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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 - A provision of Section 285BA has been inserted by the Finance Act, 2003 w.e.f. 01.04.2004, which was later on substituted by the Finance (No.2) Act, 2004 w.e.f. 01.04.2005....
Read MoreIncome 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...
Read MoreIncome 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....
Read MoreIncome 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....
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 MoreIncome 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...
Read MoreSunil Agarwal Vs ITO (ITAT Delhi) - Sunil Agarwal Vs ITO (ITAT Delhi) We find that there is no allegation in the reasons recorded that there is failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment u/s 147 of the Act, the notice issued u/s. 148 of the Act after a period of [&hellip...
Read MoreThe Nainital Bank Ltd. Vs Asstt. (ITAT Delhi) - The Nainital Bank Ltd. Vs Asstt. (ITAT Delhi) When the assessee furnished all the facts and figures including the earning of the tax free income and the expenditure which was accepted by the learned AO, it is not open for the AO to say that the income escaped assessment because assessee did not re...
Read MorePrincipal CIT Vs Manzil Dineshkumar Shah (Gujarat High Court) - Principal CIT Vs Manzil Dineshkumar Shah (Gujarat High Court) It is well settled that even in case where the original assessment is made without scrutiny, the requirement of the Assessing Officer forming the belief that income chargeable to tax has escaped assessment, would apply. Reference in this ...
Read MoreM/s Deepraj Hospital (P) Ltd Vs. ITO (ITAT Agra) - M/s Deepraj Hospital (P) Ltd Vs. ITO (ITAT Agra) In the case at hand, the challenge of the assessee is that since in the reasons recorded, the AO has not spelt out as to what he did with the information received by him from the Investigation Wing, the reasons are hit by the vice of non-application ...
Read MoreM/s Ardent Steel Limited, Vs ACIT (Chhattisgarh High Court) - After issuing notice and after due dispatch, it must be placed in hands of the serving officer like the post office by speed post or by registered post etc., by which the officer issuing notice may not have control over the said notice after issuance of the said notice. It must be properly stamped a...
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 MoreSunil Agarwal Vs ITO (ITAT Delhi) -
The Nainital Bank Ltd. Vs Asstt. (ITAT Delhi) -
Principal CIT Vs Manzil Dineshkumar Shah (Gujarat High Court) -
M/s Deepraj Hospital (P) Ltd Vs. ITO (ITAT Agra) -
M/s Ardent Steel Limited, Vs ACIT (Chhattisgarh High Court) -
Mahindra Lifespace Developers Ltd. Vs ACIT (ITAT Mumbai) -
Asstt Vs Maruti Clean Coal & Power Ltd. (ITAT Raipur) -
Sri Pinnamaraju Venkatapathi Raju Visakhapatnam Vs JCIT (ITAT Visakhapatnam) -
M/s. Cornerstone Property Investments Pvt. Ltd. Vs Income Tax Officer (ITAT Bangalore) -
Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT (Delhi High Court) -
