section 147

Budget 2017: Time limits for assessment, reassessment and to file revised return

Income Tax - It is hence proposed to amend the provisions of sub-section (5) of section 139 to provide that the time for furnishing of revised return shall be available upto the end of the relevant assessment year or before the completion of assessment, whichever is earlier....

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Types of Assessment under Income Tax Act, 1961

Income Tax - Article Discusses Assessment under Section 143(1)-Scrutiny Assessment, Section 144- Best Judgement Assessment and Section 147- Income Escaping Assessment of Income Tax Act, 1961....

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Assessments under Income-Tax Act, 1961

Income Tax - This is a detailed assessment and is referred to as scrutiny assessment. At this stage a detailed scrutiny of the return of income will be carried out. At this stage a scrutiny is carried out to confirm the correctness and genuineness of various claims, deductions, etc., made by the taxpayer in the ...

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Rationalisation of time limit for assessment, reassessment & recomputation

Income Tax - digitisation of processes within the Department has enhanced its efficiency in handling workload. In order to simplify the provisions of existing section 153 by retaining only those provisions that are relevant to the current provisions of the Act, section 153 is proposed to be substituted with the following changes in time limit from the...

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Validity of reopening of assessments

Income Tax - There has been prevailing in the Income-Tax Department a very erroneous impression that under the provisions of the amended section 147 of the Income-Tax Act, 1961 (the Act), with effect from 1st April, 1989, the Assessing Officer (AO) has got unbridled powers to assess or reassess income which has escaped assessment. This is so, particul...

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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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Income-Tax Department cannot re-open the assessment U/s. 147 of the Income Tax Act arbitrarily: SC

Income Tax - In a reprieve to the assessees, the Supreme Court has ruled that the Income-Tax Department cannot re-open the assessment cases arbitrarily but on the basis of some ‘tangible material’. If armed with unrestricted power to re-open the cases against assessees, it will amount to review of the assessment by the assessing authority, said th...

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Reassessment for mere cash deposit info received through AIR is invalid

Shri Mahavir Parsad Vs I.T.O (ITAT Delhi) - Revised grounds of appeal were filed by the assessee, which are placed on record. Amongst various grounds of appeal taken by the assessee, main grievance and issue raised by the assessee-appellant before this Tribunal relates to validity of the proceedings under section 148 of the Income-tax Act, 19...

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Protective addition in hands of agents without providing opportunity of being heard is invalid

Mohammad Rajiv Hakeem Vs ITO (ITAT Lucknow) - These two appeals of the same assessee (assessed in the name of different agents) relating to the assess­ment year 2007-08 are directed against separate orders of the Commissioner (Appeals), Bareilly of the even date 27-9-2016 arising out of the order passed under section 144/147 of the Income Tax ...

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Delhi HC issues guidelines in matters of reopening of assessments

Sabh Infrastructure Ltd. Vs. Asst. Commissioner Of Income Tax (Delhi High Court) - The Petitioner seeks the quashing of a notice dated 20th March, 2015 issued under Section 148 of the Income Tax Act (Act) by the Assistant Commissioner of Income Tax (hereinafter Assessing Officer AO) and the order dated 1st February, 2016 passed by the AO disposing of the objections filed by the Pe...

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Approval to Reopening by officer superior to Addl. DIT U/s. 151(2) is invalid

Yum Restaurants Asia Pte. Ltd Vs Deputy Director Of Income Tax And Ors (Delhi High Court) - This writ petition by Yum! Restaurants Asia PTE Ltd. under Articles 226 and 227 of the Constitution, seeks the quashing of a notice dated 28th March 2012 issued by the Deputy Director of Income Tax (hereinafter the Assessing Officer or AO) under Section 148 of the Income Tax Act, 1961 (hereinafter t...

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4 year limitation period for Re-Assessment is an Exception and not the Rule

Unitech Limited Vs DCIT (Delhi High Court) - This is yet another case in the ever increasing number of cases filed before this Court challenging the issuance of notice under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as the Act)....

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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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section 147’s Popular Posts

Recent Posts in "section 147"

Reassessment for mere cash deposit info received through AIR is invalid

Shri Mahavir Parsad Vs I.T.O (ITAT Delhi)

Revised grounds of appeal were filed by the assessee, which are placed on record. Amongst various grounds of appeal taken by the assessee, main grievance and issue raised by the assessee-appellant before this Tribunal relates to validity of the proceedings under section 148 of the Income-tax Act, 1961...

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Protective addition in hands of agents without providing opportunity of being heard is invalid

Mohammad Rajiv Hakeem Vs ITO (ITAT Lucknow)

These two appeals of the same assessee (assessed in the name of different agents) relating to the assess­ment year 2007-08 are directed against separate orders of the Commissioner (Appeals), Bareilly of the even date 27-9-2016 arising out of the order passed under section 144/147 of the Income Tax Act framed by the Income Tax Officer, Wa...

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Delhi HC issues guidelines in matters of reopening of assessments

Sabh Infrastructure Ltd. Vs. Asst. Commissioner Of Income Tax (Delhi High Court)

The Petitioner seeks the quashing of a notice dated 20th March, 2015 issued under Section 148 of the Income Tax Act (Act) by the Assistant Commissioner of Income Tax (hereinafter Assessing Officer AO) and the order dated 1st February, 2016 passed by the AO disposing of the objections filed by the Petitioner to the said notice....

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Approval to Reopening by officer superior to Addl. DIT U/s. 151(2) is invalid

Yum Restaurants Asia Pte. Ltd Vs Deputy Director Of Income Tax And Ors (Delhi High Court)

This writ petition by Yum! Restaurants Asia PTE Ltd. under Articles 226 and 227 of the Constitution, seeks the quashing of a notice dated 28th March 2012 issued by the Deputy Director of Income Tax (hereinafter the Assessing Officer or AO) under Section 148 of the Income Tax Act, 1961 (hereinafter the Act) seeking to reopen the assessment...

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4 year limitation period for Re-Assessment is an Exception and not the Rule

Unitech Limited Vs DCIT (Delhi High Court)

This is yet another case in the ever increasing number of cases filed before this Court challenging the issuance of notice under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as the Act)....

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Search, Re-Assessment etc. of Non-Existent Entity is Invalid

BDR Builders & Developers Pvt. Ltd Vs ACIT (Delhi High Court)

Proceedings under Section 148 of the Act which commenced with the notice dated 3rd April, 2012 issued to VBPPL were itself void ab initio for the simple reason that on that day VBPPL was not in existence as a result of the order dated 20th February, 2013 of the High Court approving its amalgamation with the Petitioner with effect from 1st...

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Reopening proceeding without following law must be quashed to save assessee from unnecessary harassment

KSS Petron Private Ltd Vs. ACIT (Bombay High Court)

Assessment Order is without jurisdiction as the law laid down by the Apex Court in GKN Driveshafts (supra) has not been followed, then there is no reason to restore the issue to the Assessing Officer to pass a further/fresh order. If this is permitted, it would give a licence to the Assessing Officer to pass […]...

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Wrong Mention of Section would not make Re-Assessment Invalid

DCIT Vs Shri K.M. Nagaraj (ITAT Bangalore)

Under the provisions of section 292B, certain acts are not to be treated as invalid by reason of mistake or defect or omission either in the return of income, assessment, notice, summons or other proceedings. In other words, notice cannot be invalidated by reason of any mistake such as one occurred in the present case i.e. mentioning sect...

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Reassessment cannot be initiated merely on report of Valuation Officer

Smt. Kamala Ojha Vs Income Tax Officer (Chhatisgarh High Court)

Thus, it appears that only on the basis of the valuation report received from the said officer – Assistant Valuation Officer, the assessing authority sought to reopen the proceeding under Section 147 of the Act, 1961 which is clearly not an information for reopening the assessment proceeding...

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ITAT explains Change of opinion vs. Failure to apply mind

M/s Crescent Construction Co. Vs ACIT (ITAT Mumbai): ITA NO.658/Mum/2014

The assessee as well as the Revenue is in cross appeal against the impugned order dated 29/11/2013 of the First Appellate Authority, Mumbai. In the appeal of the assessee (ITA No.658/Mum/2014), the first ground raised pertains to confirming the reopening u/s 147 of the Income Tax Act, 1961 ...

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