Income Tax : Discover the consequences of incorrect SFT reporting triggering U/s 148A notices under the Income Tax Act, 1961. Learn from a deta...
Goods and Services Tax : Explore the proposed penalties in Finance Bill 2024 for non-registration of machines under GST. Analysis of Section 122A and the i...
Income Tax : Delve into the provisions of Income Tax Act Sections 153A & 153C, governing assessments after search or requisition. Learn from co...
Income Tax : Learn how to draft a letter objecting to a notice under Section 148 of the Income Tax Act, 1961. Understand the legal aspects, nec...
Income Tax : Learn about Section 147 to 153 Income Escaping Assessment and Reopening of Cases Under Income Tax Act, 1961. Get guidance on the p...
Income Tax : Humble Representation for modification of Section 151 of the Income Tax Act relating to Sanction for issue of Notice under sec. 14...
Income Tax : Income Tax Gazetted Officers’ Association requested CBDT to issue Clarification in respect of the judgement of Hon’ble Supreme...
Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...
Income Tax : DTPA has made a representation to Finance Minister, Smt. Nirmala Sitharaman and requested for for recalling notices under section...
Income Tax : Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlie...
Income Tax : Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view ...
Income Tax : Field formation should not carry out any enquiry u/s 133(6) or issue notice u/s 148 of the Act on the basis of the data presently ...
Sahil Infra Creative Pvt Ltd Vs ITO (Gujarat High Court) The position which unfolds in this case is that the petitioner assesse had filed its objections to the notice for reassessment under section 148 unamended issued to him, however, the Assessing Officer never attended to the objections dated 12.10.2022 and left it undecided. Thereafter, the […]
PCIT Vs Abhisar Buildwell P. LTD. (Supreme Court of India) Clarification application file by Revenue on issue of permitting 148 notice dismissed by Supreme Court with liberty to Revenue to file Review application. Further in case such review application is filed it will be heard in open court . We observe that as we have […]
Voluntary Income declared by assessee on its own i.e. without any detection cannot be considered as equivalent to providing inaccurate particulars of income or concealing particulars of Income
It is held that while considering the material on record, one view is conclusively taken by AO, it would not be open for the AO to reopen the assessment based on the very same material and take another view.
Rameshkumar Tagraji Jain Vs ITO (ITAT Mumbai) It is noted that the assessee during the first appellate proceeding before Ld. CIT(A) had filed the written submission mainly assailing the validity of the action of the AO to have framed the reassessment order without issuance of mandatory notice u/s 143(2) of the Act and cited the […]
PCIT from whom approval has been taken is not specified authority for approval under Section 148 and Section 148A of Income Tax Act, 1961.
HC find no substance in AO’s reason to believe that income chargeable to tax has escaped assessment in as much as there is no mention of any tangible material that led to his conclusion. The entire process is triggered on a change of opinion as to the calculation of tax payable by the assessee.
Presumption that Petitioner beneficiary of accommodation entries based on statement of third party was disproved. Consequently, onus would be on AO to provide reasons to disbelieve bank statements and supporting documents for reopening the assessment.
CIT(A) was not right in levying interest under Section 234A of the Act when the return was filed under Section 148 itself and therefore, the interest should be charged from the date of notice under Section 148 of the Act itself and not from the date of return filed under Section 139 or it is due date under Section 139.
ITAT Mumbai held that disallowance of short term capital loss incurred on sale of shares by mechanically applying the information received from investigation wing is unsustainable in law.