section 148

Income Tax Assessment Procedure

Income Tax - Assessment Procedure under Income Tax  Act, 1961 Assessment in income tax is estimation of total income and tax thereon either by assessee himself or by income tax officer. Assessment is broadly covered in following types: (1) Self-assessment u/s 140A Every assessee before filing income tax return under various sections viz. 139, 142(1),...

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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 ...

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Compliance required u/s 151 r.w.s. 148 of Income Tax Act, 1961

Income Tax - As per section 151, no notice shall be issued under section 148 by an Assessing Officer, after the expiry of a period of four years from the end of the relevant assessment year, unless the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner is satisfied, on the reasons recorded by the Assessing O...

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Assessment/Re-assessment Procedure u/s. 147 of Income Tax Act, 1961

Income Tax - Assessment/Re-assessment is a procedure adopted to determine the correctness of the income disclosed by the assessee and tax payable thereon. Than what is reassessment and why there is need of reassessment? 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...

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Assessment or Reassessment Notice U/s 148

Income Tax - The power of assessment or reassessment of any income chargeable to tax that have escaped assessment has been provided under section 147 r w s 148 of Income Tax Act of 1961. If the assessing officer has the reason to believe that any income chargeable to tax has escaped assessment then the assessing officer may subject to the provisions o...

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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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Reopening cannot be made to disallow Bogus Sales/ Purchases based on a Judgment

Saurabh Suryakant Mehta Vs ITO (Bombay High Court) - 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 th...

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Bogus share capital: Reassessment on mere investigation wing report is invalid

M/s Balaji Health Care Pvt. Ltd. Vs The ITO (ITAT Jaipur) - M/s Balaji Health Care Pvt. Ltd. Vs ITO (ITAT Jaipur) Conclusion: Reopening of assessment by AO on basis of report of Investigation Wing that assessee was beneficiary  of accommodation entries in the form of share capital/premium/loan during the financial year was not justified as AO had not carrie...

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Reassessment not Valid if Objection of assessee not disposed of

India Good News Associates Vs ITO (Allahabad High Court) - 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....

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Order passed without disposing objection: HC directs AO to pass fresh order after disposing objection

Home Finders Housing Ltd. Vs ITO (Madras High Court) - 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....

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Reopening of Completed Assessment based on change of opinion on same facts is invalid

ITO Vs TechSpan India Private Ltd. & Anr. (Supreme Court of India) - 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...

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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"

Reopening cannot be made to disallow Bogus Sales/ Purchases based on a Judgment

Saurabh Suryakant Mehta Vs ITO (Bombay High Court)

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 th...

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Bogus share capital: Reassessment on mere investigation wing report is invalid

M/s Balaji Health Care Pvt. Ltd. Vs The ITO (ITAT Jaipur)

M/s Balaji Health Care Pvt. Ltd. Vs ITO (ITAT Jaipur) Conclusion: Reopening of assessment by AO on basis of report of Investigation Wing that assessee was beneficiary  of accommodation entries in the form of share capital/premium/loan during the financial year was not justified as AO had not carried out any further examination and analys...

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Reassessment not Valid if Objection of assessee not disposed of

India Good News Associates Vs ITO (Allahabad High Court)

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....

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Order passed without disposing objection: HC directs AO to pass fresh order after disposing objection

Home Finders Housing Ltd. Vs ITO (Madras High Court)

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....

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Reopening of Completed Assessment based on change of opinion on same facts is invalid

ITO Vs TechSpan India Private Ltd. & Anr. (Supreme Court of India)

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...

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Reassessment to disallow employee’s PF contribution despite disclosure in Tax Audit report is invalid

S.R. Batliboi & Co. Vs ACIT (Calcutta High Court)

S.R. Batliboi & Co. Vs ACIT (Calcutta High Court) Kelvinator of India Ltd. (supra) has held that, after April 1, 1989 the assessing officer invoking the provisions of Section 147 of the Act of 1961 must have tangible material to come to the conclusion that, there was escapement of income from assessment. Reasons must have a […...

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Reassessment based on material giving rise to reason to believe is valid

S. Rajalakshmi Vs ITO (Bombay High Court)

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....

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Reassessment based on subsequently amended Provisions is invalid

Brahm Datt Vs ACIT (Delhi High Court)

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, ...

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Reassessment without issuance of notice U/s 143(2) is invalid

Mehta Emporium Jewellers Vs ITO (ITAT Mumbai)

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....

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Notice U/s. 143(2) not must if return not furnished in response to Notice U/s. 148

PCIT v. M/S Broadway Shoe Co. (Jammu & Kashmir High Court)

PCIT v. M/S Broadway Shoe Co. (Jammu & Kashmir High Court) Admittedly in the instant case, the return was filed by the assessee after the time prescribed for filing return under Sections 139(1) and 139(4) had expired. Therefore, the return filed by the assessee has to be treated as non-est. The proceedings under Section 147 of [&hell...

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