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Income Tax - Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment - On the basis of thereturn of income chargeable to tax furnished by the assessee an intim...
Read MoreIncome Tax - The Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3). For many years now many of the returns of the assesses are accepted as they are being filed by the assesses and intimation is sent u/s 143(1) and only fewer cases are selected for scrutiny assessment based upon some predetermined criterias. Therefore every assessee de...
Read MoreIncome Tax - An assessee is required to file an income tax return under Section 139 or in response to notice under section 142, consisting all the details of income earned during the previous year. Once the return is filed the next step of Income tax department is to examine the return for its correctness. This examination is known as Assessment....
Read MoreIncome Tax - These days people are getting different types of notices/intimations from the Income Tax department by different modes such as delivery by post or by an e-mail. This article aims to highlight the different situations in which income tax notices can be received and how to respond to those notices if anyone receives the same. ...
Read MoreIncome Tax - Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. ...
Read MoreIncome Tax - It has been observed that in many cases an assessee may wish to make a claim which was not made in the return of income filed under section 139. Where the assessee makes a claim of any expenditure or a deduction during the assessment proceedings which had not been made in the return of income […]...
Read MoreIncome Tax - We have attached a file in excel format. The file contains the format of various details which normally assessing officer asks Assessee to furnish during Scrutiny Assessment U/s. 143(3) of the Income Tax Act, 1961. We have attached the format of following details :-...
Read MoreShivam Dhatu Udyog Ltd. Vs DCIT (ITAT Kolkata) - Supreme Court has held that issue of a legally valid notice u/s. 143(2) is mandatory for usurping jurisdiction to frame scrutiny assessment u/s. 143(3) of the Act and in the absence of a valid notice u/s 143(2) the scrutiny assessment u/s 143(3) cannot be framed and omission to issue notice u/s 143(...
Read MoreJai Gopal Sondhi Vs ITO (ITAT Delhi) - Issue was as regards imposition of penalty under section 271(1)(b) for non-compliance by assessee with respect to statutory notices issued under section 142(1), when assessment was completed under section 143(3)....
Read MoreBalaji Enterprise Vs ACIT (ITAT Guwahati) - Balaji Enterprise Vs ACIT (ITAT Guwahati) The case of the assessee was reopened u/s 148 by the ACIT, Investigation, Delhi, on the basis of CBI search. When the question of jurisdiction came before the Hon’ble High Court, it was held that where the assessee shifts his residence etc., the AO of ...
Read MorePawan Mundra Vs DCIT (ITAT Jaipur) - Pawan Mundra Vs DCIT (ITAT Jaipur) The issue under consideration whether AO is justified levying penalty under section 271AAB on failure to offer explanation about the source of the undisclosed investment in land? ITAT states that during course of post search proceedings, assessee admitted an income...
Read MoreSudhakar Motiram Kadam Vs ITO (ITAT Pune) - The issue under consideration is whether the assessee can challenge the order of AO for which he has agreed before without there being any contrary evidence?...
Read MoreInstruction No.1/2015 - (13/01/2015) - Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012, section 143(1D) was introduced in income tax act which prohibited processing of income tax returns in case notice u/s 143(2) has been issued (i.e. scrutiny cases). Ambi...
Read MoreShivam Dhatu Udyog Ltd. Vs DCIT (ITAT Kolkata) -
Jai Gopal Sondhi Vs ITO (ITAT Delhi) -
Balaji Enterprise Vs ACIT (ITAT Guwahati) -
Pawan Mundra Vs DCIT (ITAT Jaipur) -
Sudhakar Motiram Kadam Vs ITO (ITAT Pune) -
Gigabyte Technology (India) Private Ltd. Vs CIT (Bombay High Court) -
ITO Vs Ajay Raj (ITAT Delhi) -
Manju Kaushik Vs DCIT (ITAT Jaipur) -
