Section 148

Is it be Possible to Re-Open Assessment only Because of Change of Opinion?

Income Tax - We know that provisions of sections 147 to 151 of the Income Tax Act, 1961 deal with Reassessment of and escaped assessment of income of an assessee. Income Tax Officer under these provisions reassess by reopening the cases assessed earlier on the believe that incomes or profits or gains chargeable to income tax has escaped […]...

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HC quashed reassessment Notice as Assessee fully, truly disclosed all material facts

Income Tax - Bombay High Court held that for an assessment to be reopened beyond a period of four years there must an omission or failure on part of the assessee to disclose fully and truly all material facts necessary for the assessment and should not merely be the change of opinion of Assessing Officer (AO)....

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Allahabad HC Quashes Section 148 Notices issued after 31st March 21

Income Tax - The Finance Act, 2021 introduced a new set of reassessment proceedings from 01.04.21.The Central Board of Direct Taxes (C.B.D.T)  by way of various notifications had extended the time limit of issuing the notice U/s 148 of the Act up to 30th June, 2021. The Income tax department has issued many Section 148 notices for several […]...

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Assessment Order quashed on ground of Non-Disposal of Objections filed by Assessee

Income Tax - The AO reopened the assessment of the Assessee after it was observed that the Assessee had not reflected or explained his investment in a hotel project during a survey operation. Thereafter, the Assessee filed an application before the CIT(A) challenging the validity of reopening of assessment, which was subsequently rejected and disposed...

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Section 148: Can same Twins be inter-changed for convenience?

Income Tax - Compare a situation where there is a pair of same-twin, one of whom is your employee. For some purposes, whether the sibling brother of your employee can replace your employee just because he is same-looking? The reason for the title because the Finance Act, 2021 has substituted section 148 with effect from 1-Apr-2021 and a […]...

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Recall section 148 issued notice under old law after 31.03.2021

Income Tax - DTPA has made a representation to Finance Minister, Smt. Nirmala Sitharaman and requested for for recalling notices under section 148 issued as per old provisions after 31st March 2021. Full text of their representation is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. Place West, Ground Floor, K...

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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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HC Quashes reopening notice issued merely based on change of opinion

Rama Devi Sabat Vs DCIT (Orissa High Court) - Rama Devi Sabat Vs DCIT (Orissa High Court) Contending that the initiation of the reassessment proceedings was based merely on a change of opinion, the present petition has been filed. A perusal of the reasons mentioned above for reopening of the assessment reveals that there was no new material ava...

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Rajasthan HC quashed Section 148 notice issued on or after 01.04.2021 in 237 cases

Bpip Infra Private Limited Vs ITO (Rajasthan High Court) - Bpip Infra Private Limited Vs ITO (Rajasthan High Court) In these cases petitioners are aggrieved of issuance of the re-assessment notice u/s.148 of the Income Tax Act, 1961, which according to the petitioners are barred by limitation and that the Department before issuing the notice under Section 1...

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HC quashed reassessment proceedings as reason approved a day after issue of section 148 notice

River Valley Meadows and Township (P) Limited Vs. DCIT (Bombay High Court) - River Valley Meadows and Township (P) Limited Vs. DCIT (Bombay High Court) Bombay High Court quashed reassessment proceedings where reason approved one day after issue of notice u/s 148 In the present case, notice under Section 148 of the Income Tax Act, 1961 was issued for the A.Y. 2015-16 by the J...

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Section 292BB of Income Tax Act cannot be given a retrospective effect

PCIT Vs Mahla Real Estate Pvt. Ltd. (Rajasthan High Court) - PCIT Vs Mahla Real Estate Pvt. Ltd. (Rajasthan High Court) We do not find that the Tribunal has committed any error in setting aside the assessment. The counsel for the revenue however has strenuously argued that in view of Section 292BB inserted in the Income Tax Act, mere defect in service of noti...

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Reassessment valid as AO formed prima facie opinion for escapement of income

Electrotherm (India) Ltd. Vs DCIT (ITAT Ahmedabad) - Electrotherm (India) Ltd. Vs DCIT (ITAT Ahmedabad) Conclusion:  Since AO after applying his mind on information received from VAT Department arrived at the conclusion, based on the reasons to believe that income of assessee had escaped assessment. and at the time of issuing notice under section 148...

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Government extends timelines for Income Tax Assessment (Read Notification)

Notification No. 38/2021-Income Tax/S.O. 1703(E) - (27/04/2021) - Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020, namely:-...

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Approval for manual issue of notice u/s 148 without DIN-Reg

F. No. Pr. CCIT/MP & CG/Tech/148/2020-21 - (31/03/2021) - Government of India (Ministry of Finance) Department of Revenue Office of the Pr. Chief Commissioner of Income-Tax, Ground Floor, Aayakar Bhawan, 48, Arera Hills, Bhopal – 462011 Tel No: 0755-2525318, Fax No: 0755-2559547 F. No. Pr. CCIT/MP & CG/Tech/148/2020-21 Date : 31/03/2021 To The Pr...

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PAN Aadhaar linking & section 148 notice issue date extended (Read Notification)

Notification No. 20/2021-Income Tax [S.O. 1432(E)] - (31/03/2021) - Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic. Date for issue of notice under section 148 of Income-tax Act,1961, passing of consequential order for direction ...

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Potential cases for issue of Section 148 Notice- Central Charges Information

F.No.225/40/2021/ITA-II - (27/03/2021) - It is hereby- directed that the information received from Central Charges after 01.04.2019 may be considered as 'Potential cases', if ii has not been uploaded into VRU/CRIU functionality and is so flagged to the Jurisdictional Authorities concerned by the Central In such cases. Para 1(v) of Board's ...

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Section 148- Instructions on handling of Non-PAN cases flagged by DRI

Notification No. 225/40/2021/ITA-11 - (26/03/2021) - These non-PAN cases have been pushed by Systems to respective Pr. CCIT/Pr. CIT based on address. Considering the time involved in allotting PAN in such non-PAN cases and other technical issues involved in generating notices through the system, the following instructions are being issued for handling...

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Section 148’s Popular Posts

Recent Posts in "Section 148"

HC Quashes reopening notice issued merely based on change of opinion

Rama Devi Sabat Vs DCIT (Orissa High Court)

Rama Devi Sabat Vs DCIT (Orissa High Court) Contending that the initiation of the reassessment proceedings was based merely on a change of opinion, the present petition has been filed. A perusal of the reasons mentioned above for reopening of the assessment reveals that there was no new material available with department. It is also [&hel...

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Is it be Possible to Re-Open Assessment only Because of Change of Opinion?

We know that provisions of sections 147 to 151 of the Income Tax Act, 1961 deal with Reassessment of and escaped assessment of income of an assessee. Income Tax Officer under these provisions reassess by reopening the cases assessed earlier on the believe that incomes or profits or gains chargeable to income tax has escaped […]...

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Posted Under: Income Tax |

Rajasthan HC quashed Section 148 notice issued on or after 01.04.2021 in 237 cases

Bpip Infra Private Limited Vs ITO (Rajasthan High Court)

Bpip Infra Private Limited Vs ITO (Rajasthan High Court) In these cases petitioners are aggrieved of issuance of the re-assessment notice u/s.148 of the Income Tax Act, 1961, which according to the petitioners are barred by limitation and that the Department before issuing the notice under Section 148 of the Act has not followed the [&hel...

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HC quashed reassessment proceedings as reason approved a day after issue of section 148 notice

River Valley Meadows and Township (P) Limited Vs. DCIT (Bombay High Court)

River Valley Meadows and Township (P) Limited Vs. DCIT (Bombay High Court) Bombay High Court quashed reassessment proceedings where reason approved one day after issue of notice u/s 148 In the present case, notice under Section 148 of the Income Tax Act, 1961 was issued for the A.Y. 2015-16 by the Jurisdictional assessing officer on [&hel...

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Section 292BB of Income Tax Act cannot be given a retrospective effect

PCIT Vs Mahla Real Estate Pvt. Ltd. (Rajasthan High Court)

PCIT Vs Mahla Real Estate Pvt. Ltd. (Rajasthan High Court) We do not find that the Tribunal has committed any error in setting aside the assessment. The counsel for the revenue however has strenuously argued that in view of Section 292BB inserted in the Income Tax Act, mere defect in service of notice had to […]...

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Reassessment valid as AO formed prima facie opinion for escapement of income

Electrotherm (India) Ltd. Vs DCIT (ITAT Ahmedabad)

Electrotherm (India) Ltd. Vs DCIT (ITAT Ahmedabad) Conclusion:  Since AO after applying his mind on information received from VAT Department arrived at the conclusion, based on the reasons to believe that income of assessee had escaped assessment. and at the time of issuing notice under section 148 AO had formed prima facie opinion for e...

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HC quashed reassessment Notice as Assessee fully, truly disclosed all material facts

Bombay High Court held that for an assessment to be reopened beyond a period of four years there must an omission or failure on part of the assessee to disclose fully and truly all material facts necessary for the assessment and should not merely be the change of opinion of Assessing Officer (AO)....

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Posted Under: Income Tax |

Reopening of assessment u/s 147 without tangible material is unsustainable in law

Shujaat Ali Khan Vs ITO (ITAT Jaipur)

Shujaat Ali Khan Vs ITO (ITAT Jaipur) Facts- Case of the assessee was reopened u/s 147 and notice u/s 148 was issued. The assessment U/s 143(3) r.w.s 147 was completed after making addition of Rs. 7,71,826/- being alleged undisclosed short-term capital gain on alleged sale of immovable property after invoking Section 50C of the Act. [&hel...

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Reassessment notice on account of change of opinion of AO quashed

Ananta Landmark Pvt. Ltd. Vs DCIT (Bombay High Court)

Assessment was sought to be reopened not on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but on account of change of opinion of AO about the manner of computation of the deduction under Section 57, therefore, the same was invalid....

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Section 148 reassessment based on mere change of opinion is invalid

Jagannath Promoters & Builders Vs DCIT (Orissa High Court)

Reassessment under section 148 was not justified as ‘reason to believe’ that income for the AY in question had escaped assessment was based on a mere ‘change of opinion’....

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