Section 148 news

Notices for assessment/reassessment of income of old cases

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 […]...

Read More
Posted Under: Income Tax |

No Reopening of Assessment to be made on Audit Objections: Committee Recommends

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
Posted Under: Income Tax |

Bofors Scam –Quattrochi case can not be reopened U/s. 148 and 149

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
Posted Under: Income Tax |

ITAT – Anguish over ITAT deciding case on a casual, offhanded and cavalier manner – Delhi HC

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
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,695)
Company Law (5,996)
Custom Duty (7,745)
DGFT (4,221)
Excise Duty (4,361)
Fema / RBI (4,187)
Finance (4,389)
Income Tax (33,072)
SEBI (3,458)
Service Tax (3,553)

Search Posts by Date

June 2020