Reassessment - Page 35

Assessment of agent of non-resident, Option is with Income Tax Authorities: ITAT Mumbai

J. M. Baxi & Co. Vs DDIT (Int'l Taxation) [ITAT Mumbai]

19. We have given careful thought to the rival submissions of the parties and examined them in the light of material available on record, statutory provisions and case law cited at the Bar. At the very outset, we may state that the basic contention of the assessee that he is and should be considered as an agent under clauses (a), (b) & (c...

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High Court upset with Terror Tactics of Custom Dept

Vodafone Essar South Vs. UOI (Bombay High Court)

Where despite the goods having been cleared on payment of customs duty as assessed under Heading 85.44 (which was supported by the order of the Commissioner (Appeals) the DRI searched the premises of the assessee and threatened that unless the differential duty payable under Heading 90.01 was paid, the directors and employees of the asses...

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Reopening notice even if served after limitation period is valid: HC DELHI

Mayawati Vs. CIT (Delhi High Court)

(i) S. 149, which imposes the limitation period, requires the notice to be “issued” but not “served” within the limitation period. Once a notice is issued within the period of limitation, jurisdiction becomes vested in the AO to proceed to reassess. Service is not a condition precedent to conferment of jurisdiction but it is a con...

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HC allows I-T dept to reassess Mayawati's income

Uttar Pradesh chief minister Mayawati’s income for the financial year 2001-02 will be reassessed by the income tax department as the Delhi HC has allowed it a relook, while hearing a plea that she had allegedly not declared full details. A bench of Justices Vikramajit Sen and Rajiv Shakdher dismissed the BSP chief ‘s plea [&he...

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Posted Under: Income Tax |

Income Tax Dept. asks for documents for Satyam probe

The Income Tax Department, one of the investigating agencies probing  the Satyam fraud case, has asked the Hyderabad Police for documents related to purchases and investments by the firm’s former Chairman Ramalinga Raju....

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Posted Under: Income Tax |

Taxing times ahead as govt ups Income Tax Scrutiny

Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax (I-T) department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year. At this level, the demand [&he...

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Posted Under: Income Tax |

The assessee is entitled to take advantage of reassessment proceedings to re-raise issues that have not attained finality

Export Credit Guarantee Corp vs. ITO (ITAT Mumbai)

Where the AO reopened the assessment to rework the book profits u/s 115JA and in an appeal against such order the assessee raised other issues unconnected with the reassessment and the preliminary point arose as to whether in the light of the judgement of the Supreme Court in CIT vs. Sun Engineering 198 ITR 297, […]...

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Invalidity of assessment/re-assessment on the ground of improper/invalid issuance/service of a notice

Kuber Tobacco Products (P.) Ltd. Vs DCIT (ITAT Delhi)

38. First and foremost rule of construction of interpretation is that in the absence of anything in the enactment to show that it is to have retrospective operation, the said enactment cannot be construed to have retrospective operation and when amendment relates to a procedural provision results into creating a new disability or obligati...

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Assumption of jurisdiction under section 147 of IT Act

Shiva Exports Vs ITO (ITAT Chandigarh)

7. In the aforestated background now we may advert to the factual position in the instant case. In this case, after the processing of return under section 143(1) the Assessing Officer recorded reasons on 8-2-2006 to initiated proceedings under section 147/148 as under: " the assessee filed return of income for the above noted assessment ...

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Conditions Precedent for Reopening Of Assessment beyond Four Year Period under Proviso to Section 147 of Income Tax Act, 1961

In view of the Proviso to s. 147, merely having a reason to believe that income had escaped assessment is not sufficient to reopen assessments but it must be specifically alleged by the AO in the recorded reasons that the escapement was on account of the failure of the assessee to make a full and true disclosure of material facts. In the ...

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Posted Under: Income Tax |

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