Income Tax : ITAT Mumbai invalidates reassessment against Shah Rukh Khan for FY 2012-13, addressing foreign tax credit claims and procedural fl...
Income Tax : Learn about Income Tax Act Section 147 assessment proceedings: reasons for reopening, notice issuance, objections, assessment proc...
Income Tax : Budget 2025 revises block assessment rules for search cases, covering undisclosed income, assessment procedures, penalties, and ti...
Income Tax : Under Section 147 of the Income Tax Act, reassessment cannot be based on a mere change of opinion by the AO. Read more on this leg...
Income Tax : SC clarifies reassessment notices under TOLA and Finance Act 2021 in Union of India v. Rajeev Bansal. Learn how decision impacts t...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Income Tax : Discover how Finance Act 2021 revamped assessment and reassessment procedures under Income-tax Act, impacting notices, time limits...
Income Tax : Income Tax Gazetted Officers’ Association requested CBDT to issue Clarification in respect of the judgement of Hon’ble Supreme...
Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...
Income Tax : ITAT Mumbai held that notice under section 148 of the Income Tax Act issued after a period of six years is barred by limitation. A...
Income Tax : ITAT Surat condones a 162-day delay in appeal filing by a 77-year-old farmer, citing lack of legal guidance, and directs a fresh a...
Income Tax : ITAT Mumbai rules that share transactions backed by DEMAT statements cannot be treated as bogus income without concrete proof....
Income Tax : ITAT Surat remands case to CIT(A) for fresh adjudication on HUF gift taxability under Section 56(2)(vii) of the Income Tax Act, ci...
Income Tax : ITAT Jaipur rules that when search finds incriminating material, proceedings must be under Section 153C, not 147/148. Read case de...
Excise Duty : Notification No. 29/2024-Central Excise rescinds six 2022 excise notifications in the public interest, effective immediately. Deta...
Income Tax : Learn how to initiate proceedings under section 147 of the IT Act in e-Verification cases. Detailed instructions for Assessing Off...
Income Tax : Explore e-Verification Instruction No. 2 of 2024 from the Directorate of Income Tax (Systems). Detailed guidelines for AOs under I...
Income Tax : Supreme Court in the matter of Shri Ashish Agarwal, several representations were received asking for time-barring date of such cas...
Corporate Law : Income Tax Gazetted Officers’ Association (W.B.) Unit Date: 02.02.2023. To The Principal Chief Commissioner of Income Tax, W...
Aircel Cellular Limited Vs DCIT (Madras High Court) Legal provisions involved As per first proviso to Section 147 where assessment has already been made under Section 143(3) and assessee had disclosed truly and fully all material facts necessary for assessment then AO cannot initiate reassessment proceedings under Section 147 beyond 4 years from end of […]
Finance Act, 2021 has brought a major overhaul in the law pertaining reassessment proceedings under the Income-tax. This will change not only the procedure under which reassessment proceedings were held but shall also change the structure of litigation that used to arise in any typical reassessment case. Substitution of section 147 of the Act Section […]
Digvijay Advisor Pvt. Ltd. Vs ITO (ITAT Delhi) A perusal of the above reply of the Assessing Officer shows that notice u/s 148 dated 31.03.2015 was served on the assessee through affixture in presence of Inspector of the Ward. From the details filed by the assessee in the paper book, it is seen that the […]
Cosmat Traders Pvt. Ltd Vs ITO (ITAT Kolkata) We hold that the assessment order is bad in law for the reason that the Assessing Officer having jurisdiction over the assessee, has not issued a notice u/s 143(2) of the Act as required by the statute. Notice issue by the officer having no jurisdiction of the […]
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. The amount deposited in the […]
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 […]
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 carrying on verification exercise, […]
ACIT Vs M/s. Sattva Developers Pvt. Ltd. (ITAT Kolkata) From the entry made on 06-09-2011, it would be found that the Authorised Representative filed all the details excepting the explanation regarding treatment of compensation, and for this purpose the hearing was adjourned to 13-09-2011. The next entry on 19-09-2011 inter alia reads that the Authorised […]
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 […]
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.
