Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A detailed look at how the Finance Act, 2021 reshaped Sections 147–151, introduced Section 148A, and reduced limitation periods ...
Income Tax : The Finance Bill, 2026 clarifies who can issue notices under sections 148 and 148A. It confirms that only jurisdictional Assessing...
Goods and Services Tax : The court held that once late fee is imposed for delayed annual return filing, a further general penalty is not permissible. Secti...
Income Tax : The issue was whether an assessment could be reopened after four years. The Court held that full disclosure by the taxpayer barred...
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 : The issue was deletion of additions on unsecured loans treated as unexplained cash credits. The tribunal upheld deletion, holding ...
Income Tax : The issue involved dismissal of appeal due to delay and non-appearance. The tribunal condoned the delay citing medical reasons and...
Income Tax : The issue was whether reassessment could be initiated after four years without fresh evidence. The court held such reopening inval...
Income Tax : The issue was whether reassessment notice issued without approval from the correct authority is valid. The tribunal held it invali...
Income Tax : The Court held that reassessment proceedings must be initiated within the statutory time limit. It found the notice issued after t...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
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...
Since the delivery of the notice of reassessment could not be made at the address of assessee available in PAN database, by virtue of the further proviso to sub-rule (2) of Rule 127, the communication had to be delivered at the address as available with the banking company however, no such steps were taken, therefore, service of notice was not complete and reopening of assessment was invalid.
Section 147 of the Income tax Act , 1961 and explanation of the text ‘Reason to Believe’ Reason to believe does not mean a purely subjective satisfaction on the part of the ITO The expression ‘reason to believe’ in section 147 does not mean purely subjective satisfaction on the part of the Assessing Officer. The […]
Smt. Sapna Chauhan Vs ITO (ITAT Agra) It is settled position in law that the question of Jurisdiction is not a matter of acquiescence. The proprietary of Notice under section 148, based upon ‘reasons recorded’ is not dependent upon the objection or no objection by the assessee at the stage of assessment. If the Reasons […]
Section 148 of the Income-tax Act, 1961 is a powerful weapon used by Income-tax department to reopen the case of past years. The basis for reopening of case u/s 147 is that Assessing Officer has reasons to believe that income of assessee has escaped assessment.
Reassessment under section 147 on the basis of report of Investigation Wing without conducting further enquiry on the same was invalid and liable to be set aside.
Where the documents on record conclusively establish that the receipt did not give rise to any taxable income, it would not be open for AO to reopen the assessment referring only to the non disclosure of the receipt in the return of income.
DCIT Vs Sovereign Pharma Pvt. Ltd. (ITAT Pune) A bare perusal of reasons for reopening would show that the Assessing Officer has erred in invoking the provisions of section 148 r.w.s. 147 after the expiry of four years to cover up his own follies. It is not the case of Revenue that the assessee has […]
[Section 148(2)]: The Assessing Officer shall before issuing notice u/s 148 of the Income tax Act , 1961 , record the reasons for doing so . Recording of reasons carefully is very important and other various factors to be taken care of from the side of the revenue. From the side of the assesse it […]
Shri Sushil Kumar Golecha Vs ACIT (ITAT Indore) The law is well settled where the issue of jurisdiction of assessing authority is concerned, if the jurisdiction assumed is not in accordance with law, then it cannot be cured or ignored under the provisions of section 292B of the Act. In our considered view, the assumption […]
The interdiction in the proviso appended to section 147 puts an embargo in the exercise of power at the end of the AO in cases where scrutiny assessment has taken place and four years have expired from the end of relevant assessment year. In such cases, the assessment cannot be reopened unless it its demonstrated that income has escaped assessment on account of failure on the part of the assessee to disclose all material facts fully and truly in respect of his assessable income.
