Reassessment

Why Effective Documentation a must for Income Tax Assessment Procedures?

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....

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E-assessment proceedings under Income Tax – Call of digital era

Income 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...

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Assessment and Audit under Goods & Services Tax (GST)

Income 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...

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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....

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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...

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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 ...

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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...

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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 […]...

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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-...

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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 ...

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Reopening based on change of opinion is not permissible under law

Motorola Inc, USA Vs DDIT (ITAT Delhi) - Motorola Inc, USA appeal before Delhi ITAT: When no intangible material came to the notice of the AO to form the opinion that the income of the assessee company has escaped assessment and all the facts and figures have been brought on record by the assessee company during assessment proceedings and ...

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Approval for reopening by observing merely ‘जी हाँ मैं संतुष्ट हूँ’ is not legally tenable

Shri Ghanshyam Vs ITO (ITAT Agra) - Shri Ghanshyam Vs ITO (ITAT Agra) In present case, the ld. Additional CIT granted the approval by observing merely that he was satisfied. Sections 147 and 148 of the IT Act, it is trite, are charter to the Revenue to reopen completed assessments. Section 151 of the Act provides a safe-guard that the...

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Validity of Notice U/s 148 after 4 years from the end of relevant A.Y. without specifying the amount of income escaping assessment

Smt. Usha Agarwal Vs ITO (ITAT Agra) - Notice u/s 148 of the Act can only be issued if the income escaping assessment amounts to, or is likely to amount to Rs. 1 lac. Non-recording of the reason by the Assessing Officer that the escaped income was likely to be Rs. 1 lac or more was fatal to the issuance of the notice for reassessment....

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Non-Application of Mind in reassessment- Reasons for reopening Mentioned it as a case of 143(3), whereas return processed U/s. 143(1)

Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT (Delhi High Court) - Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT (Delhi High Court)  In the present case, having started off on a wrong note that the original assessment was scrutinized and an order was passed under section 143(3) of the Act, the assessing officer proceeded to put up the note to the DIT as is evident f...

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Reopening proceedings without communicating reasons for reopening to assessee not valid

Stallion Garments Vs. Asst. CIT (Madras High Court) - Initiation of reopening proceedings without communicating the reasons for reopening to the assessee was not justified....

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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....

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Recent Posts in "Reassessment"

Reopening based on change of opinion is not permissible under law

Motorola Inc, USA Vs DDIT (ITAT Delhi)

Motorola Inc, USA appeal before Delhi ITAT: When no intangible material came to the notice of the AO to form the opinion that the income of the assessee company has escaped assessment and all the facts and figures have been brought on record by the assessee company during assessment proceedings and same had been explained: The reassessmen...

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Approval for reopening by observing merely ‘जी हाँ मैं संतुष्ट हूँ’ is not legally tenable

Shri Ghanshyam Vs ITO (ITAT Agra)

Shri Ghanshyam Vs ITO (ITAT Agra) In present case, the ld. Additional CIT granted the approval by observing merely that he was satisfied. Sections 147 and 148 of the IT Act, it is trite, are charter to the Revenue to reopen completed assessments. Section 151 of the Act provides a safe-guard that the sword of […]...

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Validity of Notice U/s 148 after 4 years from the end of relevant A.Y. without specifying the amount of income escaping assessment

Smt. Usha Agarwal Vs ITO (ITAT Agra)

Notice u/s 148 of the Act can only be issued if the income escaping assessment amounts to, or is likely to amount to Rs. 1 lac. Non-recording of the reason by the Assessing Officer that the escaped income was likely to be Rs. 1 lac or more was fatal to the issuance of the notice for reassessment....

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Non-Application of Mind in reassessment- Reasons for reopening Mentioned it as a case of 143(3), whereas return processed U/s. 143(1)

Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT (Delhi High Court)

Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT (Delhi High Court)  In the present case, having started off on a wrong note that the original assessment was scrutinized and an order was passed under section 143(3) of the Act, the assessing officer proceeded to put up the note to the DIT as is evident from […]...

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Reopening proceedings without communicating reasons for reopening to assessee not valid

Stallion Garments Vs. Asst. CIT (Madras High Court)

Initiation of reopening proceedings without communicating the reasons for reopening to the assessee was not justified....

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S. 148 Notice issued in the name of Company due to clerical mistake which already gets converted into LLP is valid

Skylight Hospitality LLP Vs ACIT (Delhi High Court)

Sky Light Hospitality LLP, a limited liability partnership, who had on 13.05.2016 taken over and acquired rights and liabilities of M/s Sky Light Hospitality Private Limited upon conversion under the Limited Liability Partnership Act, 2008, has filed the present writ petition impugning notice dated 30.03.2017 for the assessment year 2010-...

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Mere change of opinion not sustainable in the eyes of law in respect of reopening of the case: Hitachi Home case

Hitachi Home & Life Solutions (I) Ltd. Vs ACIT (ITAT Ahmedabad)

In Hitachi Home & Life Solutions (I) Ltd. vs. ACIT [ITA Nos. 3045/Ahd/2013 & 104/Ahd/2014, decided on 17.01.2017], briefly, the assessee being a company manufacturing/trading in air conditioners filed return of income on 20.12.2006 stating total income of Rs.15,62,01,340/-. It however returned nil income after adjusting carry forward loss...

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No reassessment merely for non reflection of ITR filed manually in IT system

Narain 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....

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Reopening after 4 years with approval of DIT instead of JCIT is invalid

Yum! 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....

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Why Effective Documentation a must for Income Tax Assessment Procedures?

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 More
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