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Income Tax - Reopening of an assessment is one of the weapons in the armoury of the Income tax Department, it empowers assessing officer to reassess or recompute the income of an assessee which has escaped assessment. Section 147 to 153 of the Income tax Act, 1961 [ Act] deals with the provisions of reassessment proceedings. The said […]...
Read MoreIncome Tax - This blog covers an extensive analysis on the reassessment provisions in light of landmarks judgement which will help professional to face dispose the litigations hastily. I am not inserting bare sections here to increase the size of blog, it is written keeping in mind to provide less, solid and crux content about the matter. It includes ...
Read MoreIncome Tax - Q1. Whether fresh tangible material is required for reopening the case u/s 148 even when the case is earlier processed u/s 143(1) simply and reopening is done within four years of the end of the assessment year? Ans. There are more than two views. One set of view from Bombay, Gujarat high court is that […]...
Read MoreIncome Tax - 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 re-compute income, turnover etc. which has escaped assessment. Sec. 147 and Section 148 of the Act contain the per-requisite conditions to be fulfilled for invoking the jurisdiction to reopen the assessment. ...
Read MoreIncome Tax - As per section 2(8) of the Income Tax Act, 1961, the term assessment includes re-assessment. Meaning of income escaping assessment: As per the provisions contained in section 147 of the Income Tax Act, 1961, if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, [&h...
Read MoreIncome 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 […]...
Read MoreIncome 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...
Read MoreIncome 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 […]...
Read MoreIncome 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-...
Read MoreIncome 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...
Read MoreHonda Cars India Ltd Vs DCIT (ITAT Delhi) - The issue under consideration is whether the provisions of deduction of tax at source (TDS) would be applicable in case of payments made to non-resident Indian for the purchase of raw materials?...
Read MoreAshok S Vakharia HUF Vs ITO (ITAT Mumbai) - The issue under consideration is whether the CIT(A) is correct in confirming addition u/s 69C of the Act on account of unexplained purchases made during the year, calculated on the basis of peak credit?...
Read MoreGateway Leasing Pvt. Ltd. Vs ACIT (Bombay High Court) - ...
Read MoreRaj Bala Vs ITO (ITAT Delhi) - AO recording reasons on same returned income considering escaped assessment but making various other additions of other than accepted returned income declared invalid and deleted in light of Explanation 3 and held issuance of fresh notice u/s 148 on other issues is mandatory....
Read MoreKuldip Kumar Goel Vs ACIT & Anr. (Delhi High Court) - he Supreme Court in GKN Driveshafts (India Ltd.) v. Income Tax Officer 259 ITR 19 (SC) has clarified that when a notice under Section 148 of the Income Tax Act is issued, the proper course of action for the notice is to file a return and if he so desire, to seek reasons for issuing notices....
Read MoreF. No. System/ITBA/AIMS/2019-20/1942 - (28/02/2020) - Field formation should not carry out any enquiry u/s 133(6) or issue notice u/s 148 of the Act on the basis of the data presently available in either AIMS Module of the ITBA or the AIR information earlier shown in the ITD till further directions are issued....
Read MoreCircular 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....
Read MoreHonda Cars India Ltd Vs DCIT (ITAT Delhi) -
Ashok S Vakharia HUF Vs ITO (ITAT Mumbai) -
Gateway Leasing Pvt. Ltd. Vs ACIT (Bombay High Court) -
Raj Bala Vs ITO (ITAT Delhi) -
Kuldip Kumar Goel Vs ACIT & Anr. (Delhi High Court) -
Wimco seedlings Ltd Vs JCIT (ITAT Delhi) -
Amrabathi Investra (P) Ltd. Vs ITO (ITAT Kolkata) -
Shri Gaurav Kumar Vs ITO (ITAT Jaipur) -
