section 148

Budget 2017: Time limits for assessment, reassessment and to file revised return

Income Tax - It is hence proposed to amend the provisions of sub-section (5) of section 139 to provide that the time for furnishing of revised return shall be available upto the end of the relevant assessment year or before the completion of assessment, whichever is earlier....

Read More

Assessments under Income-Tax Act, 1961

Income Tax - This is a detailed assessment and is referred to as scrutiny assessment. At this stage a detailed scrutiny of the return of income will be carried out. At this stage a scrutiny is carried out to confirm the correctness and genuineness of various claims, deductions, etc., made by the taxpayer in the ...

Read More

Validity of reopening of assessments

Income Tax - There has been prevailing in the Income-Tax Department a very erroneous impression that under the provisions of the amended section 147 of the Income-Tax Act, 1961 (the Act), with effect from 1st April, 1989, the Assessing Officer (AO) has got unbridled powers to assess or reassess income which has escaped assessment. This is so, particul...

Read More

Powers of the A.O. are not plenary or unbridled

Income Tax - Recently, I had an occasion to deal with a case, where no notice under section 143(2) of the Income‑Tax Act, 1961 (the Act), was served on the assessee, within the stipulated period of twelve months. But after the expiry of the aforesaid period, the Assessing Officer (AO) issued a notice under section 148 read with section 147 of the ...

Read More

Time Limits for Issuance of Notices, Orders under Different Sections of Income Tax Act, 1961

Income Tax - Income Tax Act, 1961 contains different time limits for issuance of notice, filing of application, completion of assessments, passing of penalty order under several sections. Hence, for the ease of reference for professionals and students (with November 2015 attempt), ...

Read More

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...

Read More

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....

Read More

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...

Read More

AO cannot have disregard finding directions of DRP and pass final assessment order

M/s Ess Distribution (Mauritius) S.N.C.ET Compagnie Vs. Assistant Commissioner Of Income Tax (Delhi High Court) - That judgment referred to the order of the DRP which had held that both the Assessees were not eligible Assessee under Section 144C (15) of the Act and that order of the DRP was binding on the AO. It was further held by this Court that the AO could not have disregarded the finding directions of the...

Read More

HC Quashes I-T Order Against P. Chidambaram & Family & Held Reopening discriminatory

Karti P. Chidambaram Vs. The Assistant Commissioner of Income Tax (Madras High Court) - The Madras High Court has quashed the Income Tax Assessment Orders passed against P. Chidambaram, Senior Advocate & Former Union Finance Minister, his wife Nalini Chidambaram, Senior Advocate, and his son Karthi Chidambaram. The High Court quashed the order terming it as illegal, arbitrary, and issu...

Read More

Reassessment notice U/s. 147/148 is invalid when period to issue notice U/s. 143(2) has not expired

Smt. Suman Vs. ITO (Bombay High Court) - Where AO passed order of reassessment under section 147, even when Revenue processed return of assessee under section 143(1)(i) by intimation, the impugned assessment order deserved to be quashed, as the AO could not proceed with extraordinary power under section 147, when normal procedure of assess...

Read More

Reassessment based on satisfaction of AO not having Jurisdiction over Assessee is invalid

Anant Concrete Products Pvt. Ltd. Vs ITO (ITAT Delhi) - Anant Concrete Products Pvt. Ltd. Vs ITO (ITAT Delhi) ITAT held that Considering the facts of the case in the light of decision in the case of Shri S.N. Bhargava (supra), it is clear that ITO at Ghaziabad was not having jurisdiction over the assessee. Therefore, he should not have recorded the reaso...

Read More

Validity of Reassessment to verify genuineness of gift based on Assessment of relatives

Shri Ashok Mahindru Vs. ITO (ITAT Delhi) - While deleting an addition made in respect of undisclosed income, the Delhi bench of the ITAT held that the gift received by the assessee cannot be treated as non-genuine merely for the reason that the family members of the assessee had received bogus gifts during the same year....

Read More

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. ...

Read More

section 148’s Popular Posts

Recent Posts in "section 148"

AO cannot have disregard finding directions of DRP and pass final assessment order

M/s Ess Distribution (Mauritius) S.N.C.ET Compagnie Vs. Assistant Commissioner Of Income Tax (Delhi High Court)

That judgment referred to the order of the DRP which had held that both the Assessees were not eligible Assessee under Section 144C (15) of the Act and that order of the DRP was binding on the AO. It was further held by this Court that the AO could not have disregarded the finding directions of the DRP and passed the final assessment ord...

Read More

HC Quashes I-T Order Against P. Chidambaram & Family & Held Reopening discriminatory

Karti P. Chidambaram Vs. The Assistant Commissioner of Income Tax (Madras High Court)

The Madras High Court has quashed the Income Tax Assessment Orders passed against P. Chidambaram, Senior Advocate & Former Union Finance Minister, his wife Nalini Chidambaram, Senior Advocate, and his son Karthi Chidambaram. The High Court quashed the order terming it as illegal, arbitrary, and issued without following principles of natur...

Read More

Reassessment notice U/s. 147/148 is invalid when period to issue notice U/s. 143(2) has not expired

Smt. Suman Vs. ITO (Bombay High Court)

Where AO passed order of reassessment under section 147, even when Revenue processed return of assessee under section 143(1)(i) by intimation, the impugned assessment order deserved to be quashed, as the AO could not proceed with extraordinary power under section 147, when normal procedure of assessment of income under section 143(3) was ...

Read More

Reassessment based on satisfaction of AO not having Jurisdiction over Assessee is invalid

Anant Concrete Products Pvt. Ltd. Vs ITO (ITAT Delhi)

Anant Concrete Products Pvt. Ltd. Vs ITO (ITAT Delhi) ITAT held that Considering the facts of the case in the light of decision in the case of Shri S.N. Bhargava (supra), it is clear that ITO at Ghaziabad was not having jurisdiction over the assessee. Therefore, he should not have recorded the reasons for reopening […]...

Read More

Validity of Reassessment to verify genuineness of gift based on Assessment of relatives

Shri Ashok Mahindru Vs. ITO (ITAT Delhi)

While deleting an addition made in respect of undisclosed income, the Delhi bench of the ITAT held that the gift received by the assessee cannot be treated as non-genuine merely for the reason that the family members of the assessee had received bogus gifts during the same year....

Read More

Reassessment for mere cash deposit info received through AIR is invalid

Shri Mahavir Parsad Vs I.T.O (ITAT Delhi)

Revised grounds of appeal were filed by the assessee, which are placed on record. Amongst various grounds of appeal taken by the assessee, main grievance and issue raised by the assessee-appellant before this Tribunal relates to validity of the proceedings under section 148 of the Income-tax Act, 1961...

Read More

Protective addition in hands of agents without providing opportunity of being heard is invalid

Mohammad Rajiv Hakeem Vs ITO (ITAT Lucknow)

These two appeals of the same assessee (assessed in the name of different agents) relating to the assess­ment year 2007-08 are directed against separate orders of the Commissioner (Appeals), Bareilly of the even date 27-9-2016 arising out of the order passed under section 144/147 of the Income Tax Act framed by the Income Tax Officer, Wa...

Read More

Delhi HC issues guidelines in matters of reopening of assessments

Sabh Infrastructure Ltd. Vs. Asst. Commissioner Of Income Tax (Delhi High Court)

The Petitioner seeks the quashing of a notice dated 20th March, 2015 issued under Section 148 of the Income Tax Act (Act) by the Assistant Commissioner of Income Tax (hereinafter Assessing Officer AO) and the order dated 1st February, 2016 passed by the AO disposing of the objections filed by the Petitioner to the said notice....

Read More

Approval to Reopening by officer superior to Addl. DIT U/s. 151(2) is invalid

Yum Restaurants Asia Pte. Ltd Vs Deputy Director Of Income Tax And Ors (Delhi High Court)

This writ petition by Yum! Restaurants Asia PTE Ltd. under Articles 226 and 227 of the Constitution, seeks the quashing of a notice dated 28th March 2012 issued by the Deputy Director of Income Tax (hereinafter the Assessing Officer or AO) under Section 148 of the Income Tax Act, 1961 (hereinafter the Act) seeking to reopen the assessment...

Read More

4 year limitation period for Re-Assessment is an Exception and not the Rule

Unitech Limited Vs DCIT (Delhi High Court)

This is yet another case in the ever increasing number of cases filed before this Court challenging the issuance of notice under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as the Act)....

Read More
Page 1 of 3012345...102030...Last »

Browse All Categories

CA, CS, CMA (3,525)
Company Law (3,466)
Custom Duty (6,674)
DGFT (3,501)
Excise Duty (4,051)
Fema / RBI (3,292)
Finance (3,502)
Income Tax (25,350)
SEBI (2,758)
Service Tax (3,288)

Search Posts by Date

November 2017
M T W T F S S
« Oct    
 12345
6789101112
13141516171819
20212223242526
27282930