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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....
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 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 - 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 MoreIncome Tax Officer Vs. Sh. Neeraj Goel (ITAT Delhi) - ITO Vs. Sh. Neeraj Goel (ITAT Delhi) IT(A) has rightly held that the assumption of jurisdiction to frame an assessment or non assumption of jurisdiction to frame an assessment goes to the root of the judicial act of framing an assessment order and in the event of non assumption of jurisdiction u/s. ...
Read MoreA.M. Muthiah & Anr. Vs Dy. CIT (ITAT Mumbai) - A.M. Muthiah & Anr. Vs DCIT (ITAT Mumbai) Issuance of notice under section 143(2) is mandatory, and absence thereof invalidates even a reassessment made in pursuance to section 148 and reliance placed by AO on section 292BB was misplaced. ...
Read MoreTiny Girl Clothing Company (P) Ltd. Vs. DCIT (ITAT Mumbai) - This appeal is filed by the assessee against the order of the Learned Commissioner (Appeals)–21, Mumbai dated 28-3-2016 for the assessment year 2011-12. The assessee in its appeal raised several grounds of appeal both on validity of issue of service of notice under section 143(2)/148 of the Act as...
Read MoreVijay Harishchandra Patel Vs ITO (Gujarat High Court) - This petition under Article 226 of the Constitution of India is directed against the notice dated 31-3-2017 issued by the respondent-Income Tax Officer under section 148 of the Income Tax Act, 1961 (hereinafter referred to as the Act), seeking to reopen the assessment of the petitioner for assessmen...
Read MoreNarain Dutt Sharma Vs ITO (ITAT Jaipur) - In ground No. 1 of the appeal, the assessee has challenged the initiation of proceedings u/s. 147 of the Act for deposition of cash of Rs. 1057000 in the saving bank account during the financial year 2006-07 based on AIR Information and not filing of return of income by the assessee....
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 MoreIncome Tax Officer Vs. Sh. Neeraj Goel (ITAT Delhi) -
A.M. Muthiah & Anr. Vs Dy. CIT (ITAT Mumbai) -
Tiny Girl Clothing Company (P) Ltd. Vs. DCIT (ITAT Mumbai) -
Vijay Harishchandra Patel Vs ITO (Gujarat High Court) -
Narain Dutt Sharma Vs ITO (ITAT Jaipur) -
Venkata Siva Reddy Nellore Vs ITO (ITAT Hyderabad) -
Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT & Ors. (Delhi High Court) -
Metro Decorative (P) Ltd. Vs. ITO (ITAT Delhi) -
Maruti Clean Coal & Power Ltd. Vs Assistant Commissioner of Income-tax (Chhattisgarh High Court) -
Prabhjit Singh Sidhu Vs. Asst. DIT (International Taxation) (ITAT Chandigarh) -
