section 147

Income Tax Assessment Procedure

Income Tax - Assessment Procedure under Income Tax  Act, 1961 Assessment in income tax is estimation of total income and tax thereon either by assessee himself or by income tax officer. Assessment is broadly covered in following types: (1) Self-assessment u/s 140A Every assessee before filing income tax return under various sections viz. 139, 142(1),...

Read More

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...

Read More

Time Limits for Issuance of Notices, Orders under Different Sections of Income Tax Act, 1961

Income Tax - Income Tax Act, 1961 contains different time limits for issuance of notice, filing of application, completion of assessments, passing of penalty order under several sections. Hence, for the ease of reference for professionals and students ...

Read More

Types of Notices under Income Tax Act, 1961

Income Tax - Notice under Section 142(1) - Inquiry before assessment Notice under Section 142(1) is usually served to call upon documents and details from the tax payers, and to take a particular case under assessment.The basic purpose is to inquire the details of the assessee before making assessment under the Act. It can be related to ‘Preliminary...

Read More

Assessment/Re-assessment Procedure u/s. 147 of Income Tax Act, 1961

Income Tax - Assessment/Re-assessment is a procedure adopted to determine the correctness of the income disclosed by the assessee and tax payable thereon. Than what is reassessment and why there is need of reassessment? Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, re-assess or...

Read More

Notices for assessment/reassessment of income of old cases

Income 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 More

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...

Read More

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 […]...

Read More

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-...

Read More

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...

Read More

Reassessment without issuance of notice U/s 143(2) is invalid

Mehta Emporium Jewellers Vs ITO (ITAT Mumbai) - Reassessment order passed by AO without issuing notice under section 143(2) was invalid as it is mandatory obligation of AO to serve notice by assigning reasons therein with regard to his belief of escaped tax liability before making reassessment of any escaped income....

Read More

Notice U/s. 143(2) not must if return not furnished in response to Notice U/s. 148

PCIT v. M/S Broadway Shoe Co. (Jammu & Kashmir High Court) - PCIT v. M/S Broadway Shoe Co. (Jammu & Kashmir High Court) Admittedly in the instant case, the return was filed by the assessee after the time prescribed for filing return under Sections 139(1) and 139(4) had expired. Therefore, the return filed by the assessee has to be treated as non-est. The...

Read More

Reassessment without disposing of assessee’s objection is invalid

Aman Sharma Vs ACIT (ITAT Delhi) - Order of reassessment passed without disposing off the objection raised by assessee was invalid as assessee was entitled to raise objection against the reason given in reassessment notice and AO was under mandate to dispose of the same by a speaking order before proceeding to reassess the assessee...

Read More

Reopening of assessment before obtaining sanction of CIT is void ab initio

ITO vs. Ashok Jain (ITAT Surat) - CIT(A) has rightly quashed the assessment because the very foundation for issuance of notice under section 148 is the approval from the competent authority, i.e. Commissioner of Income Tax, and in the absence of such, such notice is void ab initio. ...

Read More

Issue & Service of Notice U/s. 148 is to be complied mandatorily: ITAT

Charan Singh Vs ITO (ITAT Jaipur) - Charan Singh Vs ITO (ITAT Jaipur) (i) Under Section 148 of the Act, the issue of notice to the Assessee and service of such notice upon the Assessee are jurisdictional requirements that must be mandatorily complied with. They are not mere procedural requirements. (ii) For the AO to exercise jurisdic...

Read More

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....

Read More

Recent Posts in "section 147"

Reassessment without issuance of notice U/s 143(2) is invalid

Mehta Emporium Jewellers Vs ITO (ITAT Mumbai)

Reassessment order passed by AO without issuing notice under section 143(2) was invalid as it is mandatory obligation of AO to serve notice by assigning reasons therein with regard to his belief of escaped tax liability before making reassessment of any escaped income....

Read More

Notice U/s. 143(2) not must if return not furnished in response to Notice U/s. 148

PCIT v. M/S Broadway Shoe Co. (Jammu & Kashmir High Court)

PCIT v. M/S Broadway Shoe Co. (Jammu & Kashmir High Court) Admittedly in the instant case, the return was filed by the assessee after the time prescribed for filing return under Sections 139(1) and 139(4) had expired. Therefore, the return filed by the assessee has to be treated as non-est. The proceedings under Section 147 of [&hell...

Read More

Reassessment without disposing of assessee’s objection is invalid

Aman Sharma Vs ACIT (ITAT Delhi)

Order of reassessment passed without disposing off the objection raised by assessee was invalid as assessee was entitled to raise objection against the reason given in reassessment notice and AO was under mandate to dispose of the same by a speaking order before proceeding to reassess the assessee’s income....

Read More

Reopening of assessment before obtaining sanction of CIT is void ab initio

ITO vs. Ashok Jain (ITAT Surat)

CIT(A) has rightly quashed the assessment because the very foundation for issuance of notice under section 148 is the approval from the competent authority, i.e. Commissioner of Income Tax, and in the absence of such, such notice is void ab initio. ...

Read More

Issue & Service of Notice U/s. 148 is to be complied mandatorily: ITAT

Charan Singh Vs ITO (ITAT Jaipur)

Charan Singh Vs ITO (ITAT Jaipur) (i) Under Section 148 of the Act, the issue of notice to the Assessee and service of such notice upon the Assessee are jurisdictional requirements that must be mandatorily complied with. They are not mere procedural requirements. (ii) For the AO to exercise jurisdiction to reopen an assessment, notice [&h...

Read More

Unsigned reason cannot be treated as reasons recorded

Pinnamaraju Venkatapathi Raju Vs  JCIT (ITAT Vishakhapatnam)

Where AO typed the reasons but not signed the order sheet, there were no reasons recorded for re-opening assessment as required under section 148, therefore, notice issued under section 148 was bad in law, consequently reassessment order was to be annulled....

Read More

Reopening based on reason to suspect is invalid

Urvish B. Mehta Vs I.T.O (ITAT Mumbai)

Urvish B. Mehta Vs ITO (ITAT Mumbai)  “reason to believe”and not “reason to suspect” The undisputed facts are that, the Assessing Officer received information from the DGIT (Inv.) Mumbai who in turn has got the same from the Sales Tax Department. The information was in the form of statements/affidavits which stated that the suppl...

Read More

Reopening based on wrong facts Not Sustainable

Harjeet Singh Vs ITO (ITAT Delhi)

Harjeet Singh Vs ITO (ITAT Delhi) It can be seen that the Assessing Officer has proceeded on wrong assumption fact. The amount of Rs. 10 lacs is not supported by any cheque number whereas the allegation is that the assessee has received accommodation entry from Sh. Gupta through cheque. In my considered opinion the basis […]...

Read More

Reopening based on accommodation entry info from Income Tax Investigation Wing is Valid

DCIT Vs. M/s. Erawat Infotech Pvt.Ltd. (ITAT Delhi)

DCIT Vs. M/s. Erawat Infotech Pvt.Ltd. (ITAT Delhi) In the instant case, the information is specific having detail of value of the amount of accommodation entry taken, the instrument and date through which entry was taken, name and account number of the entry provider were available before the Assessing Officer and thus we cannot hold t...

Read More

Income Tax Assessment Procedure

Assessment Procedure under Income Tax  Act, 1961 Assessment in income tax is estimation of total income and tax thereon either by assessee himself or by income tax officer. Assessment is broadly covered in following types: (1) Self-assessment u/s 140A Every assessee before filing income tax return under various sections viz. 139, 142(1),...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,011)
Company Law (4,332)
Custom Duty (7,186)
DGFT (3,847)
Excise Duty (4,176)
Fema / RBI (3,587)
Finance (3,802)
Income Tax (28,846)
SEBI (3,039)
Service Tax (3,424)

Search Posts by Date

February 2019
M T W T F S S
« Jan    
 123
45678910
11121314151617
18192021222324
25262728