section 148

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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Types of Notices under Income Tax Act, 1961

Income Tax - Notice under Section 142(1) is usually served to call upon documents and details from the tax payers, and to take a particular case under assessment. The basic purpose is to inquire the details of the assessee before making assessment under the Act. It can be related to ‘Preliminary Investigation’ before starting the assessment....

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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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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 on Sanction of CIT instead of Additional CIT is void

The Commissioner of Income Tax Vs Aquatic Remedies Pvt. Ltd. (Bombay High Court) - CIT Vs Aquatic Remedies Pvt. Ltd (Bombay High Court) It is undisputed position before us that in terms of Section 151(2) of the Act, the sanctioning/ permission to issue notice under Section 148 of the Act has to be issued by the Additional Commissioner of Income Tax. We find that the Assessing Offi...

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Reassessment Valid if There Is Tangible Material For Reopening

Sonia Gandhi & Oscar Fernandes Vs. ACIT and Rahul Gandhi Vs. PCIT (Delhi High Court) - The Delhi High Court held that the entire premise of the reassessment notices in this case is that the nondisclosure of the taxing event, i.e. allotment of shares (and the absence of any declaration as to value) deprived the AO of the opportunity to look into the records....

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S. 151: Sanction granted by writing ‘Yes, I am satisfied’ is not sufficient

Pioneer Town Planners Pvt. Ltd Vs DCIT (ITAT Delhi) - Where the JCIT/ACIT has only recorded Yes I am satsfied then, it has to be held that the approving authority has recorded satisfaction in a mechanical manner and without application of mind to accord sanction for issuing notice u/s. 148 of the Act for reopening of assessment and in this situation in...

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Income Tax dept can reassess Income of Sonia and Rahul Gandhi: Delhi HC

Sonia Gandhi & Oscar Fernandes Vs. ACIT and Rahul Gandhi Vs. PCIT (Delhi High Court) - Sonia Gandhi & Oscar Fernandes Vs. ACIT and Rahul Gandhi Vs. PCIT (Delhi High Court) The entire premise of the reassessment notices in this case is that the non­disclosure of the taxing event, i.e. allotment of shares (and the absence of any declaration as to value) deprived the AO of the oppor...

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AO cannot ignore reply submitted by Assessee related to cash deposit for Reassessment

Hemant Manaharlal Shah (HUF) Vs ITO (Gujarat High Court) - Hemant Manaharlal Shah (HUF) Vs ITO (Gujarat High Court)  The Assessing Officer formed a belief that income chargeable to tax has escaped assessment, on the ground that noticing a big mismatch between the returned income and cash transactions in the assessee’s bank accounts, queries were rai...

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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 on Sanction of CIT instead of Additional CIT is void

The Commissioner of Income Tax Vs Aquatic Remedies Pvt. Ltd. (Bombay High Court)

CIT Vs Aquatic Remedies Pvt. Ltd (Bombay High Court) It is undisputed position before us that in terms of Section 151(2) of the Act, the sanctioning/ permission to issue notice under Section 148 of the Act has to be issued by the Additional Commissioner of Income Tax. We find that the Assessing Officer had not […]...

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Reassessment Valid if There Is Tangible Material For Reopening

Sonia Gandhi & Oscar Fernandes Vs. ACIT and Rahul Gandhi Vs. PCIT (Delhi High Court)

The Delhi High Court held that the entire premise of the reassessment notices in this case is that the nondisclosure of the taxing event, i.e. allotment of shares (and the absence of any declaration as to value) deprived the AO of the opportunity to look into the records....

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S. 151: Sanction granted by writing ‘Yes, I am satisfied’ is not sufficient

Pioneer Town Planners Pvt. Ltd Vs DCIT (ITAT Delhi)

Where the JCIT/ACIT has only recorded Yes I am satsfied then, it has to be held that the approving authority has recorded satisfaction in a mechanical manner and without application of mind to accord sanction for issuing notice u/s. 148 of the Act for reopening of assessment and in this situation initiation of reassessment proceedings and...

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Income Tax dept can reassess Income of Sonia and Rahul Gandhi: Delhi HC

Sonia Gandhi & Oscar Fernandes Vs. ACIT and Rahul Gandhi Vs. PCIT (Delhi High Court)

Sonia Gandhi & Oscar Fernandes Vs. ACIT and Rahul Gandhi Vs. PCIT (Delhi High Court) The entire premise of the reassessment notices in this case is that the non­disclosure of the taxing event, i.e. allotment of shares (and the absence of any declaration as to value) deprived the AO of the opportunity to look into […]...

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AO cannot ignore reply submitted by Assessee related to cash deposit for Reassessment

Hemant Manaharlal Shah (HUF) Vs ITO (Gujarat High Court)

Hemant Manaharlal Shah (HUF) Vs ITO (Gujarat High Court)  The Assessing Officer formed a belief that income chargeable to tax has escaped assessment, on the ground that noticing a big mismatch between the returned income and cash transactions in the assessee’s bank accounts, queries were raised, which remained un­replied. This is...

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No reopening merely on the basis of Assessment of other co­-sharer

Kalpana Chimanlal Shah Vs Income Tax Officer (Gujarat High Court)

Kalpana Chimanlal Shah Vs ITO (Gujarat High Court) The Assessing Officer examined the petitioner’s declaration of sale of immovable property and resultant loss, which she claimed. The Assessing Officer called for the purchase and sale deeds as also supporting evidence for computation of capital gain. The assessee produced such documents...

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

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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Failure to issue Notice U/s. 143(2) vitiate reassessment proceedings

PCIT Vs Oberoi Hotels Pvt. Ltd. (Calcutta High Court)

1. Whether the failure to issue a notice under Section 143(2) of the Act in course of reassessment proceedings would vitiate the reassessment proceedings altogether? 2. What is the effect in view of Section 292BB of the Act when a notice under Section 143(2) of the Act is not issued at all?...

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Reopening not valid, when very basis of its belief been reversed by ITAT before recording of reasons by AO

The DCIT  Vs  M/s DSM Sinochem Pharmaceuticals Pvt. Ltd. (ITAT Chandigarh)

DCIT  Vs  M/s DSM Sinochem Pharmaceuticals Pvt. Ltd. (ITAT Chandigarh) In this case since there was no reason at all for reopening the case on the issue of treatment of royalty expenses ,since the same had already been decided in favour of the assessee by the ITAT, before the recording of reasons for reopening the present case. [&hell...

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

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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Posted Under: Income Tax |

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