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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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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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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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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When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle

Oracle Systems Corporation vs. Deputy Director Of Income Tax, International Taxation (Delhi High Court) - When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle...

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Reopening on ground that returned income is lower in comparison to income offered by others is invalid

Rajender Goud Chepur Vs. ITO (Andhra Pradesh And Telangana High Court) - Assessing officers completely erred in reopening assessments on the basis of either a suspicion that there is suppression of income or on the basis that persons in the same line of business are returning a higher income. Without even mentioning the comparables, no initiation of proceedings under sec...

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Re-assessment proceedings quashed as there was no nexus between reasons recorded and addition made

Krishan Kumar Vs. ITO (ITAT Delhi) - Delhi ITAT has in the case of Krishan Kumar v/s ITO in ITA No. 3985/Del/2017 has quashed the reassessment proceedings as there was no nexus between reasons recorded and addition made. ...

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Reopening based on Change of opinion is invalid; HC dismisses Appeal in Airtel case

Principal Commissioner Of Income Tax Vs. Bharti Airtel Ltd. (Delhi High Court) - This Court is of the opinion that the ITAT’s impugned order is unexceptionable because it is premised upon the circumstance that in the absence of any fresh tangible material, it was not open, on mere re-appreciation of the existing circumstances, to reopen the concluded scrutiny assessment. The I...

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S. 147 / 148 Non disposal of objection raised makes reassessment invalid

M/S Veer Vardhman Finance Investment Pvt. Ltd. Vs. DCIT (ITAT Delhi) - M/S Veer Vardhman Finance Investment Pvt. Ltd. Vs. DCIT (ITAT Delhi) As AO has not passed the speaking order in disposing of the assessee ‘s objections against the notice u/s. 148 of the I. T. Act, before proceeding with the assessment, hence subsequent assessment order is bad in law and deser...

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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"

When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle

Oracle Systems Corporation vs. Deputy Director Of Income Tax, International Taxation (Delhi High Court)

When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle...

Read More

Reopening on ground that returned income is lower in comparison to income offered by others is invalid

Rajender Goud Chepur Vs. ITO (Andhra Pradesh And Telangana High Court)

Assessing officers completely erred in reopening assessments on the basis of either a suspicion that there is suppression of income or on the basis that persons in the same line of business are returning a higher income. Without even mentioning the comparables, no initiation of proceedings under section 147 can be made....

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Re-assessment proceedings quashed as there was no nexus between reasons recorded and addition made

Krishan Kumar Vs. ITO (ITAT Delhi)

Delhi ITAT has in the case of Krishan Kumar v/s ITO in ITA No. 3985/Del/2017 has quashed the reassessment proceedings as there was no nexus between reasons recorded and addition made. ...

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Reopening based on Change of opinion is invalid; HC dismisses Appeal in Airtel case

Principal Commissioner Of Income Tax Vs. Bharti Airtel Ltd. (Delhi High Court)

This Court is of the opinion that the ITAT’s impugned order is unexceptionable because it is premised upon the circumstance that in the absence of any fresh tangible material, it was not open, on mere re-appreciation of the existing circumstances, to reopen the concluded scrutiny assessment. The ITAT’s reasoning cannot, therefore, be ...

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S. 147 / 148 Non disposal of objection raised makes reassessment invalid

M/S Veer Vardhman Finance Investment Pvt. Ltd. Vs. DCIT (ITAT Delhi)

M/S Veer Vardhman Finance Investment Pvt. Ltd. Vs. DCIT (ITAT Delhi) As AO has not passed the speaking order in disposing of the assessee ‘s objections against the notice u/s. 148 of the I. T. Act, before proceeding with the assessment, hence subsequent assessment order is bad in law and deserving of being quashed. Full […]...

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Provision of law overlooked during original assessment – Reassessment Notice beyond four years is not valid

Hubtown Ltd. Vs. Dy. CIT (Bombay High Court)

If a provision of law had been clearly overlooked or ignored in the assessment order, it would not be open to Asessing Officer to reopen the assessment after expiry of four years in case no failure on assessee’s part to disclose fully and truly all material facts was alleged....

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Non-issue of notice u/s. 143(2) after filing of return makes assessment u/s. 143(3) /147 bad in law

Dr. SB Kalidhar Vs. ITO (ITAT Delhi)

Non-issue of notice u/s. 143(2) after filing of the return of the Assessee, by way of letter, makes the assessment order passed u/s. 143(3) r.w.s. 147 bad in law. ...

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Assessment U/s. 147 not become invalid for satisfaction of Reasons recorded by both CIT & JCIT

Mayurbhai Mangaldas Patel Vs. Income Tax Officer (ITAT Ahemdabad)

Merely because an even higher authority has expressed similar satisfaction does not obliterate the satisfaction of appropriate authorities....

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Reopening of assessment beyond a period of 4 years to make fishing inquiries not justified

Crescent Construction Co. Vs. Asst. CIT (ITAT Mumbai)

The primary condition of reasonable belief having nexus with the material on record is still operative. However, we are of the view, that mere fresh application of mind to the same set of facts or mere change of opinion does not confer jurisdiction to the assessing officer even under the post-1989 section 147 of the Act. ...

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Section 292BB cannot cure jurisdictional error; Time-barred Notice cannot be deemed as valid

Dr. N. Madhava Reddy Vs. Asst. Commissioner of Income-tax (ITAT Hyderabad)

A reassessment order cannot be passed without compliance with the mandatory requirement of notice u/s 143(2) being issued as the requirement of issuance of such notice is a jurisdictional one and section 292BB cannot cure jurisdictional error....

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