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 : 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...
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 Indore held that appellate order violated principles of natural justice after finding that key hearing notices were sent to a...
Income Tax : ITAT Rajkot held that in cases involving bogus purchases, only the profit element embedded in such purchases can be added to incom...
Income Tax : Tribunal noted the assessee’s contention that only his share in jointly owned properties could be taxed instead of the entire tr...
Income Tax : ITAT Hyderabad condoned a 182-day delay in filing the appeal after accepting medical evidence relating to failed liver transplanta...
Income Tax : SC examined nature of amounts received from an AOP and upheld findings that receipts constituted profit share rather than revenue ...
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...
It is difficult to sustain the notice issued u/s. 148. The audit objection is only an inference that the royalty payment resulted in a capital benefit; such an opinion expressed by the audit cannot constitute tangible material on the basis of which the assessment can be reopened.
Only aspect mentioned in the reasons recorded is about the requirement of inclusion or non-inclusion of cenvat/modvat credit in closing stock. The Assessing Officer stated in his reasons inter alia that on perusal of break up the loans and advances in the balance-sheet, it was found that the assessee had at the end of previous year a particular amount of cenvat credit not utilised and that the assessee had not credited the said amount to the profit & loss account.
The petitioner has been claiming that he is dealing in hedging besides in the wholesale business of gold and silver ornaments. To insure against price fluctuations, he has been hedging in such metals in MCX. The claim of the assessee, therefore, had to be examined in terms of clause (a) to sub-section (5) to section 43 of the Act. If for some reason such claim was not sustainable,
In the present case, the assessee disclosed the factum of housing project, the construction of shops and the profit derived therefrom. These were the primary facts sufficient for the Assessing Officer to proceed in its assessment process. He had undertaken such a process and applied the facts to the provisions of law by applying his mind.
Section 148 mandates issue of notice before assessment, reassessment or computation u/s 147. As per section 148, it is mandatory that the Assessing Officer shall serve on the assessee a notice required him to furnish a return. The expression “Assessing Officer” used in the section 148 means ‘the Assessing Officer vested with the jurisdiction over the assessee as stipulated in the definition u/s 2(7A) by virtue of the directions / orders passed u/s 120, sub-section (1) & (2)’.
We notice that in the return filed by the petitioner, in addition to claiming deduction of gross income of interest and dividend of Rs.1,81,27,606 under Section 80P(2)(d) of the Act, the petitioner further provided various details. For example, in the Annexure-VII to the return, such deduction under Section 80P(2)(d) was bifurcated into dividend income of Rs. 53,71,450 and interest income of Rs. 1,27,56,156.
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 […]
In the present case the reasons disclose that the Assessing Officer reached the belief that there was escapement of income on going through the return of income filed by the assessee after he accepted the return under Section 143(1) without scrutiny, and nothing more.
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-budget consultations with […]
From a perusal of the reasons recorded by the Assessing Officer, we find that he had simply recorded the finding in the assessment order passed for the assessment year 1996-97 and a vague reference was made that similar was the position in respect of the assessment year in question. The assessment order was for the assessment year 1996-97 on which observation regarding the previous assessment year had been made, has also been reproduced above, while quoting the order passed by CIT appeal.
