section 147

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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Is AIR based Notice u/s 147 void ?

Income 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....

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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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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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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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Reopening based on vague and non-speaking reasons is reopening without jurisdiction

Sunil 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...

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Reopening for non-disclosure of S. 14A disallowance calculation method is invalid

The 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...

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Even Sec.143(1) assessment cannot be reopened without proper reason to believe

Principal 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 ...

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Failure to provide document relied for reassessment makes reopening void

M/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 ...

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Reassessment Proceeding initiated after 6 years is not valid; Department must prove dispatch of notice

M/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...

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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"

Reopening based on vague and non-speaking reasons is reopening without jurisdiction

Sunil 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 […]...

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Reopening for non-disclosure of S. 14A disallowance calculation method is invalid

The 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 reveal the […]...

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Even Sec.143(1) assessment cannot be reopened without proper reason to believe

Principal 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 respect can be made of the judgment in [...

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Failure to provide document relied for reassessment makes reopening void

M/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 […]...

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Reassessment Proceeding initiated after 6 years is not valid; Department must prove dispatch of notice

M/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 and issued on the correct address to whom...

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Reopening by Reappraisal of Material Available on record During Original Assessment Proceedings is invalid

Mahindra Lifespace Developers Ltd. Vs ACIT (ITAT Mumbai)

Re–Appreciation / Reappraisal Of The Material Available On Record During The Original Assessment Proceedings: Reopening Of Assessment By Forming Of Opinion That Income Has Escaped Assessment By AO, Not Allowable: ...

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Assessment u/s. 153A cannot be framed if no incriminating material found during search

Asstt Vs Maruti Clean Coal & Power Ltd. (ITAT Raipur)

Asstt Vs Maruti Clean Coal & Power Ltd. (ITAT Raipur) There is no dispute that no incriminating material has been found at the time of search and therefore it is now settled proposition of law that no assessment u/s. 153A of the Act can be framed in the absence of any incriminating material found at the […]...

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Re-Assessment Invalid if order sheet recording reason for reopening is unsigned

Sri Pinnamaraju Venkatapathi Raju Visakhapatnam Vs JCIT (ITAT Visakhapatnam)

Sri Pinnamaraju Venkatapathi Raju Visakhapatnam Vs JCIT (ITAT Visakhapatnam) In the instant case, on verification of the assessment record, it is noticed that the A.O. typed the reasons but not signed the order sheet, thus there are no reasons recorded for reopening of assessment as required u/s 148 of the Act. The A.O. neither complied [...

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Mere Issue of 2nd notice U/s. 148 does not constitute Change of Opinion; AO can examine genuineness of share premium U/s 68

M/s. Cornerstone Property Investments Pvt. Ltd. Vs Income Tax Officer (ITAT Bangalore)

The assessee, a company stated to be engaged in Real Estate business, filed its return of income for Assessment Year 2008-09 on 30.09.2008 declaring loss of (-) Rs.6,84,051. The assessee filed a revised return on 14.10.2008 declaring loss of (-) Rs.5,23,751. The revised return was processed under Section 143(1) of the Income Tax Act...

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Non-Application of Mind in reassessment- Reasons for reopening Mentioned it as a case of 143(3), whereas return processed U/s. 143(1)

Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT (Delhi High Court)

Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT (Delhi High Court)  In the present case, having started off on a wrong note that the original assessment was scrutinized and an order was passed under section 143(3) of the Act, the assessing officer proceeded to put up the note to the DIT as is evident from […]...

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