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Income Tax : Discover how Finance Act 2021 revamped assessment and reassessment procedures under Income-tax Act, impacting notices, time limits...
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Income Tax : The Delhi High Court held that reassessment proceedings cannot be sustained on changing allegations introduced after issuance of n...
Income Tax : The department has identified high-risk cases through its Insight Portal for AYs 2022-25. It directs officers to initiate reassess...
Income Tax : Supreme Court in the matter of Shri Ashish Agarwal, several representations were received asking for time-barring date of such cas...
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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The Court ruled that reopening based solely on an audit objection amounts to change of opinion if the issue was previously examined. Without fresh tangible material, reassessment proceedings are unsustainable.
The Tribunal ruled that reopening based merely on audit objection without independent application of mind is unsustainable. An audit note cannot replace the Assessing Officers reasoned belief.
The Tribunal held that after expiry of three years, sanction must be obtained from the authority specified under Section 151(ii). Since approval was taken from PCIT instead of PCCIT, the reopening was invalid.
ITAT held that approval by the Principal Commissioner was invalid where more than three years had elapsed from the assessment year. Since Section 151(ii) required sanction from PCCIT/CCIT, the reassessment was declared void.
ITAT held that under the amended law, reopening after three years is barred where alleged escaped income is under ₹50 lakh. The notice issued under Section 148 was declared invalid and reassessment proceedings were quashed.
Where more than three years had elapsed, approval from the higher specified authority was compulsory before issuing notice. Failure to obtain such approval vitiated the reassessment proceedings.
Booking.com platform earning of commission income is not taxable in India since AO has failed to discharge the onus of establishing assessee having fixed place PE in India. Accordingly, final assessment order is liable to be set aside.
The Delhi High Court held that reassessment beyond three years requires approval under Section 151(ii). Notices issued with approval from the wrong authority were set aside.
Once the Central Government notified the Faceless Scheme for reassessment (effective March 29, 2022), the JAO was effectively divested of the power to issue notices under Section 148. The issuance of a notice by a JAO instead of the National Faceless Assessment Centre (NFAC) was a jurisdictional error that could not be cured.
The High Court held that a reassessment notice issued after expiry of the six-year period under the old regime is barred by limitation. The ruling reiterates that extended timelines under the new law cannot revive time-barred cases.
