Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and i...
Income Tax : This guide explains the various assessments under the Income-tax Act, including summary assessment, scrutiny assessment, best judg...
Income Tax : ITAT Mumbai held that an addition under Section 69A cannot be sustained when the assessee is denied the opportunity to cross-exami...
Income Tax : The Tribunal held that CIT(A) cannot enhance income under Section 251 on matters not considered by the Assessing Officer during as...
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 ITAT held that reassessment notices issued after the surviving limitation period prescribed by the Supreme Court were invalid....
Income Tax : The Gujarat High Court held that reassessment cannot be sustained merely because of high-value bank transactions without evidence ...
Income Tax : ITAT Ahmedabad held that an addition under Section 68 cannot be sustained solely on information received from the Investigation Wi...
Income Tax : The ITAT Hyderabad held that the entire sale consideration could not be assessed as short-term capital gains without examining the...
Income Tax : ITAT Pune held that the reassessment proceedings were invalid because the notice under Section 148 was approved by the Principal C...
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...
Pankajbhai Jaysukhlal Shah C/O. Meena Agency Ltd. Vs ACIT (Gujarat High Court) It is the officer who records the reasons who has to issue the notice under section 148(1) of the Act whereas in the present case the reasons have been recorded by the jurisdictional Assessing Officer, whereas the notice under section 148(1) of the […]
Reassessment order passed without disposal of objections raised by assessee by passing a speaking order by AO was illegal and invalid.
Reassessment was rightly opened under section 147 by AO as he had received fresh and tangible material being incriminating information from DGIT(Inv.) which in turn was based on incriminating information received from VAT authorities that assessee to be beneficiary of alleged bogus purchases and it was sufficient to reopen concluded assessment within the parameters of section 147.
ITO Vs S. M. Batha Education Trust (ITAT Pune) In the absence of pending return of income, the provisions of section 143(2) of the Act is clear that notice can be issued only when a valid return is pending for assessment. Reassessment proceedings is invalid if notice U/sec.143(2) is issued prior to filing of return […]
Since the approval granted by Pr. CIT to AO for reopening of assessment was clearly without application of mind and was not as per the mandate of the provision of section 151, therefore, notice issued u/s 148 on the basis of such approval and consequent assessment made on the basis of such notice were bad in law and deserved to be quashed.
‘Reason to believe’ is a mysterious term. Nobody knows what is reason to believe, or how to judicially determine the issue. As a matter of practice, it is generally not disclosed by the revenue. This article is an effort to understand the provisions related to “reason to believe” and legal lacuna therein. Examination of this […]
Precilion Holdings Limited Vs DCIT (Bombay High Court) Conclusion: AO was not permitted to reopen assessment merely because in the later year, he took a different view on the basis of similar material available at the time of original scrutiny assessment as there was no failure on the part of assessee to disclose truly and […]
Bharti Infratel Limited Vs DCIT (Delhi High Court) Conclusion: Notice for re-assessment issued under Section 148 against assessee-company was quashed as assessee had made full and true disclosure of material facts; nothing was concealed, withheld and left to be factually discovered in the form of ‘material’ mentioned in detail in accounts and other evidence and […]
Merely because PAN is active, it cannot be presumed that the assessee is alive and notice for reassessment be issued in the name of dead person, more particularly, when the department was made aware about the death of the assessee prior to issuance of the notice.
Since Department had correct address of assessee and sending notice for reassessment at incorrect address drawing a presumption of service of notice was rendered assessment proceedings as invalid.
