Income Tax : An analysis of Section 142 of the Income-tax Act, 1961, detailing the powers of the Assessing Officer, statutory limitations, and ...
Income Tax : Discover pivotal case of Uttrakhand Poorv Sainik Kalyan Nigam Ltd. vs ITO, where ITAT Dehradun established that Section 142(1) and...
Income Tax : Finance Act, 2023 introduced amendments to Section 142(2A) of the Income Tax Act, 1961. This article provides an overview and anal...
Income Tax : Understand the implications of Income Tax Act Sections 142 and 142A, covering notices to submit returns, making inquiries, and pro...
Income Tax : Explore the nuances of Income Tax Notices under Section 142(1) of the Income Tax Act, 1961. Learn when these notices are issued, h...
Income Tax : Oracle India has approached Delhi High Court challenging the order of the government which had asked it to undertake a special aud...
Income Tax : Sub-sections (2A) to (2D) of section 142 deal with power of Assessing Officer to order a special audit. Such power is required to ...
Income Tax : Madras High Court held that capital profit on the sale of the Fixed Assets of the Company cannot be taken directly to the Reserves...
Income Tax : A taxpayer could submit a revised return u/s 139(5) only when it discovered a bona fide omission or incorrect statement in the ori...
Corporate Law : Supreme Court held that negligence on part of bank in presentation of cheque within the validity period of cheque leads to ‘defi...
Income Tax : Smt. Subbalakshmi Kurada Vs DCIT (ITAT Bangalore) In , the ITAT Bangalore deleted penalty under Section 271(1)(c), holding that me...
Income Tax : The Tribunal ruled that failure to issue prior notice before making adjustments violates the mandatory provisions of Section 143(1...
Income Tax : CBDT hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) having her / his headqua...
Income Tax : It has also been brought to notice of the Board that in some cases, the address of transacting parties given in AIRs is not comple...
Sonal Steels Trading Pvt. Ltd Vs ACIT (ITAT Chennai) Here admittedly, assessee was not maintaining any books. There was thus no question of recording any money, bullion, jewellery or any entry in any books. It is not disputed that assessee had not disclosed any receipts from bill trading before the date of search to the […]
Hon’ble Hyderabad ITAT has in the case of Dr. G. Premalatha v/s DCIT has categorically held that the CIT(A) had no jurisdiction in appeal proceedings to call for a valuation report, which is the exclusive prerogative of the AO.
In the present case, there was no basis for the AO to determine that the true value of the property was Rs. 1.25 crores, by adopting the return on capital method. The AO was under a duty first to ascertain what was according to him the true cost of the property.
Estimate of value of assets by Valuation Officer Power given to AO to get a valuation report of any asset, property or investment. Earlier powers of AO were restricted to bullion, jewelry or any other valuable article or thing. Under the existing provisions contained in section 142A, the Assessing Officer may, for the purpose of […]
If we consider the facts of the case under consideration, we noticed that the A.O. did not reject the books of account regularly maintained by the assessee by invoking section 145(3) of the Act. The assessee raised the ground before the CIT(A) that reference under section 142A to the D.V.O. is without jurisdiction as the A.O. did not reject the books of account.
n respect of duty and any other sums of any kind payable to the Central Government under any of the provisions of this Act or of the rules made there under including the amount required to be paid to the credit of the Central Government under Section
Oracle India has approached Delhi High Court challenging the order of the government which had asked it to undertake a special audit of the tax returns filed by the IT firm. In its petition, Oracle India, a subsidiary of global IT firm Oracle Inc, requested the court to stay the direction passed by the Income Tax Department which had on December 29, 2009, ordered it to do a special audit of the tax returns filed by the firm for financial year 2006-07.
An order under section 142(2A) of the Income Tax Act, 1961, directing the assessee to get the accounts audited by an accountant nominated in this behalf by the Chief Commissioner or the Commissioner and to furnish a report of such audit, does entail civil consequences. The special audit under section 142(2A) is not limited to the mere production of the books and vouchers before the auditor and verification thereof:
, A perusal of the provisions pf Section 142(2A) shows that at any stage of the proceedings before the A.O. if the A.O. is of the view that there is complexity in the accounts of the assessee, then, in the interest of justice, he may with the prior approval of the Chief Commission ^or the Commissioner
12. Under the provisions of Section 147 of the I.T. Act, the Assessing Officer has the power to reassess the income for any Assessment Year where he has a reason lo believe that any income chargeable to tax had escaped assessment for any Assessment Year. The power is also given to Assessing Officer to recompute the loss or the depreciation allowance or any other allowance for the Assessment Year
