section 148

Assessments under Income-Tax Act, 1961

Income Tax - Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. ...

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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....

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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...

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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 ...

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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 (with November 2015 attempt), ...

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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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HC finds no merit in Challenge to Reassessment Notice issued to Robert Vadra’s Firm

SKY Light Hospital LLp Vs Assistant Commissioner of Income Tax (Delhi High Court) - Delhi High Court has refuses to set aside re-assessment notice U/s. 147/148 issued by Income Tax Department to the partnership firm Sky Light Hospitality, in which Robert Vadra is a partner, in connection with the DLF- Sky Light Hospitality land deal....

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Sec 292B can’t be cure Non-application of mind in issue of Re-Assessment Notice

Smt. Kalpana Shantilal Haria Vs. Assistant Commissioner of Income- ­Tax (Bombay High Court) - Smt. Kalpana Shantilal Haria Vs. Assistant CIT (Bombay High Court) There can be no dispute with regard to the application of Section 292B of the Act to sustain a notice from being declared invalid merely on the ground of mistake in the notice. However, the issue here is not with regard to the mistak...

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To invoke sec. 147 AO has to prove that Assessee Escaped Income

Priyank Mittal Vs. ITO (ITAT Agra) - Priyank Mittal Vs. ITO (ITAT Agra) A perusal of the reasons recorded by the AO shows that the allegation as per the reasons to believe escapement of income is bogus purchase/sale of shares, while the impugned addition has been made with respect to gift, which shows that the A.O. had no specific info...

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Sanction for issuing a reopening notice cannot be mechanical

Kalpana Shantilal Haria Vs. ACIT (Bombay High Court) - It is a settled principle of law that sanction granted by the higher Authority for issuing of a reopening notice has to be on due application of mind. It cannot be an mechanical approval without examining the proposal sent by the Assessing Officer....

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Penalty cannot be imposed for Bonafide omission during return filing, surfaced during Section 148/148 Assessment

Pankaj Kumar Gupta Vs. ITO (ITAT Lucknow) - In the instant case, nothing is on record to show that there was any malafide intention on the part of the assessee to conceal the income or furnish inaccurate particulars of income and there was an omission while filing the return of income which was rectified through challan on the very date of pa...

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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"

HC finds no merit in Challenge to Reassessment Notice issued to Robert Vadra’s Firm

SKY Light Hospital LLp Vs Assistant Commissioner of Income Tax (Delhi High Court)

Delhi High Court has refuses to set aside re-assessment notice U/s. 147/148 issued by Income Tax Department to the partnership firm Sky Light Hospitality, in which Robert Vadra is a partner, in connection with the DLF- Sky Light Hospitality land deal....

Read More

Sec 292B can’t be cure Non-application of mind in issue of Re-Assessment Notice

Smt. Kalpana Shantilal Haria Vs. Assistant Commissioner of Income- ­Tax (Bombay High Court)

Smt. Kalpana Shantilal Haria Vs. Assistant CIT (Bombay High Court) There can be no dispute with regard to the application of Section 292B of the Act to sustain a notice from being declared invalid merely on the ground of mistake in the notice. However, the issue here is not with regard to the mistake / […]...

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To invoke sec. 147 AO has to prove that Assessee Escaped Income

Priyank Mittal Vs. ITO (ITAT Agra)

Priyank Mittal Vs. ITO (ITAT Agra) A perusal of the reasons recorded by the AO shows that the allegation as per the reasons to believe escapement of income is bogus purchase/sale of shares, while the impugned addition has been made with respect to gift, which shows that the A.O. had no specific information. Hence, as […]...

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Sanction for issuing a reopening notice cannot be mechanical

Kalpana Shantilal Haria Vs. ACIT (Bombay High Court)

It is a settled principle of law that sanction granted by the higher Authority for issuing of a reopening notice has to be on due application of mind. It cannot be an mechanical approval without examining the proposal sent by the Assessing Officer....

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Penalty cannot be imposed for Bonafide omission during return filing, surfaced during Section 148/148 Assessment

Pankaj Kumar Gupta Vs. ITO (ITAT Lucknow)

In the instant case, nothing is on record to show that there was any malafide intention on the part of the assessee to conceal the income or furnish inaccurate particulars of income and there was an omission while filing the return of income which was rectified through challan on the very date of passing the assessment order. ...

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Directions of JCIT or CIT cannot only be reason to believe for reopening of assessment

Agfa India Pvt. Ltd. (now merged with Afga Healthcare India Pvt. Ltd.) V/s. ACIT (ITAT Pune)

In the present case, a perusal of reasons for initiating reassessment proceedings clearly show that they are against the sprit of provisions of section 147 of the Act. The AO has issued notice under section 148 of the Act on the directions of JCIT and CIT. The learned Members of the ITAT held that in our considered opinion the notice issu...

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When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle

Oracle Systems Corporation vs. Deputy Director Of Income Tax, International Taxation (Delhi High Court)

When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle...

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Reopening based on Change of opinion is invalid; HC dismisses Appeal in Airtel case

Principal Commissioner Of Income Tax Vs. Bharti Airtel Ltd. (Delhi High Court)

This Court is of the opinion that the ITAT’s impugned order is unexceptionable because it is premised upon the circumstance that in the absence of any fresh tangible material, it was not open, on mere re-appreciation of the existing circumstances, to reopen the concluded scrutiny assessment. The ITAT’s reasoning cannot, therefore, be ...

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S. 147 / 148 Non disposal of objection raised makes reassessment invalid

M/S Veer Vardhman Finance Investment Pvt. Ltd. Vs. DCIT (ITAT Delhi)

M/S Veer Vardhman Finance Investment Pvt. Ltd. Vs. DCIT (ITAT Delhi) As AO has not passed the speaking order in disposing of the assessee ‘s objections against the notice u/s. 148 of the I. T. Act, before proceeding with the assessment, hence subsequent assessment order is bad in law and deserving of being quashed. Full […]...

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Provision of law overlooked during original assessment – Reassessment Notice beyond four years is not valid

Hubtown Ltd. Vs. Dy. CIT (Bombay High Court)

If a provision of law had been clearly overlooked or ignored in the assessment order, it would not be open to Asessing Officer to reopen the assessment after expiry of four years in case no failure on assessee’s part to disclose fully and truly all material facts was alleged....

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