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 : Tribunal held that allegations relating to client code modification did not justify adding the entire purchase value under Section...
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 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 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.
Purviben Snehalbhai Panchhigar Vs ACIT (Gujarat High Court) In the present case the Assessing Officer has heard the material on record which would prima facie suggest that the assessee had sold number of shares of a company which was found to be indulging in providing bogus claim of long term and short term capital gain. […]
Saurabh Suryakant Mehta Vs ITO (Bombay High Court) In the present case, the Assessing Officer had examined the material collected by the Sales Tax Department, prima facie suggesting that the assessee had indulged into bogus billing activities without actually carrying out the purchase and sale of the commodity. It is on this basis that the […]
Reassessment order passed by Assessing Officer without disposing of objections raised by assessee to issuance of notice under section 148 of Income Tax Act, 1961 by a separate order, was not valid and thus, was liable to be quashed.
In case an order is passed without following a prescribed procedure, the entire proceedings would not be vitiated. It would still be possible for authority to proceed further after complying with the particular procedure.
Reopening Of A Completed Assessment Not Allowed On A Issue Which Was Based On Nothing But A Change Of Opinion On The Same Facts And Circumstances Which Were Already In Knowledge Of Income Tax Officer Even During The Original Assessment Proceedings
When income which was the foundation on which he based his belief of escapement of income was absent /disappeared then AO’s very usurpation of jurisdiction was on non-existing jurisdictional fact which rendered his usurpation of jurisdiction to reopen the assessment legally untenable and so null in the eyes of law and therefore, the reassessment made by AO without jurisdiction was quashed.
Reassessment made by AO was valid as assessee was unable to explain the source of income from which investments had been made by furnishing her bank statements and AO clearly had reason to believe that income of assessee with reference to these three investments had escaped assessment.
Brahm Datt Vs ACIT (Delhi High Court) CONCLUSION – Re-assessment not tenable in law in as much as the same is barred by limitation. Any subsequent amendment in the re-assessment provisions, if not specifically mentioned, are presumed to be prospective and hence not applicable in the present case. FACTS – Petitioner, a senior citizen, was […]
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.
