section 147

FAQs on Assessments under the Income-tax Law

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 his return of income. Once the return of income is filed by the taxpayer...

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Time Limits for Issuance of Notices, Orders under Different Sections of Income Tax Act, 1961

Income Tax - Income Tax Act, 1961 contains different time limits for issuance of notice, filing of application, completion of assessments, passing of penalty order under several sections. Hence, for the ease of reference for professionals and students ...

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Types of Notices under Income Tax Act, 1961

Income Tax - Notice under Section 142(1) - Inquiry before assessment 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...

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Assessment/Re-assessment Procedure u/s. 147 of Income Tax Act, 1961

Income Tax - Assessment/Re-assessment is a procedure adopted to determine the correctness of the income disclosed by the assessee and tax payable thereon. Than what is reassessment and why there is need of reassessment? Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, re-assess or...

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Assessment or Reassessment Notice U/s 148

Income Tax - The power of assessment or reassessment of any income chargeable to tax that have escaped assessment has been provided under section 147 r w s 148 of Income Tax Act of 1961. If the assessing officer has the reason to believe that any income chargeable to tax has escaped assessment then the assessing officer may subject to the provisions o...

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Notices for assessment/reassessment of income of old cases

Income Tax - Under the provisions of Income-tax Act, 1961, notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year can be issued only in the following exceptional situations: i. Under clause (c) of sub-section (1) of section 149 of the Act, in cases where income in […]...

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No Reopening of Assessment to be made on Audit Objections: Committee Recommends

Income Tax - One of the key sources of dispute is the existing arrangement for follow up on audit objections by Internal Audit Party and the Revenue Audit Party. In terms of the existing arrangement, the Assessing Officer is required to take corrective steps following audit objections. The corrective measures take the form of rectification or reassess...

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SC issues notice to Amitabh Bachchan

Income Tax - NOTICE TO AB Sr. The Supreme Court has issued a notice to Mr. Amitabh Bachchan regarding his case for A.Y. 02-03 on a petition from the revenue. On 13th October, 2002, Mr. Bachchan filed his return for the year stating his income to be Rs. 14.99 crore, later on 31st March, 2003, he filed a […]...

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Government shouldn’t reopen old tax assessment cases -Assocham

Income Tax - ASSOCHAM wants correction as FM begins pre-budget consultations Showing a grave concern over the fact that notices for reopening of assessments by the tax authorities are being issued in thousands in recent times, ASSOCHAM today said returns should not be re-opened beyond three years. As Finance Minister P Chidambaram has started his pre-...

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ITAT – Anguish over ITAT deciding case on a casual, offhanded and cavalier manner – Delhi HC

Income Tax - The High Court noted with anguish that even at the second appellate stage the matters are being dealt with in such a casual manner. The High Court stated that it did not expect the Tribunal, which the highest fact-finding authority in matters relatin...

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Assessment cannot be reopened (within 4 years) for oversight of a statutory provision by AO

The Pr. Commissioner of Income Tax Vs M/s. Inarco Limited (Bombay High Court) - PCIT Vs Inarco Limited (Bombay High Court) The grievance of the Revenue before us is that the Assessing Officer omitted to consider Section 50C of the Act while passing the order dated 26.12.2007 under Section 143(3) of the Act. Thus, it is submitted that the re­opening notice dated 11.3.2010 is va...

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S. 147 AO should allow four weeks’ time to assessee after rejection of objections

Smt. Kamlesh Goel Vs The I.T.O (ITAT Delhi) - Smt. Kamlesh Goel Vs The I.T.O (ITAT Delhi) The bone of contention is as to whether the Assessing Officer has rightly framed the impugned order within 16 days of disposing of the objections of the assessee. The answer is given by the coordinate bench in the case of Metaplast Engineering P. Ltd in IT...

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Reassessment invalid if notice U/s.143(2) was not issued

ACIT Vs M/s. Dimension Promoters (P) Ltd. (ITAT Delhi) - Where AO had framed the reassessment under section 148 without issuing notice under section 143(2), the reassessment order was invalid because it is mandatory obligation of AO to serve notice by assigning reasons therein with regard to his belief of escaped tax liability before making assessment of ...

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Section 147 / 148 JCIT includes Additional CIT- Sanction by Additional CIT valid

Vikram Singh Vs Commissioner Of Income Tax Bulandshahar (Allahabad High Court) - Vikram Singh Vs CIT (Allahabad High Court) The only contention raised by the learned counsel for the appellant-assessee is that the notice was not issued with the prior sanction of the Joint Commissioner, but sanction was accorded by the Additional Commissioner and, therefore, notice under Section 1...

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Reassessment on mere audit objections without any tangible material is invalid

Siddhi Vinayak Aeromatics (P) Ltd. Vs ACIT (ITAT Delhi) - Siddhi Vinayak Aeromatics (P) Ltd. Vs ACIT (ITAT Delhi) In this case Assessee had filed complete details as required during assessment proceedings and after complete verification of the details assessment was framed by AO under section 153/143(3) of Income Tax Act, 1961. AO had not produced any tang...

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No Reopening for mere increase in Turnover due to demonetisation

Circular No. 40/2016-Income Tax - (09/12/2016) - Mere increase in turnover, because of use of digital means of payment or otherwise , in a particular year cannot be a sole reason to believe that income has escaped assessment in earlier years....

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Recent Posts in "section 147"

FAQs on Assessments under the Income-tax Law

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer...

Read More
Posted Under: Income Tax |

Time Limits for Issuance of Notices, Orders under Different Sections of Income Tax Act, 1961

Income Tax Act, 1961 contains different time limits for issuance of notice, filing of application, completion of assessments, passing of penalty order under several sections. Hence, for the ease of reference for professionals and students ...

Read More
Posted Under: Income Tax |

Assessment cannot be reopened (within 4 years) for oversight of a statutory provision by AO

The Pr. Commissioner of Income Tax Vs M/s. Inarco Limited (Bombay High Court)

PCIT Vs Inarco Limited (Bombay High Court) The grievance of the Revenue before us is that the Assessing Officer omitted to consider Section 50C of the Act while passing the order dated 26.12.2007 under Section 143(3) of the Act. Thus, it is submitted that the re­opening notice dated 11.3.2010 is valid in law. In this […]...

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S. 147 AO should allow four weeks’ time to assessee after rejection of objections

Smt. Kamlesh Goel Vs The I.T.O (ITAT Delhi)

Smt. Kamlesh Goel Vs The I.T.O (ITAT Delhi) The bone of contention is as to whether the Assessing Officer has rightly framed the impugned order within 16 days of disposing of the objections of the assessee. The answer is given by the coordinate bench in the case of Metaplast Engineering P. Ltd in ITA No. […]...

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Reassessment invalid if notice U/s.143(2) was not issued

ACIT Vs M/s. Dimension Promoters (P) Ltd. (ITAT Delhi)

Where AO had framed the reassessment under section 148 without issuing notice under section 143(2), the reassessment order was invalid because it is mandatory obligation of AO to serve notice by assigning reasons therein with regard to his belief of escaped tax liability before making assessment of any escaped income....

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Section 147 / 148 JCIT includes Additional CIT- Sanction by Additional CIT valid

Vikram Singh Vs Commissioner Of Income Tax Bulandshahar (Allahabad High Court)

Vikram Singh Vs CIT (Allahabad High Court) The only contention raised by the learned counsel for the appellant-assessee is that the notice was not issued with the prior sanction of the Joint Commissioner, but sanction was accorded by the Additional Commissioner and, therefore, notice under Section 148 of the Act issued by the A.O. was [&h...

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Reassessment on mere audit objections without any tangible material is invalid

Siddhi Vinayak Aeromatics (P) Ltd. Vs ACIT (ITAT Delhi)

Siddhi Vinayak Aeromatics (P) Ltd. Vs ACIT (ITAT Delhi) In this case Assessee had filed complete details as required during assessment proceedings and after complete verification of the details assessment was framed by AO under section 153/143(3) of Income Tax Act, 1961. AO had not produced any tangible material that there was failure on ...

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Reassessment for non-disclosure of bank a/c which was disclosed during Original Assessment is Invalid

Akshar Developers Vs Assistant Commissioner of Income-tax (Bombay High Court)

Akshar Developers Vs ACIT (Bombay High Court) It is alleged in the reasons that the petitioner had failed to disclose the aforesaid bank account during the assessment proceedings. The petitioner had filed its objections by letter dated 23rd May, 2017 to the reasons inter-alia pointing out that during the course of assessment proceeding, t...

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Reopening on Sanction of CIT instead of Additional CIT is void

The Commissioner of Income Tax Vs Aquatic Remedies Pvt. Ltd. (Bombay High Court)

CIT Vs Aquatic Remedies Pvt. Ltd (Bombay High Court) It is undisputed position before us that in terms of Section 151(2) of the Act, the sanctioning/ permission to issue notice under Section 148 of the Act has to be issued by the Additional Commissioner of Income Tax. We find that the Assessing Officer had not […]...

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Reassessment Valid if There Is Tangible Material For Reopening

Sonia Gandhi & Oscar Fernandes Vs. ACIT and Rahul Gandhi Vs. PCIT (Delhi High Court)

The Delhi High Court held that the entire premise of the reassessment notices in this case is that the nondisclosure of the taxing event, i.e. allotment of shares (and the absence of any declaration as to value) deprived the AO of the opportunity to look into the records....

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