

Reassessment cannot be initiated merely on report of Valuation Officer

Smt. Kamala Ojha Vs Income Tax Officer (Chhatisgarh High Court)

Thus, it appears that only on the basis of the valuation report received from the said officer – Assistant Valuation Officer, the assessing authority sought to reopen the proceeding under Section 147 of the Act, 1961 which is clearly not an information for reopening the assessment proceeding...

Read More

Paperless assessments – A welcome move

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 More
Posted Under: Income Tax |
Page 1 of 2312345...1020...Last »

Browse All Categories

CA, CS, CMA (3,525)
Company Law (3,466)
Custom Duty (6,674)
DGFT (3,501)
Excise Duty (4,051)
Fema / RBI (3,292)
Finance (3,503)
Income Tax (25,356)
SEBI (2,758)
Service Tax (3,288)

Search Posts by Date

November 2017
M T W T F S S
« Oct    
 12345
6789101112
13141516171819
20212223242526
27282930