Reassessment - Page 35

No reopening of Cases Prior to 01.04.2012 & Circular to avoid multilevel TDS on software u/s 194J -FM

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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Posted Under: Income Tax |

No Reassessment u/s 147/148 for Legal Error / Illegality in Original Assessment Order

Munjal Showa Ltd. Vs Deputy Commissioner of Income Tax (Delhi High Court)

The assessee had filed and furnished all details and particulars relating to the royalty payment including agreements, calculation and the approval before the Ld. AO during assessment proceedings. There was no failure on the part of the assessee to furnish true and correct all material facts. The facts were available before and were withi...

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Validity of Reopening u/s.147/148 on the basis of statement obtained during survey & retracted later?

Smt. M. Maheswari Vs. The Asst. Commissioner of Income Tax (ITAT Chennai)

When the statements made by the assessees here, later retracted, do not have any evidentiary value, there is no basis in holding that there are materials available before the Assessing Officer to make out cases of escapement of income. A reason must be formed by the Assessing Officer to reopen an assessment on the basis of material or in...

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HC Reverses Law on Supply of Reasons for Reopening – Need not be supplied within limitation period

A.G.Holdings Pvt Ltd Vs Income Tax Officer (Delhi High Court)

There is no requirement in Section 147 or Section 148 or Section 149 that the reasons recorded should also accompany the notice issued under Section 148. The requirement in Section 149(1) is only that the notice under Section 148 shall be issued. There is no requirement that it should also be served on the assessee before the period of li...

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Retrospective amendment to Sec. 9 not applicable where assessment order already passed

The retrospective clarificatory amendments now under consideration of Parliament will not be used to reopen any cases where assessment orders have already been finalized. I have asked the Central Board of Direct taxes to issue a policy circular to clearly state this position after the passage of the Finance Bill....

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Posted Under: Income Tax |

s.148 notice beyond 4 years without compliance of s.147 & s.151(2) not valid

Shri. Ghanshyam K. Khabrani. Vs Assistant Commissioner of Income Tax (Bombay High Court)

Section 147 - Sanction Of Superior Officer Renders Reopening Void: Bombay High Court. The notice under section 148 can be issued beyond four year with prior approval of joint commissioner and at the same time joint-commissioner should be satisfied that this is fit case for issue of a notice in view of section 151(2). In the present case n...

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Extension of time limit for completion of assessment or reassessment where information sought under DTAA

During the course of assessment proceedings, in the case of an assessee having income or assets outside India, information is being sought from the tax authorities situated outside India, while completing an assessment. Under the provisions of section 90 or section 90A of the Income-tax Act, information can be exchanged with the foreign t...

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Posted Under: Income Tax |

Extension of time for completion of assessments and reassessments

The existing provisions of section 153 and 153B, inter alia, provides the time limit for completion of assessment and reassessment of income by the Assessing Officer. Time limits have been provided for completion of assessment or reassessment under section 143(3), 147, 153A, 153C, etc. Further, these time limits get exten...

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Posted Under: Income Tax | ,

Budget 2012 – Reopening time limit Increased to 16 Years for income in relation to asset located outside India

It is proposed to amend the provisions of section 149 so as to increase the time limit for issue of notice for reopening an assessment to 16 years, where the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment. ...

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Posted Under: Income Tax | ,

Reassessment notice not invalid just because of absence of suffix private Limited in Notice

CIT Vs. Jagat Novel Exhibitors Private Limited (Delhi High Court)

CIT Vs. Jagat Novel Exhibitors Private Limited (Delhi HC)- Main contention of the Assessee was that the notice under Section 147/148 of the Act was not issued to the respondent company in the name of the principal officer but was issued to Jagat Novel Exhibitors and without the words “Private Limited” as a suffix. Therefore, the noti...

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August 2020