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Income 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 - 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 - Framing of Quality Assessments is an essential part of any risk management strategy. Quality of Assessments is being used as one of the most important indicator to judge the performance of tax department. Therefore, it is imperative that various authorities in the hierarchy of Income-tax Department discharge their respective roles in the ...
Read MoreIncome Tax - Whether an assessing officer is required to entertain and consider a fresh claim or a modification in a claim made at any time before the completion of assessment u/s 143(3) of the income-tax act....
Read MoreIncome Tax - Notice under Section 142(1) is usually served to call upon documents and details from the tax payers, and to take a particular case under assessment. The basic purpose is to inquire the details of the assessee before making assessment under the Act. It can be related to ‘Preliminary Investigation’ before starting the assessment....
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 MoreCrescent Construction Co. Vs. Asst. CIT (ITAT Mumbai) - The primary condition of reasonable belief having nexus with the material on record is still operative. However, we are of the view, that mere fresh application of mind to the same set of facts or mere change of opinion does not confer jurisdiction to the assessing officer even under the post-1989 ...
Read MoreShri Fazal Sarang Vs DCIT (ITAT Mumbai) - AO's assumption of jurisdiction under section 153A of Income Tax Act,1961 and consequent passing of order of assessment u/s. 143(3) r.w.s. 153A is void if Assessing Officer erred in assuming jurisdiction u/s 153A...
Read MoreKrypton Industries Ltd. Vs DCIT (ITAT Kolkata) - Krypton Industries Ltd. V/s. DCIT (ITAT Kolkata)- Whether the action of AO for framing the assessment under section 147 is within his jurisdiction though the time for scrutiny assessment under section 143(3) has not lapsed. ...
Read MoreSubhash Chander Vs CIT (Punjab & Haryana High Court) - Punjab & Haryana High Court held In the case of Subhash Chander vs. CIT that it is open for the AO to complete assessment either u/s 144 or u/s 143(3), in case compliance of notice has not been done by the assessee....
Read MoreCIT Vs Balampur Chini Mills Pvt Ltd. (Calcutta High Court) - High Court Calcutta held in CIT Vs Balampur Chini Mills Pvt Ltd that even if the assesse had voluntary disclosed its income by filing revised ROI though not detected by the revenue during scrutiny proceedings u/s 143(3), penalty u/s 272(1)(c) would be levied. ...
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 MoreCrescent Construction Co. Vs. Asst. CIT (ITAT Mumbai) -
Shri Fazal Sarang Vs DCIT (ITAT Mumbai) -
Krypton Industries Ltd. Vs DCIT (ITAT Kolkata) -
Subhash Chander Vs CIT (Punjab & Haryana High Court) -
CIT Vs Balampur Chini Mills Pvt Ltd. (Calcutta High Court) -
