Reassessment - Page 3

All About Income Tax E-Assessment Scheme 2019

The CBDT on 12th September 2019, notified the much talked about e-assessment procedure vide Notification no. 61/2019. The stakes were high, as it was expected to reduce the red-tapism in the country, during an assessment proceeding. This notification was quickly followed up by another notification vide 62/2019, giving effect to the Income...

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Posted Under: Income Tax |

Reassessment proceedings invalid if officer issuing notice & recording reasons are different

Pankajbhai Jaysukhlal Shah C/o. Meena Agency Ltd. Vs ACIT (Gujarat High Court)

Pankajbhai Jaysukhlal Shah C/O. Meena Agency Ltd. Vs ACIT (Gujarat High Court) It is the officer who records the reasons who has to issue the notice under section 148(1) of the Act whereas in the present case the reasons have been recorded by the jurisdictional Assessing Officer, whereas the notice under section 148(1) of the […]...

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Directions for giving effect to Income Tax E-assessment Scheme, 2019

Notification 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 ...

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CBDT notifies Income Tax E-assessment Scheme, 2019

Notification 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;...

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Notice U/s. 143(2) invalid if issued without application of mind

Satish Kumar Vs ITO (ITAT Delhi)

Satish Kumar Vs ITO (ITAT Delhi) It is an admitted fact that assessee filed reply in response to the notice under section 148 of the I.T. Act and submitted before A.O. that original return filed before him may be treated as return filed in response to the notice under section 148 of the I.T. Act. […]...

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Reopening of assessment- Section 147 of Income Tax Act, 1961

Reopening of assessment u/s 147 of the IT Act , 1961 on the basis of information from Investigation Wing of the department On the basis of information received from the investigation wing of the department, the Assessing officer cannot issue notice u/s 148 of the act mechanically, without using his own mind. He has to […]...

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Posted Under: Income Tax |

L&T Case: Classic example of change of opinion

DCIT Vs M/s Larsen & Toubro Limited (ITAT Mumbai)

The assessee had challenged reopening of assessment on two grounds. The CIT(A) had accepted the arguments of the assessee, in light of provisions of section 147 of the Act, and the assessment order passed by the AO u/s 143(3) of the Act, dated 29/12/2018 and came to the conclusion that the assessment has been reopened on change of opinion...

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AO not justified in reopening based on mere report of investigation wing without independent application of mind

M/s. Neelkanth Plywood Pvt. Ltd. Vs ITOr (ITAT Delhi)

M/s. Neelkanth Plywood Pvt. Ltd. Vs Income Tax Officer (ITAT Delhi) A perusal of the reasons for reopening of the case for the impugned assessment year, copy of which is placed at paper book page No. 20-21 shows that the reopening was made on the basis of the report of the investigation wing and there […]...

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Reassessment invalid if section 148 notice not served within stipulated period

B. M. Land Developers & Builders Vs ITO (ITAT Hyderabad)

Though AO had issued notice under section 148 on 26-3-2014, i.e., within period of six years from the end of relevant assessment year, however, it was returned unserved by postal authorities and even notice by affixture was also served on 4-4-2014 and there was no report of AO containing names and addresses of witnesses having identified ...

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AO cannot do reassessment after assessment by Settlement Commission

Komalkant Faikirchand Sharma Vs DCIT (Gujarat High Court)

Since there was an order of the Settlement Commission under section 245D(4) in relation to the assessment year in respect of which assessment was sought to be reopened, AO had no jurisdiction to reopen the assessment as once an order had been passed under section 245D by Settlement Commission, assessment for year stood concluded. ...

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