section 143(3)

Various Type of Assessment & amp; Study of Best Judgement Assessment

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...

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Scrutiny assessment under Income Tax Act, 1961

Income 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...

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Understanding Section 143 of Income Tax Act, 1961

Income 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....

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How to reply to different income tax notices

Income 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. ...

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Assessments under Income-Tax Act, 1961

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. ...

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Allow making of fresh claim during assessment proceedings

Income 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 […]...

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Format of details to submitted during Income Tax Assessment

Income 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 :-...

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In absence of a valid section 143(2) notice scrutiny assessment cannot be framed

Shivam 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(...

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No Penalty U/s. 271(1)(b) when order was passed U/s. 143(3)

Jai 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)....

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Valid issuance of notice u/s 143(2) mandatory for framing scrutiny assessment

Balaji 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 ...

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ITAT upheld Penalty u/s 271AAB(1) on Undisclosed Investment

Pawan 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...

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Appeal not Justified if there is Lack of Strong Contrary Evidence

Sudhakar 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?...

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No processing of returns for I-T refund if selected for Scrutiny

Instruction 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...

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Recent Posts in "section 143(3)"

In absence of a valid section 143(2) notice scrutiny assessment cannot be framed

Shivam 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(2) of the Act is not a curable defect....

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No Penalty U/s. 271(1)(b) when order was passed U/s. 143(3)

Jai 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)....

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Valid issuance of notice u/s 143(2) mandatory for framing scrutiny assessment

Balaji 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 the place where the […]...

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ITAT upheld Penalty u/s 271AAB(1) on Undisclosed Investment

Pawan 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 of Rs. 6,00,000 on account of undisclos...

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Various Type of Assessment & amp; Study of Best Judgement Assessment

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...

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Posted Under: Income Tax |

Appeal not Justified if there is Lack of Strong Contrary Evidence

Sudhakar 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?...

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Assessment Order u/s 143(3) Passed in Clear Breach of Mandatory Section 144C is Void ab Initio

Gigabyte Technology (India) Private Ltd. Vs CIT (Bombay High Court)

The issue under consideration is whether the assessment order u/s 143(3) made by the AO in clear breach of the mandatory provisions of Section 144C is merely erroneous or is void ab initio?...

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Serving of Notice on Wrong Address is as good as Not Issuing Notice to Assessee

ITO Vs Ajay Raj (ITAT Delhi)

ITO Vs Ajay Raj (ITAT Delhi) The issue under consideration is whether the notice u/s 143(2) served on wrong address is sustainable in law? ITAT states that, the notice u/s 143(2) of the Act was issued to the address at “85, Kumharon Wali Gali, Village Khampur, Delhi” which was not served on the assessee whereas […]...

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Conversion from Limited to Complete Scrutiny Not Allowed Prior to Receipt of Approval from PCIT

Manju Kaushik Vs DCIT (ITAT Jaipur)

The issue under consideration is whether the conversion of case from limited scrutiny to complete scrutiny prior to receipt of approval from Pr. CIT is justified in law?...

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Scrutiny assessment under Income Tax Act, 1961

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 More
Posted Under: Income Tax |

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