Section 148

Comprehensive Guide to Reopening of Assessments Under the Income Tax Act, 1961

Income Tax - Reopening of an assessment is one of the weapons in the armoury of the Income tax Department, it empowers assessing officer to reassess or recompute the income of an assessee which has escaped assessment.  Section 147 to 153 of the Income tax Act, 1961 [ Act] deals with the provisions of reassessment proceedings.  The said […]...

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Section -147 Reopening of Assessment / Reassessment – Horrendous journey for assessee!

Income Tax - This blog covers an extensive analysis on the reassessment provisions in light of landmarks judgement which will help professional to face dispose the litigations hastily. I am not inserting bare sections here to increase the size of blog, it is written keeping in mind to provide less, solid and crux content about the matter. It includes ...

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Reassessment | Section 148 | Decoding Judicial Angle | Issues & controversies

Income Tax - Q1. Whether fresh tangible material is required for reopening the case u/s 148 even when the case is earlier processed u/s 143(1) simply and reopening is done within four years of the end of the assessment year? Ans.  There are more than two views. One set of view from Bombay, Gujarat high court is that […]...

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Powers of AO to reopen assessment u/s 148 are not un-abundant or luxuriant-Vol.-1

Income Tax - Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, re-assess or re-compute income, turnover etc. which has escaped assessment. Sec. 147 and Section 148 of the Act contain the per-requisite conditions to be fulfilled for invoking the jurisdiction to reopen the assessment. ...

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Due date for filing Revise TDS Return?

Income Tax - On filling income tax return, one of the crucial part is to fill the TDS claim during the relevant financial year which should be match with TDS Credit reflects in Form 26AS. On non-matching of TDS claimed with TDS credit reflected in Form 26AS, demand will be raised by IT department on processing of return under section 143(1) of Income ...

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Notices for assessment/reassessment of income of old cases

Income Tax - Under the provisions of Income-tax Act, 1961, notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year can be issued only in the following exceptional situations: i. Under clause (c) of sub-section (1) of section 149 of the Act, in cases where income in […]...

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No Reopening of Assessment to be made on Audit Objections: Committee Recommends

Income Tax - One of the key sources of dispute is the existing arrangement for follow up on audit objections by Internal Audit Party and the Revenue Audit Party. In terms of the existing arrangement, the Assessing Officer is required to take corrective steps following audit objections. The corrective measures take the form of rectification or reassess...

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Bofors Scam –Quattrochi case can not be reopened U/s. 148 and 149

Income Tax - The income-tax department's hands are tied by the law even if it wants to go after Ottavio Quattrocchi, following the observations of the Income Tax Appellate Tribunal (ITAT). Sections 148 and 149 of the Income Tax Act prevent authorities from reopening assessment in any case that goes beyond six years....

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ITAT – Anguish over ITAT deciding case on a casual, offhanded and cavalier manner – Delhi HC

Income Tax - The High Court noted with anguish that even at the second appellate stage the matters are being dealt with in such a casual manner. The High Court stated that it did not expect the Tribunal, which the highest fact-finding authority in matters relatin...

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Reassessment Proceeding completion without section 143(2) notice is invalid

Shri Gaurav Kumar Vs ITO (ITAT Jaipur) - The issue under consideration is whether AO can issue notice under section 148 for re-assessment without issuing notice u/s 143(2)?...

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Reopening of assessment merely on Internal Audit Objection Not Justified

Lionbridge Technologies P. Ltd. Vs ACIT (ITAT Mumbai) - Whether the re-opening of assessment u/s 147 initiated by AO is justified in law? Re-opening of assessment on basis of Internal Audit Objection Not Justified....

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No capital gain tax on land transfer to co-op society formed by flat purchasers

J. S. & M. F. Builders Vs A. K. Chauhan and others (Bombay High Court) - Whether the AO is correct in considering that the capital gain will arise in the year when the land is transferred to the co-operative society formed by the flat purchasers and not when flats are sold?...

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AO cannot disallow Sum credit in books under Section 68

Shri Hitesh Kumar Gupta Vs ITO (ITAT Jaipur) - The issue under consideration is whether the addition made by AO u/s 68 of Income tax Act, 1961 is justified in law?...

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Section 148- Revenue cannot travel beyond reasons recorded & same cannot be supplemented at the Later stage

Gateway Leaisng Pvt Ltd Vs ACIT (Bombay High Court) - Gateway Leaisng Pvt Ltd Vs ACIT (Bombay High Court) Section 148- Revenue cannot travel beyond reasons recorded & same cannot be supplemented at the Later stage. Reasons which are recorded by the Assessing Officer for re-opening an assessment are the only reasons which can be considered when the ...

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Important CBDT instructions on Issue of Section 147 & Section 133(6) Notice

F. No. System/ITBA/AIMS/2019-20/1942 - (28/02/2020) - Field formation should not carry out any enquiry u/s 133(6) or issue notice u/s 148 of the Act on the basis of the data presently available in either AIMS Module of the ITBA or the AIR information earlier shown in the ITD till further directions are issued....

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Consider Info related to Penny Stock in Scrutiny Assessment: CBDT

F.No.287/30/2014-IT (inv. II)-Vol-III - (16/03/2016) - Assessing Officer to ensure that information available in the 'Penny Stock' functionality which may be useful for the purpose of cases presently under scrutiny, is examined and considered while finalizing assessments and considering reopening of cases u/s 148 of the IT Act, 1961. ...

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Recent Posts in "Section 148"

Reassessment Proceeding completion without section 143(2) notice is invalid

Shri Gaurav Kumar Vs ITO (ITAT Jaipur)

The issue under consideration is whether AO can issue notice under section 148 for re-assessment without issuing notice u/s 143(2)?...

Read More

Comprehensive Guide to Reopening of Assessments Under the Income Tax Act, 1961

Reopening of an assessment is one of the weapons in the armoury of the Income tax Department, it empowers assessing officer to reassess or recompute the income of an assessee which has escaped assessment.  Section 147 to 153 of the Income tax Act, 1961 [ Act] deals with the provisions of reassessment proceedings.  The said […]...

Read More
Posted Under: Income Tax |

Section 148 Notice based on Investigation report sustainable if AO enquired before issuing such Notice

Hemjay Construction Co. Pvt. Ltd. Vs ITO (Gujarat High Court)

The issue under consideration is whether the re-opening of the assessment u/s 147 based on information from investigation report is justified in law?...

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AO cannot reject Section 54 exemption if amount was deposited in capital gain deposit account

Dr. Jaya Narayan Naik Vs JCIT (ITAT Ranchi)

whether AO is correct in holding that the assessee was not entitled exemption u/s.54 of the Act by rejecting the claim of the assessee to have deposited in capital gain deposit account?...

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Mere Change of Opinion Cannot be Basis for Re-Opening of Assessment

DCIT Vs K.V. Mohana Rao and Co. Pvt. Ltd. (ITAT Visakhapatnam)

The issue under consideration is whether the re-opening of assessment u/s 147 is justified if the details on the basis of which case is re-opened was already available at the time of original assessment?...

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Section 10AA Deduction allowable on enhanced profits after considering section 69C disallowance

Amrapali Exports Vs DCIT (ITAT Jaipur)

Amrapali Exports Vs DCIT (ITAT Jaipur) The issue under consideration is whether the deduction u/s 10AA is allowed on the enhanced profits after considering the disallowance u/s 69C? In the present case, assessee engaged in manufacturing and export of gold, silver and base material jewellery plain and studded with precious and semi preciou...

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Section -147 Reopening of Assessment / Reassessment – Horrendous journey for assessee!

This blog covers an extensive analysis on the reassessment provisions in light of landmarks judgement which will help professional to face dispose the litigations hastily. I am not inserting bare sections here to increase the size of blog, it is written keeping in mind to provide less, solid and crux content about the matter. It includes ...

Read More
Posted Under: Income Tax | ,

Reopening of assessment merely on Internal Audit Objection Not Justified

Lionbridge Technologies P. Ltd. Vs ACIT (ITAT Mumbai)

Whether the re-opening of assessment u/s 147 initiated by AO is justified in law? Re-opening of assessment on basis of Internal Audit Objection Not Justified....

Read More

No capital gain tax on land transfer to co-op society formed by flat purchasers

J. S. & M. F. Builders Vs A. K. Chauhan and others (Bombay High Court)

Whether the AO is correct in considering that the capital gain will arise in the year when the land is transferred to the co-operative society formed by the flat purchasers and not when flats are sold?...

Read More

AO cannot disallow Sum credit in books under Section 68

Shri Hitesh Kumar Gupta Vs ITO (ITAT Jaipur)

The issue under consideration is whether the addition made by AO u/s 68 of Income tax Act, 1961 is justified in law?...

Read More

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