Reassessment - Page 10

Notice U/s. 148 unsustainable Once Arm’s Length Price Procedure Followed

Honda Motor Co. Ltd. Vs DCIT (ITAT Delhi)

Honda Motor Co. Ltd. Case: Where Reassessment Is Based Only On Allegation That Appellant Has PE In India, Notice Under Section 148 Cannot Sustain Once Arm’s Length Price Procedure Has Been Followed....

Read More

Notice U/s. 148 valid despite no fresh material if Return was processed U/s. 143(1)

Ajay Narayan Bhoir Vs ACIT(ITAT Mumbai)

Ajay Narayan Bhoir Vs ACIT (ITAT Mumbai) In case of return of income processed under section 143(1), the only condition to be satisfied for reopening is that taxable income has escaped assessment and the assessee’s plea that no fresh material was there before the AO warranting re-opening, was not relevant. FULL TEXT OF THE ITAT [&hellip...

Read More

Dayanidhi Maran: S.148 Recording of reasons does not mean that same should be communicated along with notice itself

Dayanidhi Maran Vs ACIT (Madras High Court)

In the present cases on hand, the request made by the writ petitioner had been complied with and the reasons for reopening of the escaped assessment had been communicated to the writ petitioner. The said propositions are very well recognised by the Supreme Court of India in the case of GKN Driveshafts (India) Ltd. Thus the very provision ...

Read More

Sanction for reassessment by JC in a mechanical manner is invalid

CIT, Jabalpur Vs M/s S. Goyanka Lime and Chemicals Ltd. (Madhya Pradesh HC)

In this case Joint Commissioner had acted mechanically in order to discharge his statutory obligation properly in the matter of recording sanction as he merely wrote on the format Yes, I am satisfied which indicated as if he was to sign only on the dotted line, whereas satisfaction has to be with objectivity on objective material. Thus, r...

Read More

Reassessment for non-examination of one aspect of deduction during Original Assessment is invalid

Hitech Outsourcing Services Vs CIT (Gujarat High Court)

Hitech Outsourcing Services Vs CIT (Gujarat High Court) We have noticed that the Assessing Officer in teh original assessment proceedings had examined the assessee’s claim of deduction under section 10B of the Act. It is not as if such claim went unnoticed or unscrutinized. He wanted to be specific about the assessee’s claim f...

Read More

Assessment reopened merely based on details already on record is invalid

DCIT Vs Yamaha Motor India Sales Pvt. Ltd. (ITAT Delhi)

There was no new tangible material evidence brought on record by AO. Assessment was reopened only on the basis of details available on record and wrongly interpreted by AO....

Read More

Time Limits for Issuance of Notices, Orders under Different Sections of Income Tax Act, 1961

Income Tax Act, 1961 contains different time limits for issuance of notice, filing of application, completion of assessments, passing of penalty order under several sections. Hence, for the ease of reference for professionals and students ...

Read More
Posted Under: Income Tax |

Assessment cannot be reopened (within 4 years) for oversight of a statutory provision by AO

The Pr. Commissioner of Income Tax Vs M/s. Inarco Limited (Bombay High Court)

PCIT Vs Inarco Limited (Bombay High Court) The grievance of the Revenue before us is that the Assessing Officer omitted to consider Section 50C of the Act while passing the order dated 26.12.2007 under Section 143(3) of the Act. Thus, it is submitted that the re­opening notice dated 11.3.2010 is valid in law. In this […]...

Read More

Section 147 / 148 JCIT includes Additional CIT- Sanction by Additional CIT valid

Vikram Singh Vs Commissioner Of Income Tax Bulandshahar (Allahabad High Court)

Vikram Singh Vs CIT (Allahabad High Court) The only contention raised by the learned counsel for the appellant-assessee is that the notice was not issued with the prior sanction of the Joint Commissioner, but sanction was accorded by the Additional Commissioner and, therefore, notice under Section 148 of the Act issued by the A.O. was [&h...

Read More

Reassessment on mere audit objections without any tangible material is invalid

Siddhi Vinayak Aeromatics (P) Ltd. Vs ACIT (ITAT Delhi)

Siddhi Vinayak Aeromatics (P) Ltd. Vs ACIT (ITAT Delhi) In this case Assessee had filed complete details as required during assessment proceedings and after complete verification of the details assessment was framed by AO under section 153/143(3) of Income Tax Act, 1961. AO had not produced any tangible material that there was failure on ...

Read More

Browse All Categories

CA, CS, CMA (4,435)
Company Law (5,271)
Custom Duty (7,552)
DGFT (4,089)
Excise Duty (4,305)
Fema / RBI (3,938)
Finance (4,105)
Income Tax (31,587)
SEBI (3,289)
Service Tax (3,501)

Search Posts by Date

January 2020
« Dec