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Income Tax - Looking only at the credit entries of the bank and assessment made u/s 144. The assessment framed is vague without looking at the complete bank of the assessee. This article contains the written submissions regarding how important it is looking at the complete material for reopening of assessment and assessment framed u/s 144 of the [&hel...
Read MoreIncome Tax - This writ petition was filed under Article 226 of the Constitution of India, 1950 seeking quashing of the four notices issued to the petitioner under Section 148 of the Income Tax Act, 1961 for reassessment of the income of the petitioner for the four assessment years 1992-93, 1993-94, 1994-95, 1995-96....
Read MoreIncome Tax - Important Judgments in the written submissions when assessee is an agriculturist, trader, notice u/s 148 not received, cash deposit with the bank treated as income, 144 Assessment without gathering any material by A.O. and reopening u/s 147 without any tangible material. Written submissions in respect of Shri Xxxxxxxx for the A.Yr. 2011-1...
Read MoreIncome Tax - Important judgements regarding service of notice u/s 148 when not in a proper manner, reasons recorded are vague, AIR information is not sufficient and deposit of cash and bank not always income of the assessee Written Submissions before the Hon’ble Commissioner of Income Tax (Appeals), Faceless in the case of Shri XXXXX XXXXXX, XXXXXX ...
Read MoreIncome Tax - Important Judgement regarding reopening of assessment u/s 147 of the Income Tax Act, 1961 and redeposit of the same cash withdrawn from the bank earlier in sample written Submission before the Hon’ble CIT (A), Faceless...
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 MoreAshish Natvarlal Vashi Vs ITO (ITAT Surat) - Ashish Natvarlal Vashi Vs ITO (ITAT Surat) 1. Merely cash deposit in a saving bank account does not show that income has escaped assessment. The process of reasoning is absent, and these reasons were not recorded on standalone basis therefore reopening made by the Assessing Officer may be quashed. 2...
Read MoreRaj Arivazhagan Vs ITO (Madras High Court) - Raj Arivazhagan Vs ITO (Madras High Court) In the case on hand, the petitioner had raised a specific objection that the proposal for reopening the assessment is liable to be dropped, since there is no finding that there was escapement of income. It was further contended that for the purpose of carry...
Read MoreExcel Financial Consultants Pvt. Ltd. Vs ITO (ITAT Kolkata) - Therefore, reasons are to be examined only on the basis of reasons as recorded. Here, in this case, I note that the A.O on mistaken facts resorted to reopening which is an admitted fact on a perusal of re-assessment order (supra). Therefore, the condition precedent for reopening the assessment u/s 1...
Read MoreBharti Cellular Ltd. Vs DCIT (ITAT Delhi) - Bharti Cellular Ltd. Vs DCIT (ITAT Delhi) It is trite that in order to reopen an assessment made under Section 143 (3) of the Act after the expiry of four years from the end of the relevant assessment year, the reasons recorded must allege that there was failure on the part of the assessee to [&hell...
Read MoreSBS Realtors Private Limited Vs ITO (ITAT Delhi) - SBS Realtors Private Limited Vs ITO (ITAT Delhi) Learned Counsel for the Assessee submitted that since the re-assessment order is illegal and bad in Law and is covered by the Order of the Tribunal Dated 01.04.2019 in the case of assessee on the same issue, therefore, the Learned Pr. CIT cannot exerc...
Read MoreF.No.225/40/2021/ITA-II - (27/03/2021) - It is hereby- directed that the information received from Central Charges after 01.04.2019 may be considered as 'Potential cases', if ii has not been uploaded into VRU/CRIU functionality and is so flagged to the Jurisdictional Authorities concerned by the Central In such cases. Para 1(v) of Board's ...
Read MoreNotification No. 225/40/2021/ITA-11 - (26/03/2021) - These non-PAN cases have been pushed by Systems to respective Pr. CCIT/Pr. CIT based on address. Considering the time involved in allotting PAN in such non-PAN cases and other technical issues involved in generating notices through the system, the following instructions are being issued for handling...
Read MoreF. No.225/40/2021/ITA-II - (15/03/2021) - Following categories of cases will be considered as Potential cases' for taking action u s 148 of the Act tor the A.Y 2013-14 to A.Y. 2017-18 by 31.03.2021: i. Cases where there are Audit Objection (Revenue Internal) which reclaim action u/s 148 of the Act:...
Read MoreF.No. CIT(NeAC)/2020-21/802 - (12/03/2021) - Compulsory/148/Set aside cases - where the assessee has not responded to the notices in last 30 days. However, the cases where emails are not present (cases without digital footprint) may not be marked as they would be handled by different procedure....
Read MoreF.No.225/40/2021/ITA-II - (12/03/2021) - The 'potential cases' at Point no.1(iii) mean the cases flagged by the Directorate of Income-tax (Systems) subsequent to 04.03.2021. It is further clarified that the NMS cases flagged earlier will get subsumed in the new list....
Read MoreAshish Natvarlal Vashi Vs ITO (ITAT Surat) -
Raj Arivazhagan Vs ITO (Madras High Court) -
Excel Financial Consultants Pvt. Ltd. Vs ITO (ITAT Kolkata) -
Bharti Cellular Ltd. Vs DCIT (ITAT Delhi) -
SBS Realtors Private Limited Vs ITO (ITAT Delhi) -
Red Hat India Pvt. Ltd. Vs DCIT (ITAT Mumbai) -
