Section 148 - Page 4

Reopening of assessment justified if notice issued in the name of surviving entity only

Experion Developers Pvt. Ltd. Vs ACIT (Delhi High Court)

Reopening of assessment was justified in case of EDPL as there were sufficient 'reasons to believe' that income had escaped assessment and the bar to reopening of proceedings after expiry of four years from the date of final assessment order, under the proviso, did not apply in assessee's case and there was no requirement to issue two sep...

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Reassessment-Section 143(2) notice issued without confronting assessee with remand report is invalid

Castleton Capital Ltd Vs ACIT (ITAT Delhi)

It was an admitted fact that assessee filed reply in response to notice under section 148 on 26-11-2013 and AO on the very same day served notice under section 143(2) upon assessee, whose signatures tally on the said notice without confronting the assessee with the remand report and the evidence produced by the AO before the Ld. CIT(A). T...

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Is AIR based Notice under section 147 void ?

A provision of Section 285BA has been inserted by the Finance Act, 2003 w.e.f. 01.04.2004, which was later on substituted by the Finance (No.2) Act, 2004 w.e.f. 01.04.2005....

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Posted Under: Income Tax |

Reopening of assessment after expiry of limitation period & based on change of opinion is invalid

Krutika Developers P. Ltd. Vs ITO (ITAT Ahmedabad)

The interdiction in the proviso appended to section 147 puts an embargo in the exercise of power at the end of the AO in cases where scrutiny assessment has taken place and four years have expired from the end of relevant assessment year. In such cases, the assessment cannot be reopened unless it its demonstrated that income has escaped a...

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Jurisdictional Requirement for assumption of Power under section 148

1. Introduction Section 148 of the Income Tax Act, 1961 is a complete code in respect of the powers conferred with the jurisdictional assessing officer to step into the assessment/reassessment proceedings. In addition, section 148 embodies and inherently carries with it the layers of riders attached primarily falling in nature of the time...

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Posted Under: Income Tax |

No reassessment for breach of provisions of section 80IB If disclosed during Original assessment

Anand Developers Vs ACIT (Bombay to Goa High Court)

Anand Developers Vs ACIT (Bombay to Goa High Court) It is the case of the Petitioner that Petitioner, vide letter dated 20th February, 2015, in the course of Original assessment proceedings before the AO had itself submitted that a few flats may have been allotted to persons in violation of clause 10(f) of section 80IB of the […]...

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Importance of Notice in Income Tax Reassessment Proceedings

Many times in Reassessment proceedings very little importance & attention is paid to the timing of issue of notice under section 143(2). Section 143 of Income Tax Act is about Assessment, subsection 2 of section 143 talks about issue of notice in cases where return of income has been filed within the time limits specified […]...

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Posted Under: Income Tax |

Income Escaping Assessment Under Section 147/148 of Income Tax Act

Section 148 stands for reassessment or income escaping assessment. Nowadays income tax department is scrutinizing more returns under Section 148 of the Income Tax Act. So we are here to discuss about section 148 of the Income Tax Act, 1961. Article explains Time limit for issuance of notice u/s 148, Issuance of show cause notice […...

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Posted Under: Income Tax |

Notice to Amalgamated Company which ceased to exist is without jurisdiction

Gayatri Microns Ltd. Vs ACIT (Gujarat High Court)

Gayatri Microns Ltd. Vs ACIT (Gujarat High Court) The Gujarat High Court set aside Reassessment Notice issued to the amalgamated company which ceased to exist after approval of the composite scheme of arrangement. The controversy in the present petition, is no longer res integra. The Apex Court in the case of Principal Commissioner of Inc...

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S. 147/148 AO cannot review his decision & reopen on a change of opinion

BPTP Limited Vs PCIT (Delhi High Court)

BPTP Limited Vs PCIT (Delhi High Court) Section 147 of the IT Act does not allow the reassessment of an income merely because of the fact that the assessing officer has a change of opinion with regard to the interpretation of law differently on the facts that were well within his knowledge even at the […]...

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June 2020