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Section 147 to 153 Income Escaping Assessment (Reopening of Cases)

Income Tax : Learn about Section 147 to 153 Income Escaping Assessment and Reopening of Cases Under Income Tax Act, 1961. Get guidance on the p...

December 10, 2023 15708 Views 5 comments Print

Validity of Section 148A(b) & Section 148A(d) Proceedings: Legal Analysis

Income Tax : Explore legality of Section 148A(b) & Section 148A(d) proceedings post Finance Act 2021. Understand implications of local assessm...

October 21, 2023 4404 Views 0 comment Print

Reassessment proceedings against struck off company invalid unless revived u/s 252 of Companies Act

Income Tax : In a recent case, Madras High Court rules on reassessment proceedings against a struck-off company, highlighting the need for rev...

October 12, 2023 987 Views 0 comment Print

Critical Role of Initial Enquiry under Section 148A(a) for Taxpayer Protection

Income Tax : Understand the critical role of the initial enquiry under Section 148A(a) for taxpayer protection in income tax assessments. Explo...

July 12, 2023 5316 Views 0 comment Print

Critical Analysis of New Reassessment Provisions: Section 148, 148A and 149

Income Tax : Read this critical analysis of the new reassessment provisions introduced by the Finance Act, 2021. Understand the changes in Sect...

July 10, 2023 31839 Views 2 comments Print

Latest News

Request to amend section 151 Sanctioning Authority for reassessment

Income Tax : Humble Representation for modification of Section 151 of the Income Tax Act relating to Sanction for issue of Notice under sec. 14...

July 25, 2022 6420 Views 0 comment Print

Request to clarify on SC judgement on Section 148 notices

Income Tax : Income Tax Gazetted Officers’ Association requested CBDT to issue Clarification in respect of the judgement of Hon’ble Supreme...

May 12, 2022 6882 Views 0 comment Print

Indiscriminate Income Tax notices without allowing reasonable time

Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...

March 20, 2022 12846 Views 0 comment Print

Extend Time Limit for Income Tax Assessment time barring on 31.3.2022

Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...

March 20, 2022 41148 Views 2 comments Print

Notices for assessment/reassessment of income of old cases

Income Tax : Under the provisions of Income-tax Act, 1961, notices for assessment/reassessment of income of old cases of more than six years fr...

August 3, 2018 1884 Views 0 comment Print

Latest Judiciary

ITAT Directs AO: Delete Addition for Client Code Modification, No SEBI Violation Found

Income Tax : ITAT observed that reasons recorded by AO for reopening assessment did not mention name of assessee's broker or specific details i...

May 19, 2024 78 Views 0 comment Print

Assessments cannot be reopened merely on the basis of a change of opinion without valid grounds

Income Tax : Upesi Ventures Ltd. vs. ACIT: Bombay High Court nullifies reassessment notice for AY 2015-2016. Analysis of stock details reveals ...

May 19, 2024 66 Views 0 comment Print

Reassessment cannot be based solely on reasons borrowed from other departments or reports

Income Tax : In case of Balaji Mines And Minerals Pvt Ltd vs ACIT, Bombay High Court ruled that reassessment cannot be based solely on reasons ...

May 5, 2024 1050 Views 0 comment Print

Allahabad HC Invalidates Notice u/s. 148A(b) for Service to Unregistered Email ID

Income Tax : Allahabad High Court held that valid service of notice under section 148 of the Income Tax Act is a condition precedent for making...

March 23, 2024 2796 Views 0 comment Print

HC Quashes Reassessment Notice: Approval Granted Without Application of Mind

Income Tax : Delhi High Court judgment in Sanjay Kumar Vs ACIT reveals flaws in reassessment proceedings, jurisdictional issues, and errors in ...

March 22, 2024 654 Views 0 comment Print

Latest Notifications

Limitation date for reopening cases related to Ashish Agarwal judgment

Income Tax : Supreme Court in the matter of Shri Ashish Agarwal, several representations were received asking for time-barring date of such cas...

February 6, 2023 5220 Views 0 comment Print

Time barring date for reopening cases arising out of SC direction

Corporate Law : Income Tax Gazetted Officers’ Association (W.B.) Unit Date: 02.02.2023. To The Principal Chief Commissioner of Income Tax, W...

February 2, 2023 2898 Views 0 comment Print

Case reopened in light of SC judgment in Ashish Agarwal to be completed by 31.05.2023

Income Tax : CBDT directed that cases reopened u/s 147/148A in consonance with Judgement of SC in case of UoI vs. Ashish Agarwal & CBDT instruc...

January 27, 2023 13878 Views 1 comment Print

Carry out due verification before initiating Section 148/147 proceedings: CBDT

Income Tax : Consequent to order passed by Allahabad High Court passing severe strictures and proposing to levy exemplary cost of Rs 50 lakhs i...

August 22, 2022 13101 Views 0 comment Print

Revised Guideline for Issue of Section 148 Notice

Income Tax : Salient features of new Section 148 to 151A 'i.e. assessment/reassessment procedure of Income Escaping Assessment...

August 1, 2022 72000 Views 1 comment Print

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

January 31, 2009 5038 Views 1 comment Print

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, […]

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

January 21, 2009 1565 Views 0 comment Print

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 obligation and which imposes new duty in respect of transactions already completed,

Assumption of jurisdiction under section 147 of IT Act

January 15, 2009 1098 Views 0 comment Print

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 year declaring total income at Rs. Nil

AO can make addition on ground other then on which he re-opened the Assessment

October 22, 2008 1702 Views 0 comment Print

What is to be assessed is the income which the Assessing Officer has believed to have escaped assessment and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the reassessment proceedings. One has to see that the issue of notice under section 148 should be on the basis of belief of the Assessing Officer that income chargeable to tax has escaped assessment.

Damages paid for breach of contract deductible as Business Expenditure

May 14, 2008 2608 Views 0 comment Print

Jamna Auto Industries vs. CIT – The assessee before the Hon’ble Punjab and Haryana High Court was a Partnership firm. The assessee firm had entered into an agreement with M/s. Deutsche Strahil Metail of Berlin a German firm for supply of certain goods of a particular value. The agreement so arrived at, however, could not be acted upon by the assessee as it did not have the requisite import licence for material intended to be imported. On a dispute being referred to the arbitrator, the assessee had to pay damages to the German firm in terms of the award dated 29th July, 1974 for failure to perform its part of the contract.

AO to show in reason recorded that any income escaped

January 14, 2008 661 Views 0 comment Print

It was incumbent on the Assessing Officer to show in the reasons recorded by him that any income escaped assessment due to error or omission on the part of the assessee in not disclosing all material facts relevant for assessment of this year. The assessment order does not show any error or omission on the part of the assessee in disclosing all material facts. So the Tribunal held that the CIT(A) was right in cancelling the re-assessment.

ITAT in Van Oord Atlanta-Critical analysis

December 20, 2007 792 Views 0 comment Print

The author has made a critical analysis of the recent decision of the Kolkota Bench of the ITAT in Van Oord Atlanta B.V. 112 TTJ 229 and identified the important principles of law emerging therefrom. 1. 1. Factual Synopsis of the case 1.1 Van Oord Atlanta B.V. (‘Assessee’) a company incorporated in Netherlands and a resident of that country was accordingly treated as eligible to benefits of ‘DTAA’.

Implementing Risk Management — A case study

September 26, 2007 1809 Views 0 comment Print

In a large engineering company operating in Western India having global operation, a new Chief Audit Executive (CAE) was appointed. The CAE had joined this organisation based on the public positioning of the group but felt disappointed within a few months of joining. The organisation had grown organically and was largely family-owned with the senior management being hands on with the operations of the company. The Internal Audit culture had not yet matured and was largely focussed on ‘compliance’. The budget was not sufficient as the management had very low level of expectations from the internal audit function which was mainly compliance-driven.

CIT v. Thayaballi Mulla Jeevaji Kapasi [1967] 66 ITR 147 (SC)

January 1, 2007 2121 Views 0 comment Print

Thayaballi Mulla Jeevaji—hereinafter called the respondent—was a trader in Malabar produce, cloth, pepper and other commodities. For the assessment year 1945-46, the respondent submitted a return disclosing a net business loss of Rs. 7,960. The Income-tax Officer, Kozhikode, District Malabar, completed the assessment on March 29, 1946,

CIT v. Kurban Hussain Ibrahimji Mithiborwala [1971] 82 ITR 821 (SC)

January 13, 2006 2931 Views 0 comment Print

“Whether, on the facts and in the circumstances of the case, there was a material irregularity in the notice issued to the assessee under section 34 and dated 28th February, 1958, and if so, whether such irregularity vitiated the proceedings taken under the said notice ?”

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