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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 MoreIncome Tax - Many times in Reassessment proceedings very little importance & attention is paid to the timing of issue of notice under section 143(2). Section 143 of Income Tax Act is about Assessment, subsection 2 of section 143 talks about issue of notice in cases where return of income has been filed within the time limits specified […]...
Read MoreIncome Tax - Section 148 stands for reassessment or income escaping assessment. Nowadays income tax department is scrutinizing more returns under Section 148 of the Income Tax Act. So we are here to discuss about section 148 of the Income Tax Act, 1961. Article explains Time limit for issuance of notice u/s 148, Issuance of show cause notice […...
Read MoreIncome 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 - The reopening of an assessment is carried out by the Assessing Officer by first issuing a notice under Section 148 of the Income Tax Act, 1961 (the Act) and thereafter proceeding to make a reassessment order under Section 147 of the Act. Yet, in certain circumstances, the assessee is advised or he decides to challenge […]...
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 MoreUrmilaben Anirudhhasinhji Jadeja Vs ITO (Gujarat High Court) - Notice under section 148 issued to a dead person could not be continued against the legal representatives and moreover, section 292B also could not be resorted to....
Read MoreS.M. Sarveswaran (HUF) Vs ITO (Madras High Court) - The writ petition is not maintainable challenging the notice issued under Section 148 of the Income Tax Act. The Hon'ble Supreme court in GKN Drive Shafts' case reported in 259 ITR 19 (SC), clarified the procedure to be followed, when notice is issued under Section 148. Therefore, the petitioner has...
Read MoreDCIT Vs. Aryan Mining & Trading Corporation Ltd. (ITAT Kolkata) - As there was no whisper about escapement of income, i.e., loss created by misusing client’s code modification, in the reasons for reopening conveyed to the assessee, therefore, no addition in respect of this could be made without making any addition in respect of the item shown to have escaped ass...
Read MoreA. Thangavel Nadar Stores Vs ITO (Madras High Court) - Reassessment was not justified wholly on the basis of a sworn statement recorded in the course of survey in the absence of any other tangible evidence available with the Assessing Officer as the materials collected and the statement obtained under Section 133A would not automatically bind upon the a...
Read MoreAarti Industries Ltd. Vs DCIT (ITAT Mumbai) - Non-disposal of objections challenging the validity of re-opening of assessment under section 147 is not a mere procedural lapse but affects the jurisdiction of AO to pass assessment order under section 143(3) read with section 147....
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 MoreUrmilaben Anirudhhasinhji Jadeja Vs ITO (Gujarat High Court) -
S.M. Sarveswaran (HUF) Vs ITO (Madras High Court) -
DCIT Vs. Aryan Mining & Trading Corporation Ltd. (ITAT Kolkata) -
A. Thangavel Nadar Stores Vs ITO (Madras High Court) -
Aarti Industries Ltd. Vs DCIT (ITAT Mumbai) -
Experion Developers Pvt. Ltd. Vs ACIT (Delhi High Court) -
Krutika Developers P. Ltd. Vs ITO (ITAT Ahmedabad) -
