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Reassessment initiated under an invalid notice issued under Section 148 as there was no new material with AO after four years that the assessee had escaped assessment, therefore, additions amounting to ₹6.93 crores was deleted.
The petitioner is a legal heir of late Mahasukhlal Navnidhlal Parekh who filed the original return of income for the Assessment Year 2015-16 on 31.08.2015. Late Mahasukhlal Navnidhlal Parekh expired on 30.09.2019.
Kerala High Court held that show cause notice u/s. 148A in the name of deceased person untenable. Accordingly, writ petition allowed with direction to issue fresh notice under section 148A (b) of the Income Tax Act.
ITAT Delhi held that reasons recorded for exercising the jurisdiction is plagued with several defects of critical nature. Thus, due to lack of jurisdiction u/s. 147 of the Income Tax Act reassessment proceedings held as bad-in-law.
Once CESTAT had given a findings that the purchases in question were not bogus, then, additions proposed to be made on the basis of show-cause notice from Central Excise Directorate had no basis which the same could be sustained.
ITAT Ahmedabad held that self-assessment tax paid by the assessee losses its character as self-assessment tax once it got adjusted against the tax liability determined in regular assessment.
The assessee is an educational institution established on 17.08.1976 by Act 43 of the 1976 of Andhra Pradesh State Legislature Act and Governed by Act 4 of Andhra Pradesh Universities Act 1991.
Punjab & Haryana HC rules that Income Tax circulars can’t override statutory provisions, setting aside notices issued contrary to Income Tax Act.
ITAT Surat held that if the order passed in the original proceeding itself is illegal, then that cannot give rise to valid revision proceedings. Thus, revision order u/s. 263 quashed as order passed u/s. 147 r.w.s. 144 & 144B is invalid.
ITAT Surat held that addition on account of cash credit in current year untenable since loan is received back in subsequent year and the same is accepted by the department. Accordingly, addition deleted.
