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Income Tax : ITAT Raipur order on Rajesh Kumar Tiwari vs ITO. ITAT sets aside Income Tax reassessment completed without providing fair & reason...
Income Tax : Explore the latest guidelines for issuing notice under Section 148 of the Income Tax Act, 1961. Understand key procedures, amendme...
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Corporate Law : Income Tax Gazetted Officers’ Association (W.B.) Unit Date: 02.02.2023. To The Principal Chief Commissioner of Income Tax, W...
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Smt. Vidhya Poonia Vs ITO (ITAT Jaipur) AO at the time of initiation of proceedings under section 148 has to form the belief on the basis of the material available which is sufficient for coming to the conclusion that prima facie income assessable to tax has escaped assessment, therefore, filing of return with wrong jurisdiction could […]
Initiation of reopening proceedings without communicating the reasons for reopening to the assessee was not justified.
Sky Light Hospitality LLP, a limited liability partnership, who had on 13.05.2016 taken over and acquired rights and liabilities of M/s Sky Light Hospitality Private Limited upon conversion under the Limited Liability Partnership Act, 2008, has filed the present writ petition impugning notice dated 30.03.2017 for the assessment year 2010-11 under Section 147/148 of the Income Tax Act, 1961 („Act‟ for short).
On the facts and circumstances of the case and in law the learned CIT (A) as erred in deleting the addition of Rs.1,04,50,0001- made u/s 68 of the Income Tax Act, 1961 treating the credit in the books of the assessee as unexplained shown as receipt of share application money.
1. Whether ITAT was correct in law in holding that the notice issued by the Assessing Officer u/s 148 of the Act beyond the 04 years after the end of relevant assessment year was bad in law as the necessary approval of Chief Commissioner or Commissioner of Income Tax as per the provisions of Section 151 (1) of the Act had not been obtained by the Assessing Officer
Honda Motor Co. Ltd Vs ADIT (Supreme Court of India) In the judgment of this Court dated 24th October, 2017 in Assistant Director of Income Tax-I, New Delhi v. M/s. E-Funds IT Solution Inc., Civil Appeal NO.6082 of 2015 and connected matters, it has been held that once arm’s length principle has been satisfied, there can […]
No notice was served to the petitioner under Section 148(1) of the IT Act and service of notice to the Chartered Accountant of the petitioner Company is not service at all and participation of the petitioner Company by filing return and filing objection to the notice to the reasons to believe cannot be held to be a valid service of notice
To sum up, even under the amended law, in all cases, there must exist reason to believe that income has escaped assessment and a mere change of opinion on the same facts and law does not justify a reassessment. For a reassessment proceeding initiated after four years, it must further be established that the escapement was by reason of failure of the assessee to disclose fully and truly all material facts.
ITO Vs. Sh. Neeraj Goel (ITAT Delhi) IT(A) has rightly held that the assumption of jurisdiction to frame an assessment or non assumption of jurisdiction to frame an assessment goes to the root of the judicial act of framing an assessment order and in the event of non assumption of jurisdiction u/s. 143(2) of the […]
A.M. Muthiah & Anr. Vs DCIT (ITAT Mumbai) Issuance of notice under section 143(2) is mandatory, and absence thereof invalidates even a reassessment made in pursuance to section 148 and reliance placed by AO on section 292BB was misplaced.
