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 : Budget 2021- Allowing prescribed authority to issue notice under clause (i) of sub-section (1) of section 142 Section 142 of the A...
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 ...
Goods and Services Tax : Learn about the recent Madras High Court decision in the case of Razack Trading Company vs. The Assistant Commissioner (ST) (FAC) ...
Income Tax : Explore the Rajasthan High Court's judgment on delayed ITR filing, emphasizing the necessity of 'mens rea' for offense establishme...
Income Tax : The Bombay High Court upholds the discretion of the Income Tax Settlement Commission, stressing that it should not be reviewed as ...
Income Tax : Regional Oilseeds Growers Co-operative Societies Union Ltd. vs JCIT: ITAT upholds jurisdiction limitation, dismissing appeal regar...
Service Tax : Read the full text of the CESTAT Mumbai order allowing refund of service tax paid on cancelled bookings of flats by Kanakia Spaces...
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...
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
The first issue is taken up first for consideration. Section 139(5) permits the assessee to file a revised return on discovery of an omission or any wrong statement in the original return. Of course, only such return can be revised which has been filed under section 139 (1) or which has been filed pursuant to notice under section 142 (1).
Sub-sections (2A) to (2D) of section 142 deal with power of Assessing Officer to order a special audit. Such power is required to be exercised by the Assessing Officer having regard to the nature and complexity of the accounts of the Assessee and the interest of the revenue. Sub-section (2C) of the said section specifies […]
It has also been brought to notice of the Board that in some cases, the address of transacting parties given in AIRs is not complete. Sub-para (f) of para 10 of above-mentioned instruction outlines the procedure to be followed in case the assessee is not traceable. It may be because of incomplete address or change in address. All efforts should be made to trace the assessee in accordance with the procedure outlined in said sub-para. However, it should be ensured that there is valid service of notice. Further if, because of time taken in tracing the assessee, no time is available for issue of notice under section 142(1) and for making the assessment up to 31-12-2007, notice may be issued under section 148 after 31-12-2007.
